Phani Bharadwaz & Associates — Statutory, Tax, FEMA & Finance Advisory

01About the firm

Compliance at the core.
Advisory at the edge.

Phani Bharadwaz & Associates is a chartered accountancy and advisory firm with offices in Bengaluru and Hyderabad, structured around a straightforward principle — statutory compliance is not optional, but it need not be complicated.

We pair deep regulatory expertise across GST, income tax, FEMA, MCA and payroll with finance operations capability — accounting, bookkeeping, MIS and virtual CFO support — to give growing businesses a single, accountable point of contact.

Specialist mandates in forensic audit and IBC / CIRP are undertaken through a trusted network of ACFE-certified professionals and partner firms, ensuring independence and depth where it matters most.

Registered office: 3488, 14th Main Road, Indiranagar Double Road, HAL Stage 2, Bengaluru, Karnataka 560008
Branch: Hyderabad, Telangana
Managing Partner: Shanmukha Bharadwaz

i.

Statutory first

Compliance with GST, income tax, TDS, MCA, payroll and FEMA is the foundation of every engagement — not an afterthought.

ii.

Regulatory breadth

GST, income tax, TDS, payroll, MCA, FEMA and cross-border reporting — coordinated under one framework.

iii.

Modern finance support

Bookkeeping design, MIS, ERP readiness, and management reporting for teams ready to scale.

iv.

Valuations & scale-up

In-house IBBI Registered Valuer practice — business, ESOP and FEMA valuations, plus finance-function build-outs for scaling startups.

02What we do

Statutory, advisory
& specialist services.

Statutory services remain the core focus of the practice. Tax, FEMA, CFO and finance-operations mandates extend from the statutory backbone — never away from it.

01

GST compliance & advisory

GST registration & amendments
GSTR-1, GSTR-3B, GSTR-9 filings
ITC reconciliation · 2A / 2B matching
Assessment & audit response
Export LUT & refund claims

02

Income tax, TDS & assessments

ITR filing · all categories
TDS computation · Form 24Q / 26Q
Advance tax planning
Assessment & scrutiny response
Tax audit · Form 3CD

03

MCA & ROC compliance

Annual filings · AOC-4 & MGT-7
Board minutes & resolutions
Director KYC & DIN maintenance
Charge registrations
Shareholding & director changes

04

Payroll, PF, ESI & labour

Monthly payroll processing
PF / ESI / PT / LWF filings
TDS on salaries · Form 24Q
Shops & Establishments
Labour law registers

05

Statutory & tax audit

Statutory audit · Companies Act
Form 3CD certification
Internal audit & process review
IFC documentation & testing
Management letter & observations

06

Statutory certifications

Form 15CA / CB · remittance
Net worth & turnover certificates
Section 56(2) fair value reports
Statutory bank audits
Borrowing & utilisation certificates

01

Direct tax advisory

Tax structuring & planning
Corporate tax advisory
44AD / 44ADA planning
Capital gains computation
Deferred tax & Ind AS

02

Indirect tax & GST advisory

GST structuring
Place of supply & classification
Export & import advisory
IGST vs CGST / SGST analysis
Litigation support

03

FEMA & RBI compliance

FDI structuring · FLA return
FC-GPR & FC-TRS filings
FIRMS portal management
ODI & overseas investment
Repatriation & dividend advisory

04

Transfer pricing

TP documentation · Form 3CEB
Safe harbour election
Benchmarking · TNMM / CUP
Intercompany pricing design
TP assessment & litigation

05

Tax litigation & representation

CIT(A) appeal preparation
ITAT representation
Section 154 rectification
GST notice & SCN response
Demand & penalty proceedings

06

International tax

DTAA analysis & withholding
PE risk assessment
Form 15CA / CB certification
Equalisation levy
CbCR & BEPS advisory

01

Accounting & bookkeeping

Monthly ledger closure
AP / AR management
Bank reconciliation
Intercompany reconciliation
Financial statements

02

Payroll operations

Monthly payroll processing
Payslip & F&F settlement
PF / ESI / PT / LWF
TDS Form 24Q & 26Q
Labour law compliance

