Book Keeping and Accounting Services in India
In this age of cut throat competition, it is imperative for top and middle level Managers to update themselves with the statistics and current affairs of the company which are important for the policy formulation. Our services also facilitate our clients in assessing their financial position on quarterly/ half yearly or annual basis. We provide accurate and timely services full range of accounting, book keeping services, quarterly updates and financial statement preparation services.
As an independent corporation, we are familiar with the accounting needs and desires of high growth, fast paced companies. We apply a significant amount of our time to learn client business, to understand how precisely we can be of aid to them. This includes the writing up of accounts and the preparation of financial statements. It includes a wide area ranging from simple Book keeping to complex financial analysis.
These services are structured to suit an individual client's needs and requirements. Some of the accounting services being rendered are:
General Accounting and Book keeping Services
The service involves preparing and maintaining day-to-day bookkeeping and monthly or quarterly management accounts. These books are prepared as per the US GAAP/ IFRS/ Indian accounting standards and can also be made as per specific client instructions.
We offer weekly, Bi-weekly, monthly or yearly Accounting and bookkeeping including reporting services. Our Services covers all aspects of accounting and bookkeeping, including: -
- Entry of transactions
- Journal Entry
- General Ledger
- Assets /Equipment Ledgers
- Expenses Ledger
- Accounts Receivables
- Accounts Payables
- Ageing Report & Summaries
- Bank Reconciliation
- Financial Statements Preparation
- Trial Balance
- Income Statement (Profit & Loss)
- Cash Flow Statement
- Preparation of Annual Financial statements
Note: Above mentioned services can be tailored to suit your business needs and requirements.
We offer financial services which includes 'Financial Projections,' forecasting and Analysis for your existing business or for new start ups to help you with your Project reports, Funding applications and loan applications from various funding Agencies.
To enable us to prepare your detailed financial projections for new start ups, you just need to fill up basic data requirements as per our template and in turn we will provide you comprehensive financial projections upto 10 years. Some of Reports of the Projections are:
- Cash flow Statement
- Cost of Project and Means of Finance
- Assessment of Working Capital requirements
- Projected Profitability statements
- Capacity utilization Statement
- Raw Material and Packing materials Consumption Statement
- Power and Fuel Cost Statement
- Employees Costs Statement
- Administrative Cost Statement
- Selling and Distribution Cost Statement
- Repayment Schedule for Financial Facilities
- Ratio Analysis
- Break-even Analysis
- Internals Rate Return
- Pack back Period
For the existing businesses we can provide comparative statements of the last 3 years financial results with the projected statements for the subsequent two years to facilitate roll over/ enhancement of the continuing financial facilities as per the client needs. Some of the Reports would be as under;
- Comparative analysis of Balance Sheet
- Comparative statement of Sources and Uses of Funds
- Comparative Cost & Profitability Statement
- Comparative Capacity utilization statement
- Assessment of net working capital employed
- Ratio analysis
Why outsource accounting services to us?
- Financial reporting analysis
- Avoiding capital expenses
- Cash flow analysis
- Monthly, quarterly and yearly reporting
- High Quality
- Quick Turnaround Time
- Concentrate on other business priorities
- Undertake projects - full-time or part-time, ongoing or temporary
AUDITING AND ASSURANCE SERVICES
The audit may be required by statute; and if premeditated, it can become a handy management tool. The purpose of auditing is to satisfy the users of financial statements that the accounts presented to them are drawn up on correct accounting principles together with Accounting Standards/ IAS and that they reflect a true and fair view of the state of affairs of the organization The thrust is to audit for the statutory requirements and at the same time report the irregularities and the weak points in the internal control and systems for suitable action and rectification.
The process of obtaining comprehensive understanding of the client's business, accounting system and internal controls enable us to focus on key areas in addition to the normal audit. This process also depends upon clients to clients' requirements. This approach ensures that the professional and commercial experience of the members of the firm is relentlessly brought to bear on a client's affairs.
Our approach allows us to focus, our time and effort, on the most significant areas of the accounts and controls. So we not only keep our time cost to a minimum but also increase the effectiveness of the audit and thus, provide maximum value for money to the client. Over the years we have specialized in carrying out the internal-management audits of small to big sized business entities.
