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BHAVIKA TANNA -132920 CA Professional Achiever: Engineering & Capital Goods Sector CA Professional Achiever: Engineering & Capital Goods Sector ASSISTANT.

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Presentation on theme: "BHAVIKA TANNA -132920 CA Professional Achiever: Engineering & Capital Goods Sector CA Professional Achiever: Engineering & Capital Goods Sector ASSISTANT."— Presentation transcript:

1 BHAVIKA TANNA CA Professional Achiever: Engineering & Capital Goods Sector CA Professional Achiever: Engineering & Capital Goods Sector ASSISTANT MANAGER – LARSEN & TOUBRO LIMITED

2 Turnover (Sales) of the Company: Turnover (Sales) of the Company: Rs. 64,960 Cr Net worth of the Company: Net worth of the Company: Rs. 29,387 Cr Market Capitalization of the Organization: Market Capitalization of the Organization: –Rs. 80,031 Cr – March12 –Rs. 98,010 Cr – September12

3 KEY ROLE IN THE ORGANIZATION Provision of Tax opinion on Foreign Remittances u/s 195. Implementing the provisions of Section 206AA- Requirement to furnish PAN (including Foreign suppliers) Liaising with external Tax consultants for obtaining lower/Nil With Holding Tax Orders Preparation of monthly/quarterly Performance management and other reports for Management Reporting & Decision making Responsible for building up of an Efficient Tax structure & developing a cost effective Tax model for executing projects in Middle East & other International Operations as a part of L&Ts Strategic Plan –Lakshya 2016, Facilitate and prepare for Quarterly Closing, Budget and Mid term review activities and meet the deadlines set.

4 MAJOR ACHIEVEMENTS Successful Implementation in PAN compliance u/s 206AA Created awareness about PAN to Foreign Vendors across globe PAN obtained for more than 60 foreign Vendors across globe Contracts with Foreign Vendors are usually net of Taxes i.e Taxes is an additional cost to the company Fears of Foreign vendors- w.r.t Indian PAN. Followed by Returns thereafter No uniformity of Documents for PAN for all countries across the world PAN documents not forming part of contract Documents in Foreign languages from Foreign countries. Docs from all over the globe in non English language- Translation problems Convincing foreign vendors that costs charged by Indian Embassies will not to be absorbed by us. No past experience in dealing with foreign vendors for PAN Partnering with Business to create awareness of new section 206AA Convincing Foreign vendors to obtain PAN in India by attending con-calls etc. Business support by providing Guidance to Foreign Vendors to fill in form 49A Challenges Vendors in Countries Nos. Singapore21 UAE9 United Kingdom7 USA4 Qatar3 Netherlands3 Others> 20 Absence of PAN would have attracted 20% (25%) as additional costs

5 MAJOR ACHIEVEMENTS The achievements can be maximum of 2 slides in bullet points The achievements can be maximum of 2 slides in bullet points Note- Please specify exact role whether the achievement is as a member of team or team leader or in any other capacity. Have succeeded in obtaining Nil/Lower Withholding Tax orders (WHT) which was not possible without PAN & Tax Residency certificates (TRC) (For ~ 20 of our Foreign vendors) Problems faced are as follows No standard documents listed by Assessing officer (AO) to release the Tax order Documents demanded by AO were never forming part of contract documents Major business was with Singapore & UAE vendors for whom we had to obtain Lower/Nil WHT certificates Foreign Vendors reluctant to provide the documents required for obtaining PAN & additional documents demanded by AO required for obtaining WHT order as they n Limitations to obtain Tax residency certificates from Revenue Authorities of various countries ( Time constraint, Assessment year relevance, validity of the TRC) Converting experience into checklist for future reference by adding the docs required by AO as part of future contracts Extended Business support to obtain PAN for Foreign vendors & documenting the process flow for reference to peer groups for any new vendor Savings of more than Rs. 15 cr on account of obtaining PAN for the vendors whom we obtained Tax orders


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