+91 98993 53030+91 98993 53030

Subscribe to this RSS feed
accounting

accounting (35)

Friday, 21 April 2017 12:20

Management Consulting

Look out! Page will be launched soon. 

 


Published in accounting
Be the first to comment!
Read more...
Friday, 21 April 2017 12:16

Strategy Consulting

Strategy Consulting

Financial & management restructuring of overseas corporate and joint venture collaborations

Turnaround Strategies

Turnaround strategy is a corporate practice designed and planned to protect (save) a loss-making company and transform it into a profit-making one. The concept or meaning of turnaround strategy covers following points:

  • Turnaround strategy means to convert, change or transform a loss-making company into a profit-making company.
  • It helps the sick company to stand once again in the market.
  • It tries to remove all weaknesses to help a sick company once again become strong, stable and a profit-making institution.
  • It aids to reduce the brought forward losses of the loss-making company.
  • It helps the sick company to stand once again in the market.
  • It is a complete U-turn of a planned strategic economic transition.
Published in accounting
Be the first to comment!
Read more...
Friday, 21 April 2017 12:14

Risk Assurance

Risk Assurance

Risk Assurance covers all risk services where we are providing independent assurance and the preparation towards assurance to our clients where the assurance can be used by our clients to build confidence and trust with their key stakeholders or when regulatory.

We help by

  • Creating trust and confidence in their financial reporting and internal control over financial reporting.
  • Business improvement, by assessing risks and controls related to business imperatives, such as launching new products/services & implementing new technologies.
Published in accounting
Be the first to comment!
Read more...
Friday, 21 April 2017 11:33

Outsource Accounting India | achandak.in

Outsource Accounting India | achandak.in

Accounting Compliance and Reporting services is focused on helping large, multinational companies meet their financial reporting requirements. In the modern jet age there is fierce competition in the trade and industry. Entrepreneurs are vying with one another in competitive edge to stay ahead of others. This being the business scenario it is most imperative for the CEO's and other staff to keep them fully updated with the statistics of the working of a business house and its current affairs required for planning and formulations of policies of the Company.This can only be possible if the accounts are maintained in an elaborate manner and kept up to date minute to minute. We at A. Chandak & Co. keep the most competent and efficient staff to meet with this important requirement of our clients and readily furnish every data and information as and when required.

Statutory Reporting Services (Statutory Financial Statements)

Accounting Support Services

  • Book Keeping.
  • Payroll Management
  • Reconciliations.
Published in accounting
Be the first to comment!
Read more...
Friday, 21 April 2017 10:55

Forensics

Forming Legal entity in India

How one can enter in Indian Market
One can enter the Indian market in more ways than one. These are:

1. Liaison Office

A Liaison Office is in the nature of a representative office set up primarily to explore and understand the business and investment climate.

A liaison Office is not permitted to undertake any commercial / trading/ industrial activity, directly or indirectly, and is required to maintain itself out of inward remittances received from abroad through normal banking channels.

Activities Permitted:

  • Representing in India the parent Company / group Companies
  • Promoting export/ import from/ to India
  • Promoting technical / financial collaborations between the parent / group companies and companies in India
  • Acting as a communication channel between the parent company and Indian companies

Approval / Incorporation

Any foreign company intending to open a liaison Office in India is required to obtain prior approval from the RBI, the apex foreign exchange management authority in India. Approval is usually granted for three years and can be renewed on expiry thereof. In addition to above, the foreign company is also required to obtain a Certificate of establishment of place of business in India from the Registrar of Companies (ROC).

Typical Points about Branch Office

  • Any foreign company intending to open a liaison Office in India is required to obtain prior approval from the RBI, the apex foreign exchange management authority in India. Approval is usually granted for three years and can be renewed on expiry thereof.
  • In addition to above, the foreign company is also required to obtain a Certificate of establishment of place of business in India from the Registrar of Companies (ROC).

Suitability of a Liaison Office

The liaison office generally acts as a communication channel between the parent company overseas and its present or prospective customers in India. The liaison office can also be set up to establish business contacts or gather market intelligence to promote the products or services of the overseas parent company. The liaison Office cannot undertake any business activity in India nor earn any income in India. The liaison Office has to meet its entire expenses from funds received from the parent company through normal banking channels. At the time of closure of the liaison Office, the RBI grants permission to repatriate the balance in the Indian bank account to the parent company. Since the liaison Office is not permitted to earn any income, it should not constitute a taxable entity in India. However, the liaison Office would be required to withhold tax from certain payments and hence to comply with the requisite tax withholding requirements under the domestic tax law.

