Related Party

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 UAE Can Help

• Cloud-based Solution

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

• Inbuilt Tax Logics

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

• Maker-to-Checker Workflow

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

• Rule-based Engine

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

• Penalty Avoidance

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

• ERP Data Extraction Automation

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

• Integration Capabilities

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

• Master Data Management

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

• Audit Preparedness

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

• Workflow & Document Management

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

• Reports and Dashboards

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

• Clause-wise Report Generation

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

• Summary Dashboards & Quick Stats

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

• Final Output

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

• Historical Data Storage

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

• Compliance, Audit & Assessment Readiness

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