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CS Professional · IFSCA - Regulations, Listing and Compliances · Book-keeping, Accounting, Taxation and Financial Crime Compliance Services and TAS

Meridian Advisory LLP, set up in GIFT IFSC, wishes to provide Taxation Services to its clients, including preparation of tax returns and tax advisory, as a service provider under the IFSCA framework for Book-keeping, Accounting, Taxation and Financial Crime Compliance Services. Which statement best describes what the entity must do before commencing such activity?

An entity wishing to provide taxation services from GIFT IFSC must first obtain authorisation or registration from IFSCA, because the activity falls within IFSCA's regulated framework for book-keeping, accounting, taxation and financial crime compliance services.

  1. AObtain authorisation or registration from IFSCA for the service, as the activity is regulated within the IFSCCorrect
  2. BCommence services freely, since taxation services are outside IFSCA's regulatory perimeter
  3. CObtain approval only from the local municipal authority in Gandhinagar
  4. DRegister only with the Income-tax Department, with no IFSCA involvement

Explanation

The IFSCA framework for Book-keeping, Accounting, Taxation and Financial Crime Compliance Services requires an entity offering such services from an IFSC to be authorised or registered by IFSCA. Options claiming IFSCA has no role ignore this, and municipal or tax department registration alone does not substitute for it.

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