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www.taXaj.com
Taxation is too Sahaj!
TaxajCorporate
ServicesPvt. Ltd.
What We Do
We not just meet but exceed client expectation consistently by imbibing Teamwork, Professionalism,
Personalized Service & Specialization.
Smart Business Consulting Data & AnalyticsTo make better business decisions, challenge your assumptions. We emphasize our Clients to Turn information into insight with our latest data and predictive analytics solutions.
Customer Relationship ManagementBuilding a strong relationship with your customers is as important to us as it is to you. Tap into expert solutions to connect with your customers.
Business & IT StrategyOur consultants create business strategies that enable global companies to define new business and target operating models to maximize value and manage complex changes throughout their organizations.
Enterprise Architecture ServicesMaintaining business agility isn’t easy when technologies and business requirements keep changing. Taxaj has an approach to synergies Enterprise Architecture with emerging technology platforms to harness new opportunities.
Business Process ServicesRethink how you run your business with the help of our industry-savvy consultants. We improve performance, enhance capability and drive growth initiatives.
Organizational Change ManagementSuccessful organizational change is a top management mandate. Our practice works with executives on strategic and transformational challenges.
Digital TransformationTaxaj Corporate Services enables organizations to create engaging and consistent digital experiences across every touch point, providing new opportunities for growth and expansion.
Supply Chain OptimizationWe can help you re-wire your supply chain to improve global trade, transportation, distribution, planning, collaboration and forecasting performance.
Quality Engineering & AssuranceIf you don’t have the resources for testing, leave it to us. Our world-class QA team and rigorous testing processes provide the assurance your company deserves.
Enabling InfrastructureIT expectations are higher than ever. Our experts can help you build and manage an IT infrastructure that equals the demands of a changing business environment.
Mergers & AcquisitionsWe provide strategic due diligence, business and IT target-state definition, implementation planning, governance support and change management.
Program ManagementWe help leading companies drive business transformation by providing industry-leading program management consulting services.
Vision, Mission & Objective
Our VisionOur firm continuously strives to be the Premier Accounting and Consultancy firm that provides excellent service to our clients and an excellent quality of life for our associates.
Our MissionWe will predominantly work with organizations in the charitable and voluntary sectors as partners to help them achieve their desired outcomes.
Our ObjectiveWe are committed to creating and sustaining long-term relationships which draw on our experience and expertise to help our clients achieve real success
Who we areWe are prominent Chartered Accountants in India. We offer services in New Delhi and other major cities in India, like accounts outsourcing, auditing, company formation in India, Business taxation, corporate compliance, starting business in India, registration of foreign companies, transfer pricing, tax due diligence, taxation of expatriates etc.
How we are Different!Taxaj is a team of distinguished chartered accountant, corporate financial advisors and tax consultants in India. Our firm of chartered accountants represents a coalition of specialized skills that is geared to offer sound financial solutions and advices.
We Taxaj are a congregation of professionally qualified and experienced persons who are committed to add value and optimize the benefits accruing to clients.
Services Offerings Company Formation in India
We give advice on Company Registration in India and provide
Starting Business in IndiaBusiness can be setup in India in three types like
complete solution for Company Formation in India, Private limited Company Formation and Company Incorporation in India.
Formation of liaison office, Formation of
Project office and Formation of Branch
office for the Original Organization
Global Cue Taxation of Expatriates
The employment of expatriates and foreign nationals involves several complex issues. Whist the Indian economy and market place has generally been less attractive to expatriates and foreign workers.
Foreign Investment ApprovalsForeign investment in India is primarily governed by
the FDI policy formulated by the
secretariat for industrial assistance
(SIA), the Department of Industrial policy and promotion
(DIPP).
Corporate ComplianceIndian companies are governed by Companies Act 1956 and company has to comply with various statutory provisions as per different sections of Companies Act 2013.
Accounts OutsourcingA refinance allows you to take
out new personal loans that pay off your current mortgage.
Although you are then obligated to make
payments on the new top up card loan, your costs
typically are lower after refinancing.
AuditingInternal Audit is an independent appraisal function established within an organization to examine and evaluate its activities as a service.