03

MIS & FP&A reporting

Monthly MIS packs to parent
Rolling cash flow models
Budget vs actuals variance
Investor-ready financial packs
KPI tracking & dashboards

04

ERP & finance automation

ERP implementation
Chart of accounts design
Workflow automation
SOP design
Finance system integration

05

Cash flow management

13-week cash flow planning
Vendor payment scheduling
Repatriation planning
Working capital optimisation
Treasury management

06

Finance function setup

Finance function from scratch
Process mapping
Control framework design
Internal audit support
IFC implementation

01

CFO office setup

Finance function design
Chart of accounts & ERP setup
Approval matrix & SOPs
Vendor & banking onboarding
45-day go-live SLA

02

Investor MIS & reporting

Board-ready financial packs
Monthly investor MIS
Cohort & unit economics
Runway & burn analysis
Data room preparation

03

FP&A & budgeting

Annual budgeting & forecasting
Rolling 12-month forecast
Scenario planning
Variance commentary
KPI framework & tracking

04

Management reporting

Segment & product P&L
COGS & customer profitability
Variance commentary
Intercompany reporting
Consolidated group reporting

05

ESOP accounting

Ind AS 102 / IFRS 2 compliance
Black–Scholes fair value
Grant date determination
Vesting schedule accounting
Disclosure notes

06

ERP & technology

SAP · Oracle · NetSuite
Tally · Zoho · QuickBooks
Workday · MS Dynamics
Bill.com · Expensify · Zip
Integration & data migration

01

Business setup & registrations

Company / LLP incorporation
PAN, TAN, GST, PF, ESI
PT and labour registrations
Banking & signatory onboarding
Initial statutory set-up

02

FEMA & FDI for GCCs

FIRMS portal & Entity Master
FC-GPR for equity inflow
FLA annual return filing
Repatriation & remittances
Intercompany agreements

03

Accounting & MIS for GCCs

Monthly bookkeeping & closure
Bank & intercompany reconciliation
MIS reporting to parent
Cash flow management
ERP integration

04

Payroll & HR compliance

Monthly payroll processing
PF / ESI / PT / LWF filings
TDS Form 24Q & 26Q
Shops & Establishments
Labour law compliance

05

Transfer pricing for GCCs

Safe harbour analysis
TP documentation · Form 3CEFA
Benchmarking & TNMM
FAR analysis
Intercompany pricing models

06

Secretarial & annual filings

Statutory audit
ROC filings · AOC-4 & MGT-7
ITR-6 filing
Board minutes & resolutions
Director KYC

01

Business & equity valuations

DCF, NAV & market approach
Rule 11UA / Section 56(2)
Fundraise & secondary sale
Merger & demerger valuations
IBBI Registered Valuer reports

02

Instrument valuations

CCPS / CCD / OCD pricing
ESOP fair value · Ind AS 102
Black–Scholes & binomial models
Sweat equity & warrants
Convertible instrument waterfalls

03

FEMA & cross-border valuations

FDI inflow · FC-GPR pricing
ODI & share transfer pricing
FEMA valuation certificates
Arm’s length benchmarking
AD bank & RBI reporting

04

Finance process implementation

Finance function from scratch
Chart of accounts & ERP setup
Approval matrix & DOA design
SOPs · AP, AR, close cycle
Month-end close hardening

05

Scale-up readiness

Data room & due-diligence prep
Investor MIS & reporting packs
Revenue recognition frameworks
Unit economics & cohort design
Ind AS conversion & audit ready

06

Controls & governance

IFC design & testing
Segregation of duties mapping
Policy library & delegation
Board-reporting cadence
Audit-committee packs

Specialist network

Niche advisory & specialist services

Delivered with IBBI Registered Valuers, CA firms and specialist practitioners. Engagements are coordinated by Phani Bharadwaz & Associates with appropriate specialist involvement — where independence, registration or subject-matter depth is required.

Forensic Audit & Investigation Tax Litigation · CIT(A) · ITAT IBC / NCLT Advisory CIRP Valuation · IBBI Transaction Due Diligence M&A Financial Due Diligence Ind AS / IFRS Transition

03How we work

One operating model —
advisory first, executed in-house.