Types of Auditing Services Rendered by Us:
Statutory Audits: The principal objectives of the Statutory Audit is to ensure that the financial statements i.e. the Balance Sheet, Profit & Loss Account and Cash Flow Statement give a true & fair view and are free from any material misstatements. We undertake Statutory Audits of Public/Private Limited Companies involved in secondary and tertiary activities, IT Companies, Nationalized Banks, Financial Institutions, Non-Banking Finance Companies, Public Sector Undertaking (PSU), Charitable Institutions, NGO, Hotels, Schools, Hospitals, Cooperative Societies and other small and medium sized enterprises.
Tax Audits: Every business Company, Firm or Enterprises whose turnover exceeds Rs.100 Lakhs or total receipts from any profession exceeds Rs.50 Lakhs in any previous year, is required to get its accounts precisely & punctually audited and obtain a report under the Income Tax Act, 1961. Our Audit Department provides tax audit services to our clients upholding the highest standards of auditing and provides a comprehensive tax audit report based on the requirements of the Income Tax Act, 1961.
Internal & Management Audit: The focal point is to ensure sturdy internal & managerial control systems to curtail the risk of accidental or deliberate errors and omissions. Apart from, Safeguarding of valuable assets, sufficient division of authority over key control areas and stringent compliance with the internal operating policies and corporate governance productivity and efficiency of management are key determinants of an organization's success. Our procedures aim to maximize management performance by focusing on improving processes within the organization.
Information System Audit (IS Audit): IS Audit assesses the adequacy of internal controls with respect to specific computer programs and the data processing environment as a whole. It ascertains whether computer systems safeguard assets, maintain data integrity and allow the objectives of an organization to be pulled off effectively and efficiently. Our team includes skilled computers professionals and qualified system auditors to conduct Information System Audit.
Concurrent and Income & Expenditure Audit: Organizations and corporations working on large scale need to verify day-to-day business transactions. We have a team of qualified & experienced professionals and ancillary staff, to carry out such audits effectively and efficiently.
Inventory Audit: Our inventory audit services offer suggestions to the client regarding methods of cost reductions and best management of the inventory items. The audit report provided by us involves detailed checking of stock records and also physical verification of all of types of stocks. Internal inventory audit is undertaken to find out shortcoming in inventory records and to give solutions for inventory reduction and its control so that production of items may not stop due to deficiency of stock of material or blockage of funds.
Any other Special Purpose Audit
Consultancy on Double Taxation Avoidance Treaty
The Double Tax Avoidance Agreements (DTAA) is essentially bilateral agreements entered into between two countries, in our case, between India and another foreign country. The basic objective is to avoid, taxation of income in both the countries (i.e. double taxation of same income) and to promote and foster economic trade and investment between the two countries. The advantages of DTAA are as under:
The advantages of DTAA are as under:
- Lower Withholding Taxes (Tax Deduction at Source)
- Complete Exemption of Income from Taxes
- Underlying Tax Credits
- Tax Sparing Credits
Can you imagine what would happen if you were a resident of India, but work for half of the year in Australia, and get taxed in India as well as Australia? It'd be bad. No one would do it. Even the big MNCs would stay away from such disasters.
Keeping this in mind, under section 90 of the Income Tax Act 1961, the central government has entered into DTAA with many countries. What does this do? Well this agreement aims to put forward equitable basis and means of allocating tax liability in case of an individual who has earned income in a country different from his/her residence. India has an exhaustive agreement with more than 80 countries and not stopping there, India also aims to give tax neutrality to residents and non-residents who have income arising from countries not included in the DTAA.
The Provisions of DTAA override the general provisions of taxing statue of a particular country. It is now well settled that in India the provisions of the DTAA override the provisions of the domestic statute. Moreover, with the insertion of Sec.90 (2) in the Indian Income Tax Act, it is clear that assessee has an option of choosing to be governed either by the provisions of particular DTAA or the provisions of the Income Tax Act, whichever are more beneficial.
The Non Resident can certainly take the benefit of the provisions of DTAA entered into between India and the country, in which he resides, more particularly in respect of Interest Income from NRO account, Government securities, Loans, Fixed Deposits with Companies and dividends etc.