Business TaxationDirect tax consultancy together with innovative tax efficient strategies, provided by us form an integral part of viable business decisions. These help our clients attain the desired goals.
Transfer PricingSince 1991, with the liberalization of trade and foreign exchange policy India has started integrating its economy with the global. It led to increased cross border flow of goods, services, funds and intangibles.
Our ClientsOur client list includes domestic and international entities of various sizes from different industries. We are a Business Taxation Firm India and we ensure confidentiality and professional ethics, names and nature of business of clients are not provided on the website.
When our Clients are Happy. We are Ecstatic!
We recognize that client satisfaction is the key to our success. Therefore, our service is tailored to ensure that you receive the advice you require to meet your individual needs, regardless of size or complexity
Services
Business Taxation
Auditing
Transfer Pricing
Foreign Investment Approvals
Taxaj
Direct Taxation
Business Taxation
Capital Gains
Transfer Pricing Audit
Domestic Transfer Pricing
Prohibited Sectors
Direct & Indirect Investment
Auditing Overview
Internal Audit
Service Tax Audit
Company Formation In
India
Taxation Of Expatriates
Corporate Compliance
Statutory Requirement
s
Registration Of Foreign Companies
Tax Due Diligence
Starting Business In
India
Accounts Outsourcing
Foreign Investment ApprovalsThe government of India releases a compendium of FDI policy every six months. Foreign investment in India can be made viz.
Approval/Government routeIt requires prior approval from the Govt. of India.
Automatic RouteNo prior regulatory approval is required from either the RBI or FIPB.Investors are required to notify RBI within 30 days.
AuditingIf you own a business, the annual Audit can sometime feel like a time-taking and expensive process that only benefits the statutory authorities.
We provide following Audit Services Internal Audit Services / Concurrent
Audit Services Management Audit Services Operations and Efficiency Audit Services Special Investigative Audit Services Due Diligence Review Costing and Accounting System Design
and Review Compilation of final accounts as per
accounting standards of US GAAP Internal Audits
We make sure all your onerous reporting requirements are met as painlessly as possible- keeping banks, creditors, finance providers, and even the Inland Revenue, happy.
But more than that – we aim to offer you the kind of business advice that could help you to run your company efficiently and cost-effectively. We also offer expert corporate tax planning advice, to make sure you’re as tax-efficient as possible.
Transfer Pricing
Person or association involved in an international transaction should maintain record of transactionArm’s length price will be calculated as the average of the prices if more than one price assumed for transaction.Some of the Calculating methods are the resale price method, cost plus method, comparable uncontrolled price method, and transactional net margin method.
The following are the important statutes of the law for Transfer Pricing Audit.
Form 3CEB has to be filed before he files the Income Tax return of the same period.Central Board of Direct Taxes has methods for calculating income from international transactions.Form 3CEB needs to be signed at each financial year under the guidance of a Chartered Accountant.
Company Formation In India There is no need to appoint local director
to incorporate a company in India. Foreign nationals can incorporate
company in India and hold foreign equity to the extent of 100%, which is dependent upon sector in which company will operate and is subject to approval from either Reserve Bank of India (RBI) or Foreign Investment Promotion Board (FIPB).
Applicable law The Indian Companies Act, 2013
Director Identification Number (DIN) Acquiring Digital Signature certificate
(DSC) Name Approval of the company Memorandum of Association; Articles
of Association; Information about directors,
managing directors, managers and secretary must be submitted in a prescribed Form 32
Information about the registered office in prescribed Form 18
Business Taxation: Existence of Tax credits Indian tax law authorizes the Indian
Government to enter into an agreement with the government of any other country to grant relief in respect of income on which taxes have been paid in both countries, to avoid double taxation of income, to exchange information for the prevention of evasion or avoidance of income tax and to recover income tax.
Unilateral relief is also available, mainly to persons who are resident in India.
Indian tax laws do not contain any provision for tax sparing. Double tax relief is granted but only with reference to tax actually paid. Likewise, tax treaties entered into by India usually do not provide for tax sparing.
The Finance Act 2006 introduced a new sec 90A, whereby any association in India may enter into agreement with counterparts outside India.
