Tax investigations are increasing in number all the time. Obtaining the best advice when you need it can save a lot of time and money – not to mention, stress.
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Maitreya Patni
Thursday, 30 March 2017 17:59
QuickBooks Services
Business runs better with QuickBooks, the #1 accounting solution for small business. You can quickly do your invoicing, bookkeeping, and billing because QuickBooks gives you the things you need most, all in one place. Easily track sales and expenses, accept payments, scan receipts, and be ready for tax time. Use the new QuickBooks on all your devices, wherever you go throughout your day. It syncs data automatically across your computer, iPad, iPhone, or Android. And of course, all your data is protected. Its comprehensive tool set makes it easy to manage your company's money matters and get a picture of its overall financial standing. The ability to generate almost any type of report is a real time-saver (and probably a life-saver), especially come tax time. Overall, this is a solid product and anyone that's considering starting a small business should include QuickBooks Online as part of their business plan. A.Chandak & Co. provides following QuickBooks Services :-
Employee salary package scan take the form of a number of different benefits from basic salary to share options or travel passes. India has a Pay As You Earn (PAYE) basis of taxation, an employer is obligated to deduct tax at source on a monthly basis from a salaried employee and to make additional contributions to a provident fund and insurance.
As part of a truly international firm, A.Chandak & Co.’s provides an extensive service for tax affairs from broad global connections and diverse expertise. Structuring cross border transaction tax efficiently is the area expertise for A.Chandak & Co. The current global business environment has created such as restricted cash flows, decreased and reduced credit availability. Transfer pricing solutions can play an important role in addressing these issues.
- Advisory Services with Reference to the DTAAS between India and Various Countries, Expatriate Taxation, etc.
- Transfer Pricing Related Advisory & Analytical Documentation Services.
- Getting Transfer Pricing Audit in accordance with prevailing Tax Laws.
- Advising on pricing on transactions between sister concern.
Structuring companies so they benefit from high operational performance and legal protection, whilst ensuring that they don’t pay more tax than is necessary, provides the foundation for many a successful business. And as you grow you must be certain that expansion will not be hampered by unforeseen liabilities.
Dealing with your personal tax affairs is an essential task in maximising quality of life as well as enabling you to plan for a more abundant future. However, the complexities of ever-changing tax regulations along with sometimes cumbersome record-keeping requirements can prove discouraging for many people.
Preparation and filing of various statutory returns and documents with the revenue authorities periodically. A plethora of paper work is involved in filing numerous tax returns on quarterly, half-yearly and yearly basis. It is always a very complicated and lengthy process to be complied with punctually and regularly. Failure of compliance attracts heavy penalties and even prosecution in certain cases. An elaborate data has to be procured from account books of the firm/ company to fill in the returns entailing huge amount of labour and knowledge.
We take a holistic view, combining industry insight with the technical skills of financial and tax professionals, economists, lawyers and our other in-house resources as necessary, to develop comprehensive integrated solutions. Our tax services include:
- 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
- Maintenance of Income Tax Records
- Liaison with Income Tax Authorities
- Getting you registered with Income Tax Authorities i.e. getting Permanent Account Number (PAN)
- Tax deduction account numbers (TAN)
- Services related to withholding taxes / Tax Deducted at Source (TDS)
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accounting
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Thursday, 30 March 2017 15:57
Foreign Direct Investment
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.
FDI Allowances in various sectors
- Agriculture – 100%.
- Plantation Sector – 100%.
- Mining of metal and non-metal ores – 100%.
- Mining – Coal & Lignite – 100%.
- Food Product Retail Trading – 100%.
- Broadcasting Carriage Services (Teleports, DTH, Cable Networks, Mobile TV, HITS) – 100%.
- Broadcasting Content Service - Up-linking of Non-‘News & Current Affairs’ TV Channels/ Down-linking of TV Channels – 100%.
- Airports – Greenfield – 100%.
- Airports – Brownfield – 100%.
- Air Transport Service – Non-Scheduled – 100%.
- Air Transport Service – Helicopter Services/ Seaplane Services – 100%.
- Ground Handling Services – 100%.
- Maintenance and Repair organizations; flying training institutes; and technical training institutions – 100%.
- Construction Development – 100%.
- Industrial Parks – new and existing – 100%.
- Trading – Wholesale – 100%.
- Trading – B2B E-commerce – 100%.
- Duty Free Shops – 100%.
- Railway Infrastructure – 100%.
- Asset Reconstruction Companies – 100%.
- Credit Information Companies – 100%.
- White Label ATM Operations – 100%.
- Non-Banking Finance Companies – 100%.
- Pharma – Greenfield – 100%.
- Petroleum & Natural Gas - Exploration activities of oil and natural gas fields – 100%.
- Petroleum refining by PSUs – 49%.
- Infrastructure Company in the Securities Market – 49%.