Consultancy on Due Diligence & Sanity Check
Due Diligence is the intense examination of a target business for a merger or acquisition by a prospective buyer and it can be described as a fact-finding device to assist in determining whether to buy the business at all, how much to pay for the business and how to structure the acquisition. The principal purpose of Due Diligence is to verify assertions made by the Seller and to identify caveats that may not have been disclosed to the Buyer. It is a reasonable investigation about the state of affairs of the business to be acquired, focusing on matters which may have an effect on the future of the business. In short, the buyer determines through Due Diligence that the business he / she is buying contains all the assets and liabilities that have been paid for. Following fields are invariably is investigated in any comprehensive Due Diligence:
- Compatibility audit
- Financial audit
- Macro-environmental audit
- Legal - environmental audit
- Marketing audit
- Production audit
- Management audit
- Information systems audit
- Reconciliation audit
More specifically, a due diligence audit is performed to help a buyer understand details of the development process, degree of regulatory compliance, etc. of a target company. Due diligence audits are often performed in conjunction with the legal staff of the acquiring company.
In the recent past the corporate houses are looking for professional firms to verify, assess, investigate the viability of operations of their braches / associates / franchise to make them independent profit center at minimum possible cost. GKS Consulting Pvt. Ltd. also undertakes such types of assignments.
Consultancy on Transfer Pricing (TP Study)
Transfer Pricing, the term defines as a price assumed to be charged by a company's part to another part of the same company so as to evaluate each division's profit and loss individually. Transfer pricing studies are typically conducted by experienced accountants and economists with considerable background and experience in international tax matters. By applying and documenting various testing methods, it attempts to determine whether the transactions were conducted at arm's length and will survive scrutiny from the tax authorities.
As per provisions of the Income Tax Act, 1961 - Income from an international transaction shall be computed having regard to the Arm's length Price (correct market price).
And it is not only the sale price that shall be determined as per Arm's length price but even the allowances for any expenses and interest arising from an international transaction will be computed evenly.
The above rule applies even where the international transaction shall comprise of only outgoings i.e. expenses, interest etc.
The definition of International transaction under the transfer pricing regulations is very wide and in its scope, it includes transaction between two associated enterprises in the nature of:
- Purchase, sale or lease of tangible or intangible property or
- Provision of services or
- Lending or borrowing of money or
- Any other transaction having a bearing on the profits, income, losses or assets of such enterprises.
It would also include a mutual agreement or arrangement between two or more enterprises for allocation of cost/expenses incurred in connection with a benefit, service, and facility provided or to be provided.
Two enterprises shall be deemed to be associated enterprises if, at any time during the previous year-
(a) one enterprise holds, directly or indirectly, shares carrying not less than 26% of the voting power in the other enterprise; or
(b) any person or enterprise holds, directly or indirectly, shares carrying not less than 26% of the voting power in each of such enterprises; or
(c) a loan advanced by one enterprise to the other enterprise constitutes not less than 51% of the book value of the total assets of the other enterprise; or
(d) One enterprise guarantees not less than 10% of the total borrowings of the other enterprise; or
(e) more than half of the board of directors or members of the governing board, or one or more executive directors or executive members of the governing board of one enterprise, are appointed by the other enterprise; or
(f) more than half of the directors or members of the governing board, or one or more of the executive directors or members of the governing board, of each of the two enterprises are appointed by the same person or persons; or
(g) the manufacture or processing of goods or articles or business carried out by one enterprise is wholly dependent on the use of know-how, patents, copyrights, trade-marks, licenses, franchises or any other business or commercial rights of similar nature, or any data, documentation, drawing or specification relating to any patent, invention, model, design, secret formula or process, of which the other enterprise is the owner or in respect of which the other enterprise has exclusive rights; or
(h) 90% or more of the raw materials and consumables required for the manufacture or processing of goods or articles carried out by one enterprise, are supplied by the other enterprise, or by persons specified by the other enterprise, and the prices and other conditions relating to the supply are influenced by such other enterprise; or
(i) the goods or articles manufactured or processed by one enterprise, are sold to the other enterprise or to persons specified by the other enterprise, and the prices and other conditions relating thereto are influenced by such other enterprise; or
(j) where one enterprise is controlled by an individual, the other enterprise is also controlled by such individual or his relative or jointly by such individual and relative of such individual; or
(k) where one enterprise is controlled by a Hindu undivided family, the other enterprise is controlled by a member of such Hindu undivided family or by a relative of a member of such Hindu undivided family or jointly by such member and his relative; or
(l) where one enterprise is a firm, association of persons or body of individuals, the other enterprise holds not less than ten per cent interest in such firm, association of persons or body of individuals; or
(m) there exists between the two enterprises, any relationship of mutual interest, as may be prescribed.
