Empanelment of CA firm for Direct Tax Consultant of IFCI Limited

Introduction

a. The Industrial Finance Corporation of India was established on July 1, 1948, as the first Development Financial Institution in the country to cater to the long-term finance needs of the industrial sector. The name of the company was subsequently changed to IFCI Ltd (IFCI). IFCI is now a Government of India Undertaking under the aegis of the Department of Financial Services, Ministry of Finance, GOI, primarily a non-Deposit taking Systematically Important NBFC.

b. IFCI offers a wide range of products to the target customer segments to satisfy their specific financial needs. The product mix offering varies from one business / industry segment to another. IFCI Ltd customizes the product-mix to maximize customer satisfaction. Its domain knowledge and innovativeness make the product-mix a key differentiator for building, enduring and sustaining relationship with the borrowers.

c. IFCI is engaged in the business of providing financial assistance in the form of loans & equity participation or in any other form or scheme as may be deemed expedient. Besides above, IFCI is also investing, financing, deploying funds into quoted/unquoted Shares, Bonds, Mutual Funds and other securities and undertakes the sale & purchase of securities on regular basis. The investment/ financing through securities and trading thereof constitutes a major part of the business operations of IFCI. It is also engaged in consultancy and advisory services. IFCI has six subsidiaries and seven step-down subsidiaries.

Scope of Work

i) To provide opinion/ advice on various queries/ issues concerning Income Tax (IT) matters pertaining to IFCI, supported with legal provisions and case laws precedence. It shall, inter-alia, include various aspects:

a. Adoption of Income Computation and Disclosure Standards
b. Provision for Tax
c. Minimum Alternate Tax
d. Deferred Tax Asset and Liability
e. TDS and TCS (including foreign payments)
f. Accounting aspects (including Ind AS)

ii) To provide timely analysis and advice on the amendments in income tax laws relevant to IFCI and providing assistance in consequent modification required in the IT systems, accounting processes, record maintenance etc. for ensuring adherence to the amended provisions;

iii) To assist IFCI in tax planning and advising on various tax efficient options considering business model of IFCI;

iv) Advice/opinion on income tax matters related to personnel and corporate taxation;

v) Assistance in and Verification of-

• Computation of advance Income Tax, Self-Assessment Tax, Dividend Distribution Tax & other payments of direct taxes to be made by the Corporation; and
• Computation of provision of Income Tax including MAT.

vi) Pursuing, assisting and coordinating with Tax Authorities for timely refunds;

vii) Assisting in preparation of details required for completion of tax audit;

viii) Rendering expert opinion as and when required by IFCI for al l the taxation issues of IFCI and its Subsidiaries; and

ix) Any other matter relating to Direct Taxes including ICDS, TDS and TDS proceedings etc.

Eligibility Criteria

Eligibility Criteria for Pre-Qualification of the Bidders:

The firm applying for the assignment as mentioned in the scope of work shall fulfill the following Technical Eligibility Criteria:

1. The Bidder should be a CA Firm registered with ICAI with minimum experience of 10 Years and based in Delhi NCR Area. (9 years in case of MSEs)

Document Required to be submitted along with the Technical Bid

• Copy of Certificate of Practice issued by ICAI.
• Proof of Office in Delhi NCR Area. (MSEs claiming exemption shall provide valid MSE certificate)

2. The bidder should have an average turnover of Rs. 25 Crore or more from consultancy in Direct Tax matters in preceding three Financial Years i.e., FY: 2018-19, 2019-20 and 2020-21. (Rs.20 crore in case of MSEs).

Document Required to be submitted along with the Technical Bid

• Copy of the Audited Balance Sheet and/or CA Certificate specifying turnover from consultancy in Direct Tax matters for preceding three FY: 2018-19, 2019-20 and 2020-21. (MSEs claiming exemption shall also provide valid MSE certificate)

3. The Bidder should have positive net worth for preceding three Financial Years i.e., FY: 2018-19, 2019-20 and 2020-21.

Document Required to be submitted along with the Technical Bid

• Copy of the Audited Balance Sheet and / or Certificate of the Chartered Accountant specifying positive net worth for preceding three FYs: 2018-19, 2019-20 and 2020-21.

4. Bidder should have at least 10 partners with Chartered Accountancy qualification. The partners should have expertise in providing consultancy and representation services in direct tax matters.

Document Required to be submitted along with the Technical Bid

• List of Partners along with details viz. Name, designation, qualification, post qualification experience and period of association with the firm.
• Declaration of expertise in providing consultancy and representation services in direct tax matters. (The same should be attested by authorized signatory of the bidder on their letterhead)

5. The Bidder and its Partners should not have any conflict of interest with IFCI and accordingly, they should have declared in the manner, advised in this Tender Document.

Document Required to be submitted along with the Technical Bid

• Undertaking/ Declaration to the effect by authorized signatory (on letterhead of the firm).

6. Bid shall not be submitted in consortium.

Document Required to be submitted along with the Technical Bid

• Undertaking/ Declaration to the effect by authorized signatory (on letterhead of the firm).

7. The Bidder should have provided consultancy in direct tax matters in at least five (5) listed companies having total income of Rs. 2000 crore in any of preceding three financial years, i.e., FY: 2018-19, 2019-20 and 2020-21.

Document Required to be submitted along with the Technical Bid

Copy of Work Order and any one of following documents:

• Proof for providing direct tax consultancy; or
• Certificate for successful completion of work/ Performance report by the client.

8. The Bidder should have provided consultancy in direct tax matters at least two NBFC(s)/ Bank.

Document Required to be submitted along with the Technical Bid

• Proof of providing consultancy in direct tax matters to at least two NBFC(s)/ Bank.

9. The Bidder must have following valid Certificates:

• Permanent Account Number
• GST Registration

Document Required to be submitted along with the Technical Bid

• Attested Copy of PAN & GSTIN

10. Work plan for effective execution of the assignment at IFCI.

Document Required to be submitted along with the Technical Bid

• Bidder should submit work plan attested by authorized signatory of the bidder on their letterhead.

Standard Terms & Conditions

Clarification of Tender Document

The prospective Bidders requiring any clarification may notify IFCI in writing or by e-mail as specified in Key Events and Dates section.

Amendment of Tender Document

At any time prior to the last date and time of receipt of bids, IFCI may, for any reason, whether at its own initiative or in response to a clarification requested by prospective Bidders may modify the Tender Document by an amendment. The amendment will be notified in writing/ published on the IFCI’s website. In order to accord prospective Bidders reasonable time to prepare their bids, IFCI may, at its discretion, extend the last date and time for submission of Bids.

Completeness of Response

Bidders are advised to study all instructions, forms, terms, requirements and other information in the RFP documents carefully. Submission of bid shall be deemed to have been done after careful study and examination of this RFP document with full understanding of its implications.

The response to this RFP should be full and complete in all respects. Failure to furnish all information required or submission of a proposal not substantially responsive in every respect will be at the Bidder’s own risk and may result in rejection of their bid.

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