The foreign country must be one with which India has no tax treaty and the tax must actually have been paid in that country.
Direct Taxation Income Tax & Withholding Taxes Advising on Income Tax Planning of Corporate. Advising & reviewing of all necessary tax
withholding responsibilities. Advising all financial subjects which are of your
interest and keeping you updated on the new amendments, circulars, notifications & judgments.
Verification of all payments to vendors for the purposes of determination of correct application of rates and category for deduction of withholding taxes.
Filing of quarterly E-TDS Returns.
Computation of monthly TDS on the basis of above.
Monthly tax reconciliation of the TDS due and deducted.
Preparation and deposit of Monthly challans on or before the statutory due dates.
Filing annual Income Tax return. Work out the Exclusions allowed
in the specific heads and advise the company for the re-classification of the Expense Heads, if any.
CERTIFICATION WORK Issuance of Chartered Accountant
certificates u/s 195 required for the Overseas Remittances purposes from time to time.
FRINGE BENEFIT TAX Classification of all the expenses
from Voucher level (Payroll related and other General Profit and Loss account heads) covered under the FBT and work out the financial deposits to be made to Government on quarterly basis.
Advising organization on regular basis on the legal updates pertaining to this.
Applying of latest tax provisions in this regard.
Annual filing of the return for the same.
Compiling the details of Fringe Benefit Tax (FBT) after every quarter.
Auditing of amounts to be covered under FBT pertaining to organization.
Indirect Taxation Compiling and calculating the net
service tax on output services after taking benefit of Cenvat Credits.
Compiling the data of Cenvat Credits for service tax.
Preparing & Filing of Service tax Returns.
Advising on the issues relating to Service tax.
Consultancy on the maintenance of prescribed records.
Tax Planning as regards the minimization of Service Tax Liability.
VALUE ADDED TAX (VAT) Rendering assistance in registration
under VAT Assistance in claiming input tax credit Assistance in furnishing tax returns and
claiming refunds Advice on the legal aspects of VAT Rendering advice on the wide range of
issues in relation to tax invoices and retails invoices
Internal Audit and Compliance Reviews Helping with audit of accounts necessary
for a registered dealer
Capital Gains Capital asset Profit from sale/transfer of a capital
asset. Property held by an assessee, excluding: Any stock-in-trade, consumable stores
or raw materials held for the purposes of business or profession; Personal effects, namely, movable property jewellery, archaeological collections, drawings, paintings, sculptures or any work of art; Agricultural land in India, subject to certain conditions;
Certain specified government bonds.
A long-term capital asset is what held by an individual for more than 36 months immediately preceding its date of transfer. However, the following are treated as long-term capital assets, if held for more than 12 months:
Shares held in a company; Other securities listed in a recognized
stock exchange in India ; Units of the Unit Trust of India or
specified mutual funds. (Sec 2(29A) and 2(42A) of the Income-
tax Act, 1961)
Special Provisions In Expatriates Taxation1. Remuneration received by a foreigner
as an employee of a foreign enterprise for services rendered in India is not subject to Indian income tax, provided:
It’s is not engaged in any trade/business here;
He is not present in India for more than 90 days in that year; and
the remuneration is not liable to be deducted in computing the employer’s taxable income in India.
2. A foreigner ( including NRI) who was not resident in India in any of the four financial years immediately preceding the year of arrival in India is entitled to a special tax concession, if provided:
the foreigner has specialized knowledge and experience in certain specified industries; a and
the individual is employed in any business in India in a capacity in which specialized knowledge and experience are used.
3. A visiting foreign professor who teaches in any university or educational institution in India is exempt from tax on remuneration received during the first 36 months from the date of arrival in India. However the individual should have not been a resident in India in any of the four financial years immediately preceding the year of arrival in India.
4. Salary received by a non-resident foreigner in connection with employment on a foreign ship is exempt from tax if the employee’s stay in India during a year does not exceed 90 days.
5. Exemptions under specified circumstances for the following:
amounts receivable from a foreign government or a foreign body by a foreigner for undertaking research in India under an approved scheme;
remuneration received by employees of a foreign government during training with the Indian government or in an Indian government undertaking; and
remuneration received by non-resident expatriates in connection with the filing of motion pictures by non-resident producers.