2. Branch Office

A branch would mean an establishment carrying on substantially the same activity as its Head Office.

Activities Permitted:

As per the guidelines laid down by the RBI, the Branch Office in India is allowed to carry on only the following activities:

  • Export / Import of goods
  • Rendering professional or consultancy services
  • Carrying out research work, in which the parent company is engaged
  • Promoting technical or financial collaboration between Indian companies and parent or overseas group companies
  • Representing the parent company in India and acting as buying / selling agent in India
  • Rendering services in Information Technology and development of software in India
  • Rendering technical support to the products supplied by parent / group companies

Approval / Incorporation
Foreign companies intending to open a Branch Office in India need to obtain prior permission of RBI which would encompass even approval to the scope of activities that are intended to be carried out in India.

In addition to above, the foreign company is also required to obtain a Certificate of establishment of place of business in India from the Registrar of Companies (ROC).

Typical Points about Branch Office

  • Branch Office is considered a part of the foreign company and is not treated as a separate legal entity.
  • The office can undertake trading activities, but not manufacturing.
  • It is subject to taxation in India at 42.23% on income accrued in India.
  • If there is a double taxation agreement with the country in which the foreign company is incorporated, the tax paid in India can be set off against the total tax payable by the parent company abroad.
  • Branch offices may repatriate profits to their Head Office without obtaining prior approval.
  • The Branch Office would not expand its activities or undertake any new trading, commercial or industrial activity other than that is expressly approved by the RBI.
  • The entire expenses of the Branch Office in India will be met either out of the funds received from abroad through normal banking channels or through income generated by it in India.
  • The Branch Office will not accept any deposits in India.

Repatriation of Profits

A Branch Office can remit the profits (net of any withholding tax) generated out of its operations in India on production of the prescribed documents, and on establishing that it has earned a net profit by undertaking the permitted activities. The Branch Office need not retain any profits as reserves in India.

3. 100% Owned subsidiary

  • Form a Company and the parent Company will hold 100% of Shares in the Company.
    • The Company can take up any business in India.
    • NO RBI permission.
    • Will be treated as Domestic Company
  • Tax Rate Slab will be 30%

Approval / Incorporation

The Company is required to obtain a Certificate of establishment of place of business in India from the Registrar of Companies (ROC).

  • Can be independently promoted by Parent Company
  • Can be promoted by any two people in India and then the holding of this person can be purchased by the Parent Company. (If this is the case, intimation about the transfer of share is required to be informed to Reserve Bank of India).

Typical Points about 100% Subsidiary

  • The profit earned in India can only be taken away by parent Company in the form of dividend after payment of dividend tax.
  • No easy exit.
  • Transfer pricing issues if purchases made from sister concern.

4. Project Office

Foreign Companies planning to execute specific projects in India can set up temporary project/site offices in India. RBI has now granted general permission to foreign entities to establish Project Offices subject to specified conditions. Such offices cannot undertake or carry on any activity other than the activity relating and incidental to execution of the project. Project Offices may remit outside India the surplus of the project on its completion, general permission for which has been granted by the RBI.

5. Joint Venture, With An Indian Partner

Foreign Companies can set up their operations in India by forging strategic alliances with Indian partners. Joint Venture may entail the following advantages for a foreign investor:

  • Established contacts of the Indian partners which help smoothen the process of setting up of operations
  • Established distribution/ marketing set up of the Indian partner
  • Available financial resource of the Indian partners

6. Foreign Direct Investment (FDI)

India's foreign trade policies have been formulated with a view to invite and encourage Foreign Direct Investment in India (FDI). The process of regulation and approval has been substantially liberalized. The Reserve Bank of India has prescribed the administrative and compliance aspects of FDI.

FDI can be divided into two broad categories - Investment under automatic route and investment through prior approval of Government.

Procedure under automatic route
FDI in sectors/activities to the extent permitted under automatic route does not require any prior approval either by the Government or RBI. The investors are only required to notify the Regional office concerned of RBI within 30 days of receipt of inward remittances and file the required documents with that office within 30 days of issue of shares to foreign investors.

Procedure under Government approval
FDI in activities not covered under the automatic route, requires prior Government approval and are considered by the Foreign Investment Promotion Board (FIPB). Approvals of composite proposals involving foreign investment/foreign technical collaboration are also granted on the recommendations of the FIPB. For detail of project under Automatic Route and Government Route.

