Financial operations related to a company’s accounts or other money-related matters require special attention, especially when operating as a foreigner in India. The help of a specialist can also help one understand how the taxation system here works.
An accountant in India is one of the experts you will want to rely on no matter the type of financial transactions you want to complete.
Our company formation specialists in India work with accredited accounting professionals in order to offer complete services to local and foreign investors and business owners, and below, we invite you to discover some of these services.
| Quick Facts | |
|---|---|
| Tax registration support (YES/NO) |
Yes, we are at the service of entrepreneurs and companies with tax registration services |
|
GST registration services (YES/NO) |
We provide GST registration support in India |
|
Payroll and HR assistance (YES/NO) |
Yes, our accountant in India can assist with payroll and HR services |
| Audit services (YES/NO) |
We have dedicated auditors in India who can |
| Bookkeeping services (YES/NO) | Bookkeeping services are among the most sought services from our accountants in India |
| Financial statement filing services (YES/NO) |
We provide financial statement filing services in accordance with the provisions of the law |
| Accounting services for foreign companies in India (YES/NO) |
We offer tailored accounting services to foreign companies with operations in India. These depend on whether companies operate through branch offices or subsidiaries |
| Accreditted accountants availability (YES/NO) | Yes, our accountants in India are accredited by the Institute of Chartered Accountants of India |
| Personal income tax rate | The personal income tax in India is levied at progressive rates ranging from 0% to 30% |
| Corporate tax rate | Companies are imposed progressive corporate tax rates that start at 25% and can reach a maximum of 40% to which an additional surcharge of 10% if the total taxable income exceeds INR 10 million |
| GST rate | Indian GST rates vary from 5% to 28% depending on the services and products acquired |
| Access to tax incentives/deductions (YES/NO) | Trading companies benefit from corporate tax deductions for the first 5 years of operations, a startup scheme, capital gains tax concessions and minimum alternative taxes for International Financial Services Centres |
| Access to double tax treaties (YES/NO) | Yes, India has approx. 90 double tax treaties in place |
| Other services | Tax advice, risk assessement services, tax optimization and planning services |
| Availability in various cities (YES/NO) | Yes, our accountants are at your service in New Delhi, Calcutta, Gurgaon, Bangalore, etc. |
Accounting services available in India
Accounting is made of several branches, which is why the services associated with them are the same. However, in order to provide a simplified picture of what you can rely on when seeking an accountant in India, here are the most important ones:
- tax and GST (VAT) registration which is are two important steps when starting any type of business in India;
- bookkeeping and accounting which are the second most requested services in India;
- payroll and HR solutions for companies hiring local or foreign employees;
- audit services are also available for companies requiring various types of audits
- financial statement drafting and filing services in accordance with the deadlines provided by the law.
The Goods and Services Tax is the equivalent of the value added tax in Western countries, so when coming to India and dealing with this levy, you can rely on our local specialists. The regulations associated with it are the same as in all other countries, as this is an indirect tax companies need to register for.
We remind you that we have a mixed team of company registration and accountants in India, and we can offer tailored solutions to small, medium, and large-sized enterprises operating here.
We are committed to comprehending the precise requirements of our clients and creating specialized, competent accounting services that best meet their various business objectives. Our experienced accountant in India who has worked with multiple firms and assisted them in keeping track of all their records provides top financial accounting services.
Tax registration assistance from our accountants in India
If you want to know how to form a company in India, the simplest answer is that the procedure is the same as in any other part of the world and it implies preparing the documents based on which the Companies Register will issue the business’ Certificate of Registration, followed by obtaining the tax registration and GST number, as well as by applying for the required business license or permit, in accordance with the sector of activity of your enterprise.
While our company formation agents handle the incorporation procedure, our accountant in India will take care of the tax and GST registration formalities, so that you can start your operations right away. Obtaining a tax identification number is simple and can be completed in a few days, thus gaining more time with the licensing procedure which is lengthier.
Obtaining a tax number implies filing the company’s registration papers with the Central Board of Direct Taxes in India.
Tailored bookkeeping and accounting services in India
Perhaps one of the most important tasks of an accountant in India is maintaining a company’s financial documents in order. This implies accurate bookkeeping and accounting which must respect the regulations imposed by the Accounting Standards.