We assist our clients to maintain an effective documentation process maintaining a balance in the complex tax structure. Our worldwide coordination with professionals results in effective representations in front of the authorities.
We offer following services with regard to Transfer Pricing:
- Preparing a transfer pricing study
- Providing analysis on comparables
- Providing a complaint to the TP-audit
- Handle matters in appellate stages / DRPs
- Providing legal briefs / advises on tax avoidance while entering international transactions
- Find a way out of the legal morass
- Providing in-house training, drafting agreements, and billing methodologies.
- Advisory services pertaining to Transfer Pricing
Consulting on Drafting of Agreements
We offer quality services within specified time limits and at cost effective rates. Our services are amply useful even for those people or organizations whose legal requirements are not included under the mainstream business. We also offer the most cost effective prices. Agreements drafted at GKS Consulting Pvt. Ltd. for our clients have a unique edge, as they are:
- Clear, short and snappy;
- Well contemplated and organized, with headings;
- Logical numbering system to assist later on when discussing parts of the agreement;
- Legible and explicable;
- Aiming for certainty of meaning;
- Acceptable & purposeful
- As simple as possible while still expressing the intention of the parties and protecting each party's interests;
- Achieves all parties' reasonable expectations and precisely reflects the agreement the parties have reached.
- Legally Correct
- Makes sure Offer and Acceptance occur while a consideration can be defined. it is through the exchange of 'good and valuable consideration' that an agreement becomes enforceable
- Avoid contra proferentum -if a court ever has to interpret an ambiguity in the agreement, it is usually construed in favour of the party who did not draft it, as there is an assumption that the drafting party is at somewhat of an advantage.
- Prepared on the basis on prevalent legislation and case law, to reinforce the legal position.
- Conviction of subject matter and terms mentioned therein
- An agreement may well be unenforceable in spite of offer, acceptance and consideration if the subject matter or important terms of the agreement are vague or ambiguous, giving rise to disagreement between the parties as to what was actually agreed upon.
- Stating the facts clearly
- Conducting the necessary investigations such as Land Title Office searches, Corporate Registry searches, Personal Property Registry searches, Court Registry searches, Appraisals, inspections, environmental assessments, structural assessments, reference checks, personal interviews and so on to make the agreement factually correct is appropriate or necessary?
- Legal Liability & Tax Implication
- Make sure minimal fall backs and the agreement is tax efficient at the same time.
Consultancy on Company Law Matters
Companies Act, 2013, governs companies with limited and unlimited liability, in India. Every company is required to register themselves with the Competent authority i.e. Registrar of Companies (ROC) and file the necessary documents for various statutory requirements from time to time. Company Legal Compliance is now viewed as a separate service because of its complexity and time constraints. We help firms/companies in the interpretation and legal compliance with the rules and regulations for its continuance operate in their chosen sectors. There are many sections of the Companies Act where we are in a position to provide guidance and/or assistance with interpretation pertaining to Company Law Consultancy Services offered by us include
- We offer following services with regard to service tax:
- Obtaining DIN and Digital Signature of the Directors / Company secretary of the Company.
- Incorporation of Private / Public company including under Section 8 (non-profit making company).
- Statutory meeting and statutory report.
- Appointment of directors and their remuneration.
- Incorporation of Limited Liability Partnership & conversion of partnership firm / existing private limited / closely held limited company into LLP.
- Amalgamation, merger, reconstruction of companies
- Change of name, shifting of registered office from one place to another, change in objects, increase in authorized capital, allotment of shares
- Buy back/Further Issue of shares.
- Allotment of shares at par/premium to Non-resident.