Corporate Compliance1. Incorporation of company2. Filing of documents with Registrar of
Companies3. Conducting Statutory Audit at the year end.4. Assistance in drafting Director’s Report
covering statutory points to be covered5. Assistance covering Annual General Meeting
and Statutory Compliance thereof.6. Statutory provisions relating to various
meetings like Board Meetings, Statutory Meetings, their due dates and documents to be filed with Registrar of Companies.
7. Consultancy for other different provisions as applicable to company.
All private and public companies are required to have a minimum paid-up capital of INR 100,000 and INR 500,000 respectively
Types of Shares:Cumulative and Non-
cumulative preference
shares.
Convertible and Non-
convertible preference
shares;
Participating and Non-
participating preference shares; or
Redeemable and
Irredeemable preference
shares.
Annual ReturnAn Indian company with a share capital must, within 60 days of its annual general meeting, file with the Registrar a return containing the required particulars pertaining to:
The Companies (Amendment) Act, 1999 introduced provisions relating to buy-back of specified securities by a company (Companies Act, sec 77A, 77 AA and 77B).
its registered office. the register of its members and debenture
holders; its shares and debentures; its indebtedness; its members and debenture holders (past and
present); and its director and managing directors (past and
present).
Registration of Foreign Companies
A certified copy of the charter, memorandum an articles;
Full address of the registered, or principal, office of the company;
List of particulars of its directors and secretary;
Particulars of persons resident in India authorized to accept service of documents on behalf of the company; and
Full address of the company’s principal place of business in India.
Bodies with jurisdiction The statutory bodies, which mainly
exercise jurisdiction over foreign companies, are:
The Central Excise Department; The Commercial Taxes
Department; The Income Tax Department; The Reserve Bank of India; The Department of Industries; and The Registrar of Companies.
A foreign company which establishes a place of business in India is statutorily obliged to deliver:
Liquidation of a foreign companyA company is deemed to be unable to pay its
debts when: A creditor, to whom the foreign company
is indebted in a sum exceeding INR 100,000
Execution or other process issued on a decree or order of any court or NCLT in favor of a creditor against the foreign company (or any member thereof as such) is returned unsatisfied in whole or in part; or
It is otherwise proved to the satisfaction of NCLT that the foreign company is unable to pay its debts.
When a foreign company ceases to carry on business in India, it may be wound up in India as an unregistered company even though the foreign company has been dissolved or otherwise ceased to exist under the laws under which it was incorporated. A foreign company may be wound up if: The foreign company is dissolved, or
has ceased to carry on business, or is carrying on business only for the purpose of winding up its affairs;
The foreign company is unable to pay its debts; and
Tax Due DiligenceA tax due diligence is normally carried out to: Validate the representation made by the
seller at the time of pre-deal negotiations. Validate the assumptions made by the
buyer in valuing the target. Identify any material tax exposures that
may be residing with the target. Identify any material upsides (potential
tax benefits not envisaged by the targets) Structure the deal in a tax-efficient
manner.
The items of tax information available in the financial statements are as follows:
Review of contingent liabilities Review of tax provision and tax
paid in the balance sheet Analysis of deferred tax Analysis of effective tax rate Review of MAT paid and MAT
credit
Review of the tax provisionReview of the tax provision and taxes paid in the balance sheet:
Normally the balance sheets of targets disclose the tax provision and taxes paid as of the balance sheet date in two possible formats, as given below
Format 2The tax provision and taxes paid are netted off, and the net figure is shown in the balance sheet. Where the net figure represents the excess of taxes paid over tax provision, it is disclosed under the loans and advances section of the balance sheet. Where the net figure represents the excess of tax provisions over taxes paid, it is disclosed under the current liability section of the balance sheet.
Format 1The tax provision is disclosed separately under the current liability section of the balance sheet, and the taxes paid are disclosed separately under the loans and advance’ section of the balance sheet.
