Related Party

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Overview

‘Related party’ is a significant concept in transfer pricing (TP) audits as it pertains to inter-company transactions and tax compliance. Organisations face a host of challenges in transfer pricing audits such as large data volumes, unstructured and complex data, manual preparation of reports for clauses, control issues in managing and sharing data with the auditor, multiple data sources, and data security and confidentiality. 

Our ‘Related Party’ TP audit solution is a web-based tool designed to help organisations avoid penalties by comprehensively managing tax compliance requirements. Its intelligent and relevant features ensure streamlined workflows and management of accurate and timely data.

How BDO India Can Help

A web-based platform accessible from anywhere, enabling automation of the reporting requirement of Form 3CD

Critical analysis of books of accounts and financial statements and information available through IT Portal/ Traces or any third-party websites facilitated through inbuilt tax logics, ensuring accurate compliance with tax laws

Smooth flow of information from the maker to the checker level, allowing for comprehensive review and verification of data

A unique approach of setting up a rule-based engine for identifying the transactions

Assists taxpayers in avoiding penalties and fines by ensuring compliance with Income Tax Annual filing

Seamless integration with ERP systems for automated data extraction, saving time and effort in data collection

Integration with ERP, third-party APIs, and other BDO India solutions, enabling data collation from varied sources for a comprehensive view

Efficient management of master data, ensuring accuracy and consistency throughout the tax audit process

Enhanced readiness for audits through proactive features that streamline the audit process and ensure compliance

Managing workflows and documents efficiently, facilitating collaboration, tracking progress, and ensuring timely completion

Summary dashboards and quick statistics to track the status and completeness of clauses, providing insights at a glance

Generating clause-wise reports in the format required by the government utility, ensuring accurate and standardised reporting

Summary dashboards and quick statistics to track the status and completeness of clauses, providing insights at a glance

Generating clause-wise annexures in Excel and JSON files for uploading on the income tax portal

Storage of historical data and working documents to effectively manage litigation and reference past audit information

Ensuring preparedness for compliance requirements, audits, and assessments by adhering to standardised processes

Related Insights

Meet Our Leaders

Parijat Parimal

Parijat Parimal

Partner & Sales Lead Large Accounts
Technology Product and Solutions
BDO Digital
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