- Charge registration, charge modification
- Search of public documents filed with Registrar of Companies
- Routine document preparation and filing of forms with the Registrar of Companies
- Preparation of Directors' Report, Notice of meetings, preparation and maintenance of minutes.
- Preparation of annual return and uploading of the same.
- Issues pertaining to management of company, directors, shareholding pattern.
- Consultancy on any issue related to the Companies Act, 2013.
- Preparation of Statutory records & registers
- Compliance u/s 92/96/129/137 of the Companies Act, 2013 for inoperative companies or the companies those were incorporated in the past but did not carry on any business.
Our team of Chartered Accountants is well versed with the Companies Act, 2013 and previous company laws in India. GKS Consulting Pvt. Ltd. can assist in registering a new company in India, debt and equity issues, taxation issues, complying with all statutory requirements, filing relevant applications, expediting clearances from various authorities, expediting registration and other statutory obligations, etc.
Consultancy on ROC Compliance
Registrar of Companies (ROC) is the official agency that deals in the administration of Companies Act, 2013 and it falls under Ministry of Corporate Affairs. All the Companies incorporated under the Companies Act, 2013 are required to file various forms, returns and documents with the Registrar of Companies (ROC) in an electronic mode within the prescribed time along with the prescribed fees. As per the provisions of the Companies Act, 2013, if a Company fails to comply with them, then the Company and every officer who is in default shall be punishable with fine for the period for which default continues.
Companies have to comply with ROC by filing various returns, forms and documents and these could be categorized in two heads:
- Annual compliance filling - Compliances which are required to be made once in a year by all the companies incorporated under the Companies Act, 2013 or under any previous company law.
- Other Compliance filling - Compliances which are required to be made from time to time on various events.
- Given below is the list of few events in which compliance with ROC is required:
- Change in Authorized/ Paid up Capital of the Company.
- Allotment of new shares / transfer of shares / invitation to subscribe for shares.
- Issue of shares to the directors / employees of the Company.
- Subdivision of face value of the shares of the Company.
- Investment in share / other securities, giving loans to other companies.
- Change in composition of the Board of Directors.
- Appointment of Managing / Whole Time Director and payment of remuneration.
- Payment of remuneration to Director / his relative / firm of the Director etc. are contracting with any of the above.
- Loans to Directors / Members or to firms / companies where they are partner / members respectively, giving loans to companies under same management.
- Opening / closing of bank accounts or change in signatories of Bank account.
- Change in terms of the loan taken earlier.
- Full payment of the amount of loan taken against the property of the company.
- Acceptance of deposits from Directors / members of their relatives.
- Executing the documents under the common seal of the Company.
- Sale or purchase of the fixed assets of the Company.
- Entering into new business /Partnership.
- Alteration of memorandum and articles of association of the company.
- Doing the business with a non resident or a foreign citizen.
- Convening the meetings of the Company. Submission of the resolution to any other third party / any authority, maintenance of board meeting minutes book.
- Maintenance of minutes of general meetings and its attendance.
- Amalgamation of the Company with other company.
- Shifting the registered office of the Company from one place to other.
- Appointment or change of the Statutory Auditors of the Company.
- Agreement entered by the shareholders of the Company where Company is a Party.
At times, this periodical filing of forms with ROC becomes a pain for Start-Ups and Small to Medium Level companies, as they are not very sure of details to be filed in these forms, selection of forms also becomes big hassle.
Consultancy on Income Tax
In today's complex financial and business world, everyone needs reliable, professional accountancy and taxation help for managing their personal and business finances.
Not only it is necessary to ensure that everything is accounted for and is in compliance with the various statutory requirements, it is also important to make the most of every opportunity to maximize your income and minimize your Tax Liability by claiming various exemption & deductions.
The 'Tax Quiche'..... and how to keep as much of it as possible for you and your family
Tax planning is all about understanding the personal and business taxes you are liable to pay, and looking at ways to minimize them. In this way, we can help you to maximize your net income, creating opportunities to save for the current and future needs of your family and your business.
Tax seems to be taking an ever-increasing slice of the nation's income.
Albert Einstein once famously said that 'the hardest thing in the world to understand is income tax'. But don't let complexity deter you from a simple goal: keeping your taxes as low as possible.
