All Practice Areas
Select a service to read its full description below, or visit the dedicated service page for detailed information.
Shivbhavan & Associates provides the following nine categories of professional service, each carried out in accordance with the provisions of applicable statute, the Standards on Auditing issued by the Institute of Chartered Accountants of India, and the regulatory framework governing Chartered Accountants in India. Each service is described below, along with the specific sub-services it encompasses. For detailed information on any individual service, please visit the dedicated page via the link at the end of each section.
Income Tax Return (ITR) Filing Compliance
Filing an Income Tax Return within the due date prescribed under Section 139 of the Income-tax Act, 1961, is a statutory requirement for a wide category of individuals, businesses, and entities in India. The obligation extends beyond those with taxable income — certain specified transactions, turnover thresholds, and asset holdings can also trigger mandatory filing obligations independent of tax liability.
Shivbhavan & Associates assists clients across all entity types with income tax return filing, from initial computation of total income through to filing and post-filing support. Each engagement begins with a review of the applicable ITR form for that assessment year, followed by computation of income under all relevant heads — salary, business or profession, capital gains, house property, and other sources — and the identification of eligible deductions and exemptions under the applicable chapters of the Act.
- Individuals, HUF, and ProprietorshipsITR-1 through ITR-4 as applicable; computation of salary, business, capital gains, and other income; Chapter VI-A deductions
- Partnership Firms and LLPsITR-5 filing with partner-level income computation; interest and remuneration compliance under Section 40(b)
- Private Limited CompaniesITR-6 filing with Minimum Alternate Tax (MAT) computation under Section 115JB where applicable
- Trusts and Charitable InstitutionsITR-7 filing; compliance with Sections 11, 12, 12A, 12AB; application of accumulation provisions
- Rectification and Notice ResponseRectification applications under Section 154; responses to intimations under Section 143(1); representation in scrutiny assessments under Section 143(3)
- Reassessment and AppealsResponse to notices under Section 148; filing of appeals before the Commissioner (Appeals) and ITAT as required
GST Compliance
The Goods and Services Tax framework, governed by the Central Goods and Services Tax Act, 2017, the Integrated Goods and Services Tax Act, 2017, and corresponding State GST legislation, creates a structured set of recurring obligations for registered businesses — beginning at the point of registration and continuing through return filing, reconciliation, and where applicable, audit and litigation.
Shivbhavan & Associates assists businesses at each stage of the GST compliance cycle, from initial registration through to the filing of annual returns and the management of departmental notices. For businesses crossing the applicable turnover threshold for e-invoicing under the relevant notifications, advisory on system integration and compliance is also provided.
- GST RegistrationNew registration under Section 22; voluntary registration; amendment and cancellation of existing registrations; filing documentation
- Periodic Return FilingGSTR-1 (outward supplies); GSTR-3B (monthly/quarterly summary return); GSTR-2B reconciliation with purchase records
- Annual Return and AuditGSTR-9 annual return; GSTR-9C reconciliation statement where turnover exceeds the prescribed threshold; audit support
- GST Refund ClaimsRefund applications under Section 54 for export of goods or services, inverted duty structure, and excess cash ledger balance
- E-Invoicing AdvisoryGuidance on integration with the Invoice Registration Portal (IRP) for businesses crossing the applicable aggregate turnover threshold
- Litigation and AppealsResponse to show-cause notices; representation before the Adjudicating Authority; filing of appeals before the First Appellate Authority and GST Tribunal
TDS Compliance
Chapter XVII-B of the Income-tax Act, 1961, requires persons making specified payments — including salaries, contractor payments, professional fees, rent, and interest above prescribed thresholds — to deduct tax at source before crediting or making payment to the recipient. Failure to deduct, or deduction at incorrect rates, can result in disallowance of expenses under Section 40(a)(ia), interest liability under Sections 201(1A) and 206C(7), and penalty proceedings. Tax Collected at Source (TCS) obligations under Chapter XVII-BB apply similarly to specified sellers.
- TDS Return FilingQuarterly returns in Forms 24Q (salary TDS), 26Q (non-salary payments to residents), 27Q (non-residents), and 27EQ (TCS)
- TDS Certificate IssuancePreparation and issuance of Form 16 (salary) and Form 16A (non-salary) to deductees within the prescribed time
- Form 26AS and AIS ReconciliationReconciliation of TDS credits visible in the deductee's Form 26AS and Annual Information Statement (AIS) against the deductor's records
- Correction ReturnsFiling of correction statements where original returns carry errors in PAN, amount, or challan details; resolution of defaults raised by TRACES
- Lower Deduction CertificatesApplication support for certificates under Section 197 for deductees seeking a lower or nil TDS rate
Company Registration
The choice of business structure — whether a Private Limited Company, a Limited Liability Partnership (LLP), a One-Person Company (OPC), or a Section 8 not-for-profit company — carries significant implications for ownership, liability, taxation, compliance obligations, and the ability to raise capital. Shivbhavan & Associates guides clients through the registration process from the selection of the appropriate structure through to the issuance of the Certificate of Incorporation, taking into account the specific requirements of the proposed business and its promoters.