Local companies usually choose to work with external accounting firms in order to skip the formalities of seeking and hiring an in-house accountant or to form a department that requires office space and resources.
Our experts will dedicate their attention to your needs, thus removing the pressure of making sure the company’s accounts and records are up-to-date and filing deadlines are respected. Moreover, you can also rely on us for audit services in accordance with the standards imposed here.
Once a business becomes operational in the Indian market, bookkeeping is one of the first services to be considered. You can get the following from our accountants in India:
- keeping track of incoming and outgoing invoices in the accounting books;
- preparing and drafting the paperwork for GST returns;
- providing support and assistance in relation with the tax authorities;
- assisting with any necessary accounting obligations.
Our accountant in India is at your disposal with tailored services, so that you can choose the ones suiting you best. We can address issues and collaborate with you as an integral member of your team, allowing you to concentrate on your strategic business goals. We work as a dependable partner to help you and your employees get paid on time when it comes to payroll in India. Feel free to get in touch with us for detailed information on our accounting and company formation solutions in India.
If you want to start a business in India, with us you can find the necessary support to conduct your operations without having to worry about any of the legal or accounting aspects.
Setting up and managing the payroll
Payroll is another important part of accounting for companies in India. A wide variety of tasks are associated with company employees’ salaries. Payroll tax calculation, the distribution of electronic payroll records, and wage calculation are important payroll tasks that enter the attention of our accountants in India.
Payroll implies an entire set of actions taken to determine each employee’s overall wage. The process entails 3 or 4 tasks, such as:
- defining salary structures;
- gathering employee information, components, deductions, and allowances;
- setting up the necessary tax and other adjustment policies;
- calculating the total salary after adjusting all company policies.
The most typical legal requirements that businesses in India must adhere to when managing their payrolls are:
- PF (Provident Funds) Professional Tax TDS and ESI fund (Tax Deduction at Source);
- Gratuity.
Another important aspect is that payroll is also linked to the Employment Law in India, as there are various aspects to consider. Among them, respecting working hours and defining overtime which must be paid accordingly. This is why requesting the support of an accountant in India can prove quite valuable.
At the same time, our Indian company formation officers can help you with respect to the procedure of hiring employees, including foreign ones who need residence and work permits.
Audit services in India
Apart from our accountants in India, you can also rely on our auditor for completing various types of audits.
In India, audits must comply with the requirements of the Income Tax Act.
An audit is an investigation into a company’s tax documents to determine whether the actions taken by it are in accordance with the Income Tax Act. Our tax advisors have extensive knowledge of Indian tax rules and can assist in:
- carrying out audit procedures in specific areas and enhancing internal controls to increase their effectiveness;
- finding high-risk issues and finding ways to mitigate or eliminate them.
- setting up a mechanism for internal audits in new businesses.
- examining and keeping an eye on the internal auditing procedure constantly.
Also, among our audit services Indian companies will usually find:
- tax and financial statement audits;
- risk assessment advisory;
- accounting and tax advice;
- implementation of IFRS standards;
- compliance support.
In India, statutory audits are carried out not for the calendar year but for each fiscal year (for the period from 1 April to 31 March).
Company audits are completed in accordance with the provisions of the Companies Act of 2013. The goal of a corporate audit is to inform the regulatory body about the state of the firm’s finances and accounts.
Qualified auditors operating as impartial third parties must provide audit and assurance services in India.
Feel free to address our accountant in India for more information on all our services. We can create tailored packages based on your business’ needs and requirements. For example, if you run a small enterprise in India, the services provided can be adjusted to the size of your entity.
Meeting filing deadlines in India
Indian companies must comply with Section 92 and Section 137 in the Companies Act when it comes to filing statements that must reflect their financial standing. This is one of the most important services our accountants in India can help you with. Here is what you need to know about these requirements:
- companies must file audited financial statements no later than 30 days from the annual general meeting of the shareholders;
- forms 23AC and 23ACA represent the balance sheet, respectively the profit-loss account and must be filed by all companies;
- form 20B is the annual return that must be filed by companies with share capital;
- form 21A is the annual return that must be filed by companies without share capital;
- form 66 is the compliance certificate that must be filed by companies with specific share capital.
For a detailed list of all our accounting services, please contactour accountants in India.