As accountants our role includes not only preparing financial statements and tax returns but also working with you to ensure that both the periodic taxes and the taxes out of income are at the lowest possible level and are duly paid on time. This is one of the ways to retain the biggest slice of your wealth to spend or save.
We can help you in:-
- Making the most of tax-free opportunities
- Keeping tax as low as possible across the family
- Developing a plan for tax-efficient profit extraction
- Keeping business taxes to a minimum
- Minimizing the tax on the sale/merger/de-merger/acquisition of your business
- A tax-efficient remuneration package
- Identifying tax-efficient savings Schemes
- Reducing the tax on your estate
- Planning to reduce capital gains tax
Our taxation service includes a wider range of services provided to individuals of different backgrounds as per their requirements:-
Tax consultant services for Resident Indians - DIRECT TAXES:
- To obtain Permanent Account Number (PAN) and TAN number online.
- Tax planning
- Advance tax computation
- Tax Audit
- Filling of Income Tax Return
- Follow up income tax refunds
- Rectification & revision of income tax orders
- Representation before Income Tax Authority for Scrutiny Cases
- Quarterly return for TDS/TCS in electronic form
- Consultancy in TDS matters
- No TDS/ TCS Certificate.
- Registration of trust for charitable purposes
- Obtaining advance ruling
- Specific advice on taxation
- Other compliances as per Income Tax Act, 1961.
Professional tax is linked to the employees of a company. Basically depending upon their income, a very small amount is to be deducted each month from their salary and at the end of the financial year; the collected professional tax amount has to be paid to the concerned tax authorities.
All companies in India even if they have a single employee would have got itself register for professional tax. This holds true for local owned and foreign owned companies as well as either incorporated or non-incorporated companies such as a sole-proprietorship. Professional tax registration is obligatory only if you have employed any person for your business concern.
Just as matters and procedures related to India, professional tax registration could differ depending upon location of such company. Hence companies in India need to find out whether their state requires professional tax registration or not. If they do, companies need to ensure that those taxes are paid on time every year. Applying for a professional tax number is a onetime process and when they are issued their registration certificate along with a unique professional tax number, the same is to be quoted while submitting the requisite tax amount at the end of each financial year.
Professional Tax - From point of view of an Employee
As far as employees' are concerned, the professional tax deducted by their employers or paid by employees themselves, is fully deductible from their income.
Applicability of Professional Tax
In India, the professional tax is imposed at the state level. However, not all the states impose this tax; the following states impose this levy in India - Punjab, Karnataka, Bihar, West Bengal, Andhra Pradesh, Telangana, Maharashtra, Tamil Nadu, Gujarat, Assam, Kerala, Meghalaya, Odisha, Tripura, Madhya Pradesh, and Sikkim. Business owners, working individuals, merchants and people carrying out various occupations comes under the purview of this tax.
Professional tax is levied by particular Municipal Corporations and majority of the Indian states impose this duty. It is a source of revenue for the government. It is paid by every member of staff employed in private companies. It is subtracted by the employer each month and sent to the Municipal Corporation. It is compulsory just like income tax.
How we can help? GKS consulting Pvt. Ltd. can help you in ascertaining the applicability of Professional tax for your organization and accordingly apply for registration for the same. We can also help you in paying the Professional Tax to the government in the manner prescribed by the State legislations and provide consultancy regarding any other matters associated with the professional tax to your satisfaction.
Consultancy on XBRL Filing
Ministry of company affairs (MCA), India, vide its circular dated 7th June, 2011 and 7th July, 2011 has mandated certain companies to file its Financial statements for Year ending on 31st March, 2011 in XBRL.
What is XBRL and how it works?
- XBRL stands for Extensible Business Reporting Language.
- XBRL is a XML (Extensible Markup Language) based computer-readable financial reporting language.
- XBRL is a royalty free open specification developed by XBRL international Inc.
- It is used to express business reporting content.
- XBRL facilitates the automatic exchange and reliable extraction of business information across diverse software applications.
- XBRL can be compared to a Bar code.
- Instead of treating financial information as a block of text, XBRL provides a tag for each individual item of data - making it crunchable.
- This allows data to be treated intelligently.
Who needs to file under XBRL?
