Taxation & Annual Compliances
Corpseed offers the following services to its Corporate Clients:
• Preparation of Books of Accounts
• Preparation of Financial Statement
• Statutory Audit by Independent Auditor
• Filing of Annual ROC Returns
• Filing of Income Tax Returns
• Maintenance of Statutory Registers
Corpseed has an automated MIS for preparing journal general, ledger, trail balances, bank reconciliation, profit and loss accounts, income statements, balance sheet. We offer the onsite and offsite services for preparation of books of accounts as per Indian GAAP and as per International financial reporting standard (IFRS).
In this service we undertake following tasks on the behalf of our customers:
o Transactions: The accounting process starts with financial transactions, which include the sale or return of goods, the purchase of goods or supplies and the payment of salaries. It virtually all the incidences of a transaction whenever cash changes hands or the promise of payment is made.
Journal entries: When a transaction occurs, the entry is recoded in a journal entry so you can record it in the books.
Posting: After the transaction is recorded in a journal entry, it is posted to the books.
Trial balance: At the end of each accounting period, we test the books to see if they are in balance.
Worksheet: In case, errors or discrepancies are found in trial balance, a worksheet is used to figure out and solve the problem.
Adjusting journal entries: After figuring out the solutions to the errors in trial balance, adjustments to the books are made using Adjusting
Financial statements: Financial statements are prepared using the corrected trial balance.
Closing: At the end of an accounting period you close the books and get ready for the next accounting period.
Under the Indian Companies Act it is mandatory for businesses to have their accounts audited by an Indian firm of chartered accountants. These audited accounts are to be filed with the Registrar of companies (‘ROC’) and, in some cases, with the Reserve Bank of India.
Businesses with an annual turnover exceeding INR 10 million (USD 150,000 approx) need to additionally have accounts audited under specific provisions of the Indian income tax laws and certified by an Indian firm of chartered accountants.
Businesses need to determine their annual tax payment and ensure its deposit under an installment plan commonly referred to as Advance Tax. Delays, deferment or incorrect calculations attract penal provisions. At the year end, an annual return together with audited accounts and tax audit report must be submitted e.g. in case of Financial Year 2018-19, advance taxes have to be deposited by June 15 (15%), September 15 (45%), December 15th (75%) and March 15 (100%). The Annual Return for this year is to be submitted by September 30, 2019 / November 30, 2019.
Businesses engaged in cross border trading need to comply with customs duty regulations. The duty varies between products. The compliance requirement includes determination and deposit of duty prior to clearance of goods by the customs authority. While basic customs duty remains, the Counter Vailing Duty (CVD) and Special Additional Duty (SAD) of customs are subsumed into GST.
Goods and Services Tax (GST)
GST is applicable on supply of goods and/or services. It consolidates the erstwhile excise duty, service tax, central and local VAT, amongst others. Compliances include deposit of taxes and filing of monthly / quarterly returns.
Businesses in India need to comply with secretarial matters specified under the Indian Companies Act and report to the concerned ROC. This may include
Change in director / authorized representative
Maintain board minutes, statutory registers
Annual return to ROC
LABOUR LAWS (Provident Fund/ESI)
An employer needs to consider the impact of Provident Fund, government regulated Pension Plan scheme. Furthermore, an outgoing employee, who has exceeded 5 years of service, is to be paid Gratuity calculated as per specified scales
There are certain state specific regulations e.g. Professional Tax and the Shop and Establishment Act which prevail in Indian states like Karnataka, Maharashtra, Tamil Nadu etc.