- Commodity Exchanges – 49%.
- Insurance – 49%.
- Pension – 49%.
- Power Exchanges – 49%.
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accounting
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Thursday, 30 March 2017 15:57
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
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accounting
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Thursday, 30 March 2017 15:56
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.
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accounting
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Thursday, 30 March 2017 15:55
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.
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accounting
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Thursday, 30 March 2017 15:54
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.
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accounting
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Thursday, 30 March 2017 15:53
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.
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accounting
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Thursday, 30 March 2017 10:29
Our Alumni
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It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using 'Content here, content here', making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for 'lorem ipsum' will uncover many web sites still in their infancy. Various versions have evolved over the years, sometimes by accident, sometimes on purpose
It is a long established fact that a reader will be distracted by the readable content of a page when looking at its layout. The point of using Lorem Ipsum is that it has a more-or-less normal distribution of letters, as opposed to using 'Content here, content here', making it look like readable English. Many desktop publishing packages and web page editors now use Lorem Ipsum as their default model text, and a search for 'lorem ipsum' will uncover many web sites still in their infancy. Various versions have evolved over the years, sometimes by accident, sometimes on purpose
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accounting
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Tuesday, 28 March 2017 12:09
Transformation To GST
The Indian indirect taxation system is due for a seminal tax reform with the introduction of a unified Goods and Services Tax (GST) as against the prevailing plethora of taxes (value-added tax (VAT), central sales tax (CST), service tax, customs duty, excise duty, entry tax, etc.).
The new GST regime will open up an array of opportunities for businesses across India as well as those planning to enter the Indian market. On the other hand, GST may also pose various challenges with respect to business planning, budgeting and investment, as it will change many earlier assumptions regarding business and the market and as a whole. The challenge at hand for the business community is to adapt to the transitional tax reforms by understanding the nuances of the new GST regime.
In this evolving indirect tax scenario, we at A.Chandak & Co. plan to assist our clients in bridging the gap over to GST by providing specialised services to mitigate any GST-related tax risk. Our vide range of Services on GST are:-
GST Tax Risk Management Service
GST Tax Risk Management Service is a comprehensive review program designed to assist GST-registered businesses to ascertain their level of GST risks with regards to the overall control of the business operations.
This review would cover the controls surrounding the preparation of the GST returns, output tax and input tax considerations faced by your company. If need be, our review program will assess your current accounting system’s functionalities which may potentially produce inaccurate information or errors in the process of preparing the GST returns. With the results of our assessment, we aim to mitigate the risks faced by your company from getting penalized by the CBEC/GST Authorities due to potential errors in the GST submission and reporting.
GST Retainership Package
As the implementation of GST is at it’s bring in our country, your business may face many technical and practical issue in complying with the GST requirements. Therefore, it is important for you to understand clearly the GST treatments and implications on your business to avoid any penalties that may be imposed on your company. Our retainer program is a subscription-based retainer program that allows you to post your GST-related questions for the attention of our team of GST experts. As a subscriber to this program, you will also be notified of all the latest updates or changes in the GST laws, regulations, orders and guides that are published by the CBEC or the GST Council.
Technical Opinion on GST Implications
There will be times when your business is faced with uncertainties in identifying the appropriate GST treatments or implications for a particular transaction or arrangement. Such ambiguities may be caused by the complexity of the transaction or it may represent an area that has yet to be extensively covered by the relevant GST laws, regulations, orders or guides published by the CBEC or GST Council. In such cases, we would assist your business in studying the arrangement in detail and providing you with our expert opinion on the issue faced by your business. If required, we will assist your business to make a representation or seek an advance ruling on the matter.
GST Appeal & Dispute Resolutions
If you feel that your business has been wrongly penalised or affected by an adverse decision by the Assessing Officer of GST , we will be able to assist your business in appealing the penalty or against the adverse decision. As authorised representative, we will also be able to assist your business as follows:-
- Apply for advance rulings;
- Appeal your GST dispute at the GST Appeal Tribunal.
Goods And Services Tax (GST) Registration
- Filing of Registration Application
- Receipt of GST Identification Number (GSTIN)
Accounting & GST Filing (Quarterly/ Monthly)
- Online GST Accounting
- GSTR Filing for 3 months for ONE GSTIN
- Includes returns for July-Aug-Sep
- Filing for B2B and B2C invoices
GST Filing - GSTR-4 (Composition Supplier) (Quarterly)
- GST Returns (GSTR-4
- Filing for B2B and B2C invoices
- Reconciliation for all transactions
- GST related Book-Keeping and Accounting
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Indirect Tax Advisory
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Tuesday, 28 March 2017 12:07
Determining the Arm Length Pricing, Preparation of Transfer Pricing Report & Conducting Transfer Pricing Audit
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Direct Tax Advisory
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