All incorporation work is carried out in accordance with the Companies Act, 2013, the LLP Act, 2008, and the applicable Ministry of Corporate Affairs (MCA) forms and procedures, including the integrated SPICe+ form process for company incorporation.
- Private Limited Company IncorporationName reservation via RUN/SPICe+; DIN and DSC procurement; MOA and AOA drafting; PAN and TAN application; Certificate of Incorporation
- LLP FormationFiling of FiLLiP form; drafting of LLP Agreement; Partner DIN procurement; registration of LLP Agreement with the Registrar
- One-Person Company (OPC)OPC incorporation under Section 2(62) of the Companies Act, 2013; nomination of nominee director; MOA and AOA drafting
- Section 8 Company (Not-for-Profit)Licence application under Section 8; documentation for charitable or not-for-profit objects; incorporation filing
- Post-Incorporation ComplianceDirector KYC (DIR-3 KYC); opening of company bank account; commencement of business declaration (INC-20A); initial statutory registers
ROC & Secretarial Compliance
Incorporated entities — whether companies or LLPs — carry a set of ongoing compliance obligations that arise after registration and continue for the life of the entity. These are separate from and additional to the tax and GST compliance obligations of the business, and non-compliance can attract additional government fees, financial penalties under the Companies Act, 2013, and in serious cases, disqualification of directors or striking off of the company from the register.
Shivbhavan & Associates assists incorporated entities with their ongoing annual and event-based secretarial compliance, helping maintain accurate and current filings with the Registrar of Companies and ensuring that the entity's statutory records are kept in accordance with the Act.
- Annual Return FilingForm MGT-7 (companies with paid-up capital below prescribed limit) and MGT-7A for other companies; filed within 60 days of the AGM under Section 92
- Financial Statements FilingForm AOC-4 for companies; filing of Balance Sheet and P&L with the Registrar within 30 days of AGM approval, as required under Section 137
- LLP Annual ComplianceForm 11 (Annual Return) and Form 8 (Statement of Accounts); filed within the prescribed periods each year with the Registrar of LLPs
- Director KYC and Other FilingsDIR-3 KYC annual compliance; ADT-1 (auditor appointment); DPT-3 (return of deposits); INC-20A (commencement of business)
- Statutory Registers and MinutesMaintenance of Register of Members, Register of Directors, Register of Charges, and Minutes Books as required under the Companies Act
- Event-Based ComplianceChange of directors; share transfers; increase in authorised capital; change of registered office; conversion of entity type
Auditing
Audit and assurance engagements form a core part of the Chartered Accountancy profession and are governed by the Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India. Every audit conducted by Shivbhavan & Associates is carried out in accordance with the applicable Standard on Auditing for that engagement type, including planning, evidence gathering, risk assessment, and the formation and expression of an opinion or conclusion in the prescribed format.
The firm conducts audit engagements across several categories, covering obligations that arise under the Income-tax Act, the Companies Act, sector-specific regulatory requirements, and the requirements of educational and charitable institutions.
- Statutory AuditAudit of financial statements under the Companies Act, 2013, for companies required to have their accounts audited; conducted per SA 700 and the Companies (Auditor's Report) Order (CARO) where applicable
- Tax Audit under Section 44ABAudit for businesses and professionals crossing the prescribed turnover or gross receipts threshold under Section 44AB of the Income-tax Act, 1961; preparation and certification of Form 3CA/3CB and Form 3CD
- Bank AuditStatutory and concurrent audit assignments at bank branches, subject to applicable RBI guidelines and empanelment eligibility requirements
- Trust AuditAudit of accounts of charitable and religious trusts required to have their books audited under the Income-tax Act, 1961, and applicable trust legislation; Form 10B/10BB certification where required
- School AuditAudit of accounts maintained by schools and educational institutions, including grant-funded institutions; compliance with applicable regulatory and funding body requirements
- Listed and Unlisted Company AuditStatutory audit engagements for both listed and unlisted companies, conducted with reference to the regulatory framework applicable to each category, including SEBI requirements for listed entities
Tax Planning
Tax planning involves understanding the provisions of the Income-tax Act, 1961 — and the amendments introduced by the Finance Act each year — and structuring financial decisions accordingly, within the framework of the law. It is distinct from tax evasion or aggressive tax avoidance: tax planning as described here means making use of exemptions, deductions, and provisions that Parliament has explicitly provided for in the statute, and doing so in a considered and timely manner rather than only at the point of filing.
