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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:

  • 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 Journal Entries.
  • 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.

 

ASSURANCE

Statutory Audit

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.

Tax Audit

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.

DIRECT TAX

Corporate Tax

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.

INDIRECT TAX

Customs Duty

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.

SECRETARIAL COMPLIANCE

Businesses in India need to comply with secretarial matters specified under the Indian Companies Act and report to the concerned ROC. This may include

  • Office shifting
  • 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

MISCELLANEOUS

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.

 

Frequently asked questions (FAQs)

At Corpseed, we are committed to offer our services to the entrepreneurs and businesses as a very cost-effective proposition. We believe that a customer is always right and the focus of any business activity should be to serve the customer with utmost loyalty. All our services come with SLAs (Service Level Agreements) for on-time service delivery and money back guarantee to ensure high level of customer satisfaction.

At Corpseed, our valued customers are always kept in the loop as far as service delivery timeline is concerned and we inform our customers every time a milestone is achieved during each stage of service request processing. But we also believe that we may come across a customer who is not satisfied with our efforts. For that we have a very responsive Customer Care Department which work 24x7 to attend to and solve customer complaints. We also have a money back guarantee for those, who want their service charges to be refunded.

At Corpseed, We believe it is our responsibility to protect our customer information from unauthorized access. We have put systems and processes in place to make sure that the customer information is safe with us during its storage and transfer between in house and third party servers. We continuously test our systems and processes for security breach and vulnerabilities are identified and fixed at a regular basis..

If a customer is not satisfied with the service we provided and if he contacts our customer care helpline and files a formal complaint within 15 days of service delivery date, Corpseed would refund the entire or partial amount of Professional Fee charged for that particular service.

If a customer is having issues with our service delivery process, he has various alternatives available at his disposal to register his grievance with us. He can either email his complaint at complaints@corpseed.com or he can call our 24x7 Customer Care Helpline. Also, any customer is always welcome to visit our office to lodge a complaint with the senior management.

A customer can buy our services directly from our online platform, for which he need to make online payment. Once he clicks on "Apply Now", a new window will open, a customer is required to submit the information in the respective fields and click "Make Payment". A unique ticket number will be auto generated, the customer need to quote this number as reference for any enquiry regarding his service request.

All the monetary transactions performed on Corpseed online platform are secured with SSL System Protocol. We encrypt the customer information such as credit card and bank account details, before these are transmitted anywhere. We adhere to PCI DSS for data security standards for payment processing.

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