7. Investment by way of Share Acquisition

A foreign investing company is entitled to acquire the shares of an Indian company without obtaining any prior permission of the FIPB subject to prescribed parameters/ guidelines. If the acquisition of shares directly or indirectly results in the acquisition of a company listed on the stock exchange, it would require the approval of the Security Exchange Board of India.

Bank Account Opening

Assistance and signatory services for opening and operating Bank account in India with all major international banks are also provided.

Tell us the preference of Bank you want to have bank account with and we will get back to you with complete information.

Getting government approval for foreign direct investments (FDI) / FIPB Approvals.

FDI in activities not covered under the automatic route, requires prior Government approval and are considered by the Foreign Investment Promotion Board (FIPB). Approvals of composite proposals involving foreign investment/foreign technical collaboration are also granted on the recommendations of the FIPB.FDI in activities not covered under the automatic route, requires prior Government approval and are considered by the Foreign Investment Promotion Board (FIPB). Approvals of composite proposals involving foreign investment/foreign technical collaboration are also granted on the recommendations of the FIPB.

Getting Reserve Bank of India (RBI), the apex banking body of India Approvals.

Any foreign company intending to open a liaison Office or a Branch Office or a Project Office in India is required to obtain prior approval from the RBI and any subsidiary company incorporated by foreign company or any foreign direct investment are required to be reported to RBI in form FCGPR.

Registration with Various Authorities

In India a Business Setup to become fully functional require to register with various tax, labour and other authorities. For eg. a manufacturing set up is required to obtain excise registration, trading setup is required to get registered with Sales Tax / VAT Authorities and an service oriented industry is required to register with Service Tax Authorities and obtain STC code whereas all set-up are required to obtain Income Tax Registration (PAN).

Transactions to acquire or sell businesses represent a balance of risk and reward for the parties. Whilst most deals are completed successfully, some inevitably lead to disputes between the parties.

We provide advice throughout the transaction process, from pre-deal due diligence to a review of the draft sale and purchase agreement and the resolution of disputes over the purchase price. In so doing we help you reduce risk and provide greater certainty that the post-completion outcome of a transaction is in line with your commercial expectations.

 

Our Services

  • Forensics, corruption, anti-bribery due diligence.
  • Breach of warranty claim advice.
  • Integrity Diligence.
  • Sales & Purchase agreement reviews.

 

 

Published in accounting
Be the first to comment!
Read more...
Thursday, 20 April 2017 19:07

Tax Advisory

Tax Advisory

We provide comprehensive and sophisticated tax assistance in effectively managing the impact of taxation.

Direct Tax Advisory

Holding many years of experience in a wide array of industries, our staff works to stay abreast of developments in our ever-changing state and federal tax laws. Our full line of tax services includes preparation of tax returns for individuals, corporations, partnerships and for other enterprises. We offer:

  • Business and individual tax planning, projections, and valuations.
  • NRI Taxations and foreign company's tax matters
  • E-Filing of Income Tax Returns.
  • E-filing of TDS Returns.
  • Consultancy on Income Tax Matters.
  • Consultancy on Tax Planning & Savings.
  • Consultancy on Double Taxation.
  • Consultancy on International Taxation.
  • Global compliance services.
  • Liaison with Income Tax Authorities.
  • Services related to withholding taxes / Tax Deducted at Source (TDS).
  • Representation before taxing authorities.
  • Support for business acquisition, reorganisations, mergers, and incorporations.
  • Handling Search & Survey Cases.
  • Determining the Arm Length Pricing, Preparation of Transfer Pricing Report & Conducting Transfer Pricing Audit.

 

Taxation presents arguably the most dynamic and complex challenge in the context of financial planning. Ever changing legislation and rules are matched only by the new methods devised to make the discharging of tax liabilities as efficient as possible. When it comes to tax planning and strategy, every case is unique. Our approach remains versatile with an awareness that individual issues must be dealt with on their own merits but with the overall, long-term considerations always in mind. Whether you are the tax director of a multi-national group, an owner manager, an individual setting up a company or in receipt of a income, an employee or a Public Benefit Organisation, we make sure you don’t pay more tax than is necessary and that your activities remain tax efficient.

 

Indirect Tax Advisory

  • Transformation to GST
Published in accounting
Be the first to comment!
Read more...
Thursday, 20 April 2017 18:44

Internal Audit

Internal Audit

Internal Audit is very important aspect, when we talk of assurance of true picture of state of affairs of an entity. It helps in understanding and assessing risks and evaluates the internal controls and checks. It helps in ensuring optimum utilization of the resources of the entity, as well as timely identification of liabilities including the ones in contingent nature.