Starting Business In India: Liasoning Office
Under the current exchange control regulations, a liaison office is permitted to: Represent the parent companies; Promote import/export; Promote collaborations between parent companies and companies in India; Act as a communication channel between group companies.
Typically, a liaison office is not permitted to: Earn any income; Undertake any industrial, trading or commercial activity; Enter into any agreement on behalf of the head office; Borrow or lend money for any commercial activity; Charge any fee or commission or otherwise earn any income.
In case a foreign company wishes to establish a business presence in India for the limited purpose of executing a project, it may establish a project office for its Indian operations. The objective behind establishment of a project office is to enable a foreign company to establish a temporary base in India for executing specific projects/contracts.
A foreign company may open a project office in India for executing a contract secured by an Indian company without the prior permission of RBI provided the following conditions are satisfied:
The project is funded directly by inward remittance from abroad; The project is funded by a bilateral or multilateral international Financing Agency; The project has been cleared by an appropriate authority; A company or entity in India awarding the contract has been granted term loan by a public
financial institution or a bank in India for the project. In all other cases, prior approval of the RBI is required to establish a project office in India.
Starting Business In India: Project Office
In the case where a foreign company wishes to undertake trading or commercial activities in India without establishing/investing into an Indian company, it may establish a branch office in India, with the prior approval of RBI, for undertaking certain specified activities, viz.
It can undertake only RBI approved activities to:
Undertake the import/export of goods; Give professional/consultancy
services; Carry out research work in which the
parent company is engaged; Promote collaborations between
Indian companies and parent/overseas group companies;
Starting Business In India: Branch Office
Represent the parent company in India and act as buying and selling agents;
Render services in information technology and development of software in India;
Render technical support to the products supplied by the parent/group companies;
Operate as a foreign airline/shipping company.
Accounts OutsourcingThe service involves preparing and maintaining day to day bookkeeping and monthly or quarterly management accounts. These books are prepared as per the US GAAP accounting standards and can also be made as per specific client instructions.
Checking Form 16 for the Employees and file Qtly. returns for e-TDS with Income Tax authorities.
Deposit TDS & provide proof of deposit.
Ensure redressal of any issues. Reconciliation of payments/statutory
deductions etc. with books of accounts on quarterly basis.
Preparation of Financial Statements Preparing a company’s annual accounts
and schedules ready for the statutory annual audit.
Monthly Payroll based on inputs. Ensure deductions of all relevant
amounts and as per applicable statutory laws like Income Tax, provident Fund and Professional Tax etc.
The service involves helping the clients make necessary periodic income tax, sales tax and other returns. It also includes helping the client make sound investment decisions and help him avail various rebates and deductions.
Cash Forecasting The service involves analyzing the
cash requirements of the business and making cash forecasts for planning the future.
Advantages Time saving Analyzing the potential risks in
advance Correct interpretation of the
company’s financial position Informed and better managerial
decision making Collection, summarization, and
accurate analysis of financial data Optimization of business
resources and processes
Accounts Outsourcing: Tax planning & Returns
Why Taxaj?We are team of qualified & experienced professionals who add value & optimize the benefits for the clients, everyday.
Qualified TeamThe organization is a congregation of professionally qualified & experienced person.
Robust serviceWe offer sound financial solutions and advices that help you achieve your milestone with each.
Legal ServicesWe provide services like company formation and company incorporation in India and help in doing business in India
Taxation serviceDirect tax consultancy together with innovative tax efficient strategies, provided by us form an integral part of viable business decisions.
Taxaj Appeals: We urge the Young brain to not to let the spark
Within die. But to change that spark to inferno with an Idea. Our PM Modi is asking all Indians and Focusing Intensely on Start Up India, Stand up India.
We must stand strong to support the initiative. Let Every Indian Brain Get Crazy Coz if your Idea is not Crazy… It’s Definitely not a worth!
Get in Touch:Shivesh JhaPh: +91-9830-916-456 +91-8961-228-919
663, Paschim Puri, Pocket – 1 Paschim Vihar, New Delhi - 110063
mytaxaj
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www.taXaj.com
When Our Clients are Happy….We at Taxaj are Ecstatic!
…….Awaiting Your Query!
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