Most finance firms either advise or execute. We do both — designing the process, then running it as a managed service. No handoffs. No blame shifting.

01 / 05 Discovery & requirements

We start by listening.

A structured kickoff maps your India operations, regulatory obligations, and finance-function needs — before we reach for a single template.

02 / 05 Structuring & advisory

Entity, regulation, architecture.

Entity setup, regulatory framework and compliance architecture are designed up front — optimised for the next three years, not just the next quarter.

03 / 05 Process design

Workflows before execution.

Finance workflows, reporting architecture and operational SOPs are documented before a single transaction is posted.

04 / 05 KPO execution

Managed, not outsourced.

Accounting, payroll, reporting and compliance operations run as a structured KPO engagement — with a single named lead on your side of the table.

05 / 05 Compliance monitoring

Nothing slips.

Ongoing regulatory filings, audit support and compliance-calendar management keep your statutory position clean month after month.

Consulting-ledNothing starts until the structure is right.

KPO-executedDay-to-day finance runs as a managed engagement.

Specialist networkForensics & IBC through registered independents.

04Challenges we solve

The problems
we're built for.

Challenge

Foreign company entering India for the first time.

Business Setup & Registrations

End-to-end entity setup, RBI/FEMA registration, FDI structuring and regulatory onboarding.

Challenge

Scaling finance operations without a full in-house team.

Finance Operations

Managed accounting, payroll, MIS and ERP operations at a fraction of building internal.

Challenge

Complex multi-jurisdiction compliance.

Integrated Compliance Monitoring

GST, income tax, FEMA, transfer pricing and corporate law under a single calendar.

Challenge

Startup preparing for investor due diligence.

Virtual CFO & Finance Setup

Clean books, investor MIS, ESOP accounting and data-room prep within 45 days.

Challenge

Transfer-pricing risk with a US parent.

Transfer Pricing & FEMA Advisory

Safe harbour analysis, TP documentation, Form 3CEB and intercompany pricing models.

Challenge

Valuation required for a round, ESOP or FEMA filing.

Valuations & Scale-up

IBBI Registered Valuer reports — DCF, NAV, Rule 11UA, ESOP fair value and FEMA/FDI pricing.

Challenge

Scaling fast — finance function can’t keep up.

Process Implementation

Chart of accounts, ERP setup, approval matrix, SOPs, close cycle and investor-grade MIS — from scratch.

Challenge

Forensic review or CIRP mandate.

Specialist Services

Forensic audits and IBC/CIRP advisory — through registered independents where independence is required.

05GCC expertise

Your end-to-end partner
for India GCC setup.

From incorporation to ongoing compliance — one team, one SLA, one point of contact.

01
Entity incorporation
Private limited setup — MCA filings, MOA/AOA, PAN/TAN, statutory registers. 30–45 day SLA.
02
RBI & FDI compliance
FIRMS portal, Entity Master, FC-GPR for equity inflow, FLA annual return.
03
HR, payroll & labour
PF, ESI, PT, LWF registrations and monthly filings. Payroll processing from Day 1.
04
Accounting & reporting
Chart of accounts, ERP setup, monthly close, MIS packs aligned to parent-group reporting.
05
Transfer pricing
Safe harbour analysis, TP documentation, intercompany agreement design from Day 1.
06
Ongoing compliance
GST, income tax, FEMA, MCA annual filings, statutory audit — on one calendar.

SLA

30–45 day setup

Entity, registrations, PF/ESI setup and banking onboarding completed in 30–45 days.

SPOC

Single point of contact

One engagement lead coordinates across statutory, FEMA, payroll and finance ops.

MIS

Group-aligned reporting

MIS architecture designed to match your parent-group reporting requirements.

FEMA

Lifecycle managed

From initial FDI registration through annual FLA returns and repatriation advisory.

TP

Compliance from Day 1

Safe harbour analysis and intercompany pricing designed before the first transaction.

KPO

Scales with you

Finance operations scale with headcount growth — no full in-house team needed early.