 

Our Offerings

 1. Assessing/ preparing Internal Audit Manual for the organisation and study of control objectives.

 2. Deciding on degree of control which is adequate depending upon organisation to organisation.

 3. Assessment of risks and open points.

 4. Measuring deviation at test check levels.

 5. Assets at risk and their protection.

 6. Checking the controls instituted within the system.

 7. Legal and situational internal control advisory.

 8. Consideration of Fraud in internal audit.

 9. Advising organisational procedures being followed.

Published in accounting
Be the first to comment!
Read more...
Thursday, 20 April 2017 18:37

Our Alumni

 

Look out! Page will be launched soon. 

 

Published in accounting
Be the first to comment!
Read more...
Thursday, 20 April 2017 18:31

Contact Us

Published in accounting
Be the first to comment!
Read more...
Thursday, 20 April 2017 18:25

Financial Statements Audit

Forming Legal entity in India

How one can enter in Indian Market
One can enter the Indian market in more ways than one. These are:

1. Liaison Office

A Liaison Office is in the nature of a representative office set up primarily to explore and understand the business and investment climate.

A liaison Office is not permitted to undertake any commercial / trading/ industrial activity, directly or indirectly, and is required to maintain itself out of inward remittances received from abroad through normal banking channels.

Activities Permitted:

  • Representing in India the parent Company / group Companies
  • Promoting export/ import from/ to India
  • Promoting technical / financial collaborations between the parent / group companies and companies in India
  • Acting as a communication channel between the parent company and Indian companies

Approval / Incorporation

Any foreign company intending to open a liaison Office in India is required to obtain prior approval from the RBI, the apex foreign exchange management authority in India. Approval is usually granted for three years and can be renewed on expiry thereof. In addition to above, the foreign company is also required to obtain a Certificate of establishment of place of business in India from the Registrar of Companies (ROC).

Typical Points about Branch Office

  • Any foreign company intending to open a liaison Office in India is required to obtain prior approval from the RBI, the apex foreign exchange management authority in India. Approval is usually granted for three years and can be renewed on expiry thereof.
  • In addition to above, the foreign company is also required to obtain a Certificate of establishment of place of business in India from the Registrar of Companies (ROC).

Suitability of a Liaison Office

The liaison office generally acts as a communication channel between the parent company overseas and its present or prospective customers in India. The liaison office can also be set up to establish business contacts or gather market intelligence to promote the products or services of the overseas parent company. The liaison Office cannot undertake any business activity in India nor earn any income in India. The liaison Office has to meet its entire expenses from funds received from the parent company through normal banking channels. At the time of closure of the liaison Office, the RBI grants permission to repatriate the balance in the Indian bank account to the parent company. Since the liaison Office is not permitted to earn any income, it should not constitute a taxable entity in India. However, the liaison Office would be required to withhold tax from certain payments and hence to comply with the requisite tax withholding requirements under the domestic tax law.

2. Branch Office

A branch would mean an establishment carrying on substantially the same activity as its Head Office.

Activities Permitted:

As per the guidelines laid down by the RBI, the Branch Office in India is allowed to carry on only the following activities:

  • Export / Import of goods
  • Rendering professional or consultancy services
  • Carrying out research work, in which the parent company is engaged
  • Promoting technical or financial collaboration between Indian companies and parent or overseas group companies
  • Representing the parent company in India and acting as buying / selling agent in India
  • Rendering services in Information Technology and development of software in India
  • Rendering technical support to the products supplied by parent / group companies

Approval / Incorporation
Foreign companies intending to open a Branch Office in India need to obtain prior permission of RBI which would encompass even approval to the scope of activities that are intended to be carried out in India.

In addition to above, the foreign company is also required to obtain a Certificate of establishment of place of business in India from the Registrar of Companies (ROC).

Typical Points about Branch Office

  • Branch Office is considered a part of the foreign company and is not treated as a separate legal entity.
  • The office can undertake trading activities, but not manufacturing.
  • It is subject to taxation in India at 42.23% on income accrued in India.
  • If there is a double taxation agreement with the country in which the foreign company is incorporated, the tax paid in India can be set off against the total tax payable by the parent company abroad.
  • Branch offices may repatriate profits to their Head Office without obtaining prior approval.
  • The Branch Office would not expand its activities or undertake any new trading, commercial or industrial activity other than that is expressly approved by the RBI.
  • The entire expenses of the Branch Office in India will be met either out of the funds received from abroad through normal banking channels or through income generated by it in India.
  • The Branch Office will not accept any deposits in India.