Shivbhavan & Associates provides structured tax planning assistance as an ongoing, year-round exercise rather than a deadline-driven activity. This allows clients to make investment and expenditure decisions with an understanding of their tax implications before those decisions are finalised, rather than retrospectively.
- Individual Tax PlanningUtilisation of deductions under Chapter VI-A (Sections 80C, 80D, 80G, 80TTA, and others); selection between the old and new tax regimes under Section 115BAC; advance tax computation
- HUF Tax PlanningStructuring of HUF income; identification of permissible deductions and exemptions available to Hindu Undivided Families
- Business Tax PlanningTiming of capital expenditure; selection of appropriate depreciation method; review of expenses for deductibility under Sections 30–37; presumptive taxation assessment under Sections 44AD and 44ADA
- Capital Gains PlanningPlanning around the sale of property, shares, and other capital assets; applicability of Sections 54, 54F, 54EC for reinvestment exemptions; computation of indexed cost of acquisition
- Advance Tax ComputationComputation and scheduling of advance tax instalments under Sections 207–211 to avoid interest liability under Sections 234B and 234C
Management Consultancy
Chartered Accountants in practice are permitted under Regulation 191 of the Chartered Accountants Regulations, 1988, to provide management consultancy and other specified advisory services alongside their core accounting, audit, and taxation work. At Shivbhavan & Associates, this advisory work focuses primarily on the needs of Micro, Small and Medium Enterprises (MSMEs) — a category of business that faces a distinct set of operational, financial, and regulatory challenges, and for which the MSME Development (MSMED) Act, 2006, provides a specific legal framework covering payment timelines, dispute resolution, and government support mechanisms.
- MSME Registration (Udyam Registration)Assistance with Udyam registration on the Government of India portal; updating of enterprise details; understanding of benefits available to registered MSMEs
- Delayed Payment GuidanceAdvisory on the provisions of Sections 15 and 16 of the MSMED Act, 2006, which require buyers to make payment to MSME suppliers within 45 days; guidance on filing references with the MSME Facilitation Council
- Profit OptimisationReview of cost structures, pricing approaches, and working capital management practices for small and medium businesses; identification of areas where financial practices can be adjusted within existing resources
- Government Incentives and SchemesAwareness advisory on central and state government schemes available to MSMEs, including the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), Priority Sector Lending provisions, and applicable subsidy schemes
- CMA Data and Project ReportsPreparation of Credit Monitoring Arrangement (CMA) data and project reports for submission to banks in connection with term loan or working capital applications
Accounting & Bookkeeping
Accurate, current, and well-organised books of accounts are the foundation on which every other compliance obligation rests. Income Tax Return filing, GST return preparation, statutory audit, and bank lending decisions all depend on the quality and currency of the underlying financial records. Section 128 of the Companies Act, 2013, requires companies to maintain books of account at their registered office or principal place of business. Section 44AA of the Income-tax Act, 1961, similarly mandates maintenance of specified books of account by businesses and professionals crossing the prescribed threshold.
Shivbhavan & Associates provides accounting and bookkeeping support using Tally Prime, covering day-to-day transactions through to the preparation of final accounts at the close of each financial year.
- Tally Prime BookkeepingRecording of day-to-day transactions including sales, purchases, expenses, bank entries, and journal vouchers; ledger maintenance in Tally Prime
- Bank ReconciliationPeriodic reconciliation of cash and bank balances per books against bank statements; identification and resolution of timing differences and errors
- Finalisation of AccountsYear-end account closure; preparation of Trial Balance, Profit & Loss Account, and Balance Sheet in the format applicable to the entity type
- Payroll ProcessingMonthly salary computation; provident fund, ESIC, and professional tax calculation; payroll register maintenance; salary slip preparation
- MIS ReportingPeriodic Management Information System (MIS) reports covering revenue, expenditure, outstanding debtors and creditors, and cash flow position — prepared to a schedule agreed with the client
Have a Professional Query?
For assistance with any of the services above, submit an enquiry and the firm will respond during office hours. Engaging the firm for any service requires a formal engagement, which begins with your enquiry.