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BUSINESS SETUP IN INDIA

OVERVIEW

Growing internationally is an essential part of a company’s business expansion policy. It is governed by a company’s aim to diversify its commercial activities across International frontiers and increase its competitiveness.

 

Due to factors like a large customer base, rapid growth in economy, comparatively inexpensive labour force countries like India, china, Brazil etc. remain the most obvious choice of Multi National companies to establish business in these countries.

 

Of the above countries, particularly the Indian economy continues to grow at a good pace and holds a strong position on the global map. The country’s GDP has been growing at an average rate of 8.5% for the last five years, despite the global slowdown. It is one of the most attractive destination for business and investment opportunities with the available large manpower base, diversified natural resources and strong macroeconomic fundamentals. India is also the second most populous country in the world and has more than 50% of its population below the age of 25 and more than 65% hovers below the age of 35. Allowance of 100 foreign Investment for most of the activities/ sectors has further strengthen the India’s position as favourite destination for business houses across the world.

 

Despite of the attempts of Government to ease out the procedure for setting up business in India to attract more and more of foreign Investment, establishing business in India still requires many compliances to be complied with as mandated by various legislations and Acts of parliament.

 

In order to fulfil the compliances required by different legislations to establish and operate business in India, foreign Investors, as commonly seen end up appointing multiple consultants for honouring these compliances. Appointment of multiple consultants leads to hazels of multiple contact points, improper co-ordination between various consultants which consequently delays business set up procedure.

 

To provide a solution for the above mentioned problems faced by foreign Investors, J J J And Company LLP (JJJ) has come up with a unique service called “ Business Set up Services In India”. Under this service we act as a single point of contact for all the compliances and services that are required by foreign investors to establish business in India.

 

We at J J J And Company LLP provides a “TOTAL SOLUTION” under one roof to its global clients to avoid unwarranted hassles, inconvenience, wastage of time and enhances the smooth expansion of the client’s business. We have panel of expert professionals who have several years of experience in providing business setup services.

 

We assures the client a better flow of their operations in matters involving Business Setup. We are the quality service provider and aims at assisting the offshore clients in services involving business set up in India.

PRE BUSINESS SETUP PHASE OVERVIEW

Pre Business set up phase is a phase that begins from moment the idea to establish business in India arises in mind of corporate and ends with moment when business is ready to begin its operation in India. This is an extensive phase which requires promoters to undertake activities ranging from research and analysis, Due diligence to meeting numerous compliances as required by different legislations. J J J And Company LLP in pre business set up phase assist its clients in all activities and services in effective and efficient manner so as to lead timely establishment of business. In its zeal to provide one stop solutions to its clients for Business set up in India, we have also taken an extra foot forward and have specialised ourselves in other activities, to be undertaken for Business Establishment, which are not core services of a Chartered Accountant (CPA) firm.

 

FOLLOWING ARE THE COMPLETE LIST OF SERVICES THAT ARE OFFERED BY J J J AND COMPANY LLP IN POST BUSINESS SET UP PHASE –

 

 

COMPANIES ACT, 2013 COMPLIANCES SERVICES OVERVIEW

The Companies Act, 2013 is an Act enacted by the Parliament of India which governs Incorporation of companies in India and monitors the operation of companies. The Companies Act, 2013 has recently replaced Companies Act, 2013 to make the law more contemporary and relevant to corporate, regulators and Stakeholders in India. The companies Act, 2013 is administered by the Government of India through the Ministry of Corporate Affairs and the Offices of Registrar of Companies, Official Liquidators, Public Trustee, Company Law Board, Director of Inspection, etc. The Registrar of Companies (ROC) handles incorporation of new companies and the administration of running companies.

 

We at J J J And Company LLP have a dedicated division for Companies Act Compliances through which following services are being rendered.

INCORPORATION OF COMPANY

In India there are two most common forms of company incorporation and they are-

    • Private Limited Company A private limited company is a company which has minimum paid up capital of INR 1,00,000 or such higher paid up capital as may be prescribed and by its articles restricts the right to transfer its shares, if any.

 

    • Public Limited CompanyA public limited company is a company which has minimum paid up capital of INR 5,00,000Or such higher paid up capital as may be prescribed.

 

Difference between Private limited company and Public limited company-

Private limited company Public limited company
A company to be Incorporated as a Private Company must have a minimum paid-up capital of Rs. 1,00,000. A Public Company must have a minimum paid-up capital of Rs. 5,00,000.
Minimum number of members required to form a private company is 2. Public Company requires atleast 7 members
Maximum number of members in a Private Company is restricted to 50. There is no restriction of maximum number of members in a Public Company.
There is complete restriction on the transferability of the shares of a Private Company through its Articles of Association. There is no restriction on the transferability of the shares of a Public company
A Private Company may have 2 directors. A Public Company must have atleast 3 directors.
A Private Company can commence its business immediately after its incorporation. A public company cannot