The following class of companies shall file their financial statements and other documents under section 137 of the Act with the Registrar in e-form AOC-4 XBRL as per Annexure-I:-
- Companies listed with stock exchanges in India and their Indian Subsidiaries;
- Companies having Paid Up Capital of Five crore rupees or above;
- Companies having Turnover of One Hundred crore rupees or above;
- All companies which are required to prepare their financial statements in accordance with Companies (Indian Accounting Standards) Rules, 2015:
Documents required to be filed with MCA under XBRL:
- Balance sheet (Schedule III to Companies Act, 2013)
- Profit Loss Account(Schedule III to Companies Act, 2013)
- Cash flow statements
- Notes to Accounts of financial statements
- Auditor's Report
- Director's Report
XBRL Certification by Professional
MCA vide its circular dated 7th July, 2011 required the statutory auditor to certify the XBRL output for filing. This has now been extended to all professionals like any Practicing CA's and CS's vide circular dated 28th July, 2011.
GKS Consulting Pvt. Ltd. can provide all of your company's required XBRL filings (Financials and Notes to Financials - with detailed tagging) in guaranteed compliance with current SEC and U.S. GAAP or IFRS Taxonomies.
With GKS Consulting Pvt. Ltd. your company does not need to buy software, continually hire and train new personnel or pay accountants or consultants astronomical fees for XBRL Conversion. We will work for you and with you, cutting out the hundreds of man hours associated with XBRL conversion and service throughout each Fiscal Year.
Consulting on NRI Matters
We have creditable experience of providing multitude of services to a diverse client profile. Non resident Indians comprise a substantial portion of our client base.
We provide a range of services to our NRI clients. Our client profile includes
- Non resident Indians who have/ intend to have investments in India.
- Non resident Indians who inherit assets in India.
- Non resident Indians/ Non-residents who have / intend to set up a business in India.
- Returning NRI.
- Emigrating Indian/ New NRI.
But foremost, it is very important to understand that who is considered NON-RESIDENT in India?
Who is a Non resident Indian NRI?
An NRI is a person resident outside India, who is a citizen of India or is a person of Indian origin. Under the Foreign Exchange Management Act (FEMA), generally, a person is resident outside India if he is in India for less than 182 days during the course of the preceding financial year and also includes any person who stays abroad:
- For the purposes of carrying out employment or any business or vocation
- Under circumstances indicating an intention to stay outside India for an uncertain duration;
- Any Indian citizen deputed outside India for a temporary period in connection with employment
- For education
Where can we help?
- Determination of your residential status in India
- Interpretation of DTAA with a view to reduce tax liability in India
- Handling of issues relating to inheritance, will, etc.
- Application for Permanent Account Number (PAN)
- Filing of India tax return
- Advising suitable tax saving investments
- Representation before tax authorities, in case required
- Opening if various bank accounts and compliances thereon
- Various compliances in regard to repatriation of funds/investments/property, etc
PERSON OF INDIAN ORIGIN (PIO)
A Person of Indian Origin (PIO) means a foreign citizen (except a national of Pakistan, Afghanistan, Bangladesh, China, Iran, Bhutan, Sri Lanka and/or Nepal), who:
- at any time held an Indian passport or;
- either of their parents/ grandparents/ great-grandparents were born and permanently resident in India as defined in Government of India Act, 1935 and other territories that became part of India thereafter provided neither was at any time a citizen of any of the aforesaid countries (as referred above) or;
- is a spouse of a citizen of India or a PIO.
As mentioned above (For Persons of Indian Origin)
- The benefits accruing to a PIO card holder:
- No requirement of visa to visit India;
- No separate 'student Visa' or 'Employment Visa' requirement for admission in colleges/ institution or for taking up employment respectively;
- Facilities available to children of NRIs for getting admission to educational institutions in India including medical colleges, engineering colleges, Institute of technology, Institute of management, etc. under general categories.
- Facilities available under the various housing scheme of LIC, State Government and other Government Agencies.
- Special counters at the immigration check posts for speedy clearance.
Where can we help?
- Application for issue of PIO card
- Follow up with the authorities for speedy issue of PIO card.
- Application for issue of duplicate PIO card (in case of loss, theft etc.)