Repatriation of Profits

A Branch Office can remit the profits (net of any withholding tax) generated out of its operations in India on production of the prescribed documents, and on establishing that it has earned a net profit by undertaking the permitted activities. The Branch Office need not retain any profits as reserves in India.

3. 100% Owned subsidiary

  • Form a Company and the parent Company will hold 100% of Shares in the Company.
    • The Company can take up any business in India.
    • NO RBI permission.
    • Will be treated as Domestic Company
  • Tax Rate Slab will be 30%

Approval / Incorporation

The Company is required to obtain a Certificate of establishment of place of business in India from the Registrar of Companies (ROC).

  • Can be independently promoted by Parent Company
  • Can be promoted by any two people in India and then the holding of this person can be purchased by the Parent Company. (If this is the case, intimation about the transfer of share is required to be informed to Reserve Bank of India).

Typical Points about 100% Subsidiary

  • The profit earned in India can only be taken away by parent Company in the form of dividend after payment of dividend tax.
  • No easy exit.
  • Transfer pricing issues if purchases made from sister concern.

4. Project Office

Foreign Companies planning to execute specific projects in India can set up temporary project/site offices in India. RBI has now granted general permission to foreign entities to establish Project Offices subject to specified conditions. Such offices cannot undertake or carry on any activity other than the activity relating and incidental to execution of the project. Project Offices may remit outside India the surplus of the project on its completion, general permission for which has been granted by the RBI.

5. Joint Venture, With An Indian Partner

Foreign Companies can set up their operations in India by forging strategic alliances with Indian partners. Joint Venture may entail the following advantages for a foreign investor:

  • Established contacts of the Indian partners which help smoothen the process of setting up of operations
  • Established distribution/ marketing set up of the Indian partner
  • Available financial resource of the Indian partners

6. Foreign Direct Investment (FDI)

India's foreign trade policies have been formulated with a view to invite and encourage Foreign Direct Investment in India (FDI). The process of regulation and approval has been substantially liberalized. The Reserve Bank of India has prescribed the administrative and compliance aspects of FDI.

FDI can be divided into two broad categories - Investment under automatic route and investment through prior approval of Government.

Procedure under automatic route
FDI in sectors/activities to the extent permitted under automatic route does not require any prior approval either by the Government or RBI. The investors are only required to notify the Regional office concerned of RBI within 30 days of receipt of inward remittances and file the required documents with that office within 30 days of issue of shares to foreign investors.

Procedure under Government approval
FDI in activities not covered under the automatic route, requires prior Government approval and are considered by the Foreign Investment Promotion Board (FIPB). Approvals of composite proposals involving foreign investment/foreign technical collaboration are also granted on the recommendations of the FIPB. For detail of project under Automatic Route and Government Route.

7. Investment by way of Share Acquisition

A foreign investing company is entitled to acquire the shares of an Indian company without obtaining any prior permission of the FIPB subject to prescribed parameters/ guidelines. If the acquisition of shares directly or indirectly results in the acquisition of a company listed on the stock exchange, it would require the approval of the Security Exchange Board of India.

Bank Account Opening

Assistance and signatory services for opening and operating Bank account in India with all major international banks are also provided.

Tell us the preference of Bank you want to have bank account with and we will get back to you with complete information.

Getting government approval for foreign direct investments (FDI) / FIPB Approvals.

FDI in activities not covered under the automatic route, requires prior Government approval and are considered by the Foreign Investment Promotion Board (FIPB). Approvals of composite proposals involving foreign investment/foreign technical collaboration are also granted on the recommendations of the FIPB.FDI in activities not covered under the automatic route, requires prior Government approval and are considered by the Foreign Investment Promotion Board (FIPB). Approvals of composite proposals involving foreign investment/foreign technical collaboration are also granted on the recommendations of the FIPB.

Getting Reserve Bank of India (RBI), the apex banking body of India Approvals.

Any foreign company intending to open a liaison Office or a Branch Office or a Project Office in India is required to obtain prior approval from the RBI and any subsidiary company incorporated by foreign company or any foreign direct investment are required to be reported to RBI in form FCGPR.

Registration with Various Authorities

In India a Business Setup to become fully functional require to register with various tax, labour and other authorities. For eg. a manufacturing set up is required to obtain excise registration, trading setup is required to get registered with Sales Tax / VAT Authorities and an service oriented industry is required to register with Service Tax Authorities and obtain STC code whereas all set-up are required to obtain Income Tax Registration (PAN).

Published in accounting
Be the first to comment!
Read more...
Page 1 of 3

GET IN TOUCH