06Industries we serve

Sector experience
& specialisation.

SaaS · Tech

Technology & SaaS

US-India GCCs, SaaS companies and product startups — FEMA, transfer pricing, and investor-ready finance.

GCC SetupTPFEMAVCFO

Ad Tech · Media

Ad Tech & Digital Media

Influencer platforms and ad networks — complex GST, transfer pricing and M&A advisory.

GSTM&A DDCFO

Industry

Manufacturing & Logistics

Production and logistics firms — statutory audit, forensic audit, GST compliance.

AuditForensicsGST

Growth-stage

Startups & Scale-ups

Seed to Series B — ESOP accounting, clean books, investor MIS, data-room preparation.

ESOPInvestor MISFEMA Val.

Regulated

Fintech & NBFC

Lending platforms and payments — regulatory compliance, Ind AS and RBI reporting.

Ind ASRBITax

Specialist

Distressed Assets & IBC

CIRP mandates, IBC advisory, distressed business valuations through IBBI Registered Valuers.

CIRPIBCLiquidation

07Engagements

Work we're
proud of.

A cross-section of recent mandates — anonymised, structured, and delivered through the operating model above.

FEMA · Valuation

Cross-border investment valuation for UK technology company

Structured a FEMA-compliant DCF valuation for equity allotment to a UK parent in an Indian SaaS startup.

Sector: SaaS · Technology
Outcome: ✓ Valuation accepted by AD bank; RBI reporting completed

Forensic Audit

Fraud investigation for mid-size FMCG manufacturer

Forensic investigation into procurement fraud across three warehouse locations.

Sector: FMCG · Manufacturing
Outcome: ✓ ₹1.2 Cr fraud quantified; FIR filed with CFE-backed report

ESOP Valuation

ESOP pool design & valuation for a Series A startup

Designed ESOP pool structure and performed Ind AS 102-compliant fair value estimation for a D2C startup.

Sector: D2C · Consumer
Outcome: ✓ Investor-accepted valuation; Ind AS entries booked

Transaction Advisory

Financial due diligence for ad-tech acquisition

Buy-side financial due diligence for an Indian ad-tech company acquiring a marketing platform.

Sector: Ad Tech · Digital Media
Outcome: ✓ Deal price renegotiated; earn-out clause revised

IBC Advisory

Resolution plan support for distressed logistics company

Supported the resolution professional in a CIRP matter for a mid-size logistics company.

Sector: Logistics
Outcome: ✓ Valuation adopted by CoC; resolution plan approved

Virtual CFO

CFO office setup for an influencer marketing platform

Finance function set up from ground zero for a Series A influencer marketing company.

Sector: Creator Economy · MarTech
Outcome: ✓ Finance function operational within 45 days

08Our team

The people behind
every engagement.

SB

Shanmukha Bharadwaz

Founding Partner

CACMACFE (USA)IBBI RV

Managing Partner leading statutory, valuation, forensic, tax, FEMA and CFO-style advisory mandates.

10+ Yrs · Valuation · Forensics · FEMA · CFO

MK

Medha Kulkarni

Senior Advisor

CACMACISACISPReg. Valuer

25+ years spanning Big 4, EXL (Finance & Accounting Outsourcing) and independent practice.

25+ Yrs · Big 4 · EXL · FAO Leadership

BR

Bhargavi

Senior Manager

MBABCom

Leads accounting operations, regulatory compliance and finance-process management.

10+ Yrs · Accounting · Compliance · Delivery

RG

Rahul Gupta

Tax & Audit

BComCA

Specialises in direct taxation, statutory audits and tax advisory.

10+ Yrs · Direct Tax · Statutory Audit · Advisory

RK

Ramakoti

Virtual CFO

CA

Virtual CFO and direct-taxation specialist. Delivers CFO-office setup and financial reporting.

7+ Yrs · VCFO · Direct Tax · Financial Reporting

CK

CA Chakradhar

Revenue Audits & Consolidations

CACS

Leads revenue audits and group consolidations. Delivers assurance on revenue recognition and multi-entity financial reporting.

8+ Yrs · Revenue Audits · Consolidations · Assurance

Extended team

CA Mahesh K VCA · CMA · Masters Finance (UK) · Consulting Lead · 7 Yrs

The practice operates with an extended delivery bench of ~15–20 professionals supporting statutory, tax, payroll, valuation and finance assignments.

09Insights & perspectives

Regulatory & advisory
perspectives.

•What's changing right now

10Who we work with

The companies
we partner with.

From global captives to growth-stage scale-ups — we serve teams across sectors and stages.

US-parent GCCs

India captives serving US/EU parents — incorporation, FEMA, transfer pricing, payroll.

Startups & scale-ups

Seed → Series B — clean books, ESOP accounting, investor MIS, data-room prep.

Manufacturing

Production, FMCG & logistics — statutory audit, GST, forensic and process audits.

Ad-tech & digital media

Ad networks, influencer platforms — GST, transfer pricing, M&A diligence.

FMCG & retail

Consumer brands, omni-channel retail — compliance, audit, finance ops at scale.

Business advisors collaborating in modern office

Distressed businesses

Restructuring, IBC/CIRP, forensic audit — through IBBI Registered Valuers.

11Get in touch

Start a conversation.

Whether you're a global company planning an India GCC, a startup needing virtual CFO support, or a business that wants integrated compliance management — we're ready to help.

Head Office3488, 14th Main Road, Indiranagar Double Road, HAL Stage 2, Bengaluru, Karnataka 560008

BranchHyderabad, Telangana

Emailcashanmukha@pbas.co.in

Statutory services, tax & regulatory advisory — engineered for businesses that keep moving.

Compliance at the core. Advisory at the edge.

Statutory first

Regulatory breadth

Modern finance support

Valuations & scale-up

Statutory, advisory & specialist services.

GST compliance & advisory

Income tax, TDS & assessments

MCA & ROC compliance

Payroll, PF, ESI & labour

Statutory & tax audit

Statutory certifications

Direct tax advisory

Indirect tax & GST advisory

FEMA & RBI compliance

Transfer pricing

Tax litigation & representation

International tax

Accounting & bookkeeping

Payroll operations

MIS & FP&A reporting

ERP & finance automation

Cash flow management

Finance function setup

CFO office setup

Investor MIS & reporting

FP&A & budgeting

Management reporting

ESOP accounting

ERP & technology

Business setup & registrations

FEMA & FDI for GCCs

Accounting & MIS for GCCs

Payroll & HR compliance

Transfer pricing for GCCs

Secretarial & annual filings

Business & equity valuations

Instrument valuations

FEMA & cross-border valuations

Finance process implementation

Scale-up readiness

Controls & governance

Niche advisory & specialist services

One operating model — advisory first, executed in-house.

We start by listening.

Entity, regulation, architecture.

Workflows before execution.

Managed, not outsourced.

Nothing slips.

The problems we're built for.

Your end-to-end partner for India GCC setup.

Entity incorporation

RBI & FDI compliance

HR, payroll & labour

Accounting & reporting

Transfer pricing

Ongoing compliance

30–45 day setup

Single point of contact

Group-aligned reporting

Lifecycle managed

Compliance from Day 1

Scales with you

Sector experience & specialisation.

Technology & SaaS

Ad Tech & Digital Media

Manufacturing & Logistics

Startups & Scale-ups

Fintech & NBFC

Distressed Assets & IBC

Work we're proud of.

Cross-border investment valuation for UK technology company

Fraud investigation for mid-size FMCG manufacturer

ESOP pool design & valuation for a Series A startup

Financial due diligence for ad-tech acquisition

Resolution plan support for distressed logistics company

CFO office setup for an influencer marketing platform

The people behind every engagement.

Shanmukha Bharadwaz

Compliance at the core.
Advisory at the edge.

Statutory, advisory
& specialist services.

One operating model —
advisory first, executed in-house.

The problems
we're built for.

Your end-to-end partner
for India GCC setup.

Sector experience
& specialisation.

Work we're
proud of.

The people behind
every engagement.

Regulatory & advisory
perspectives.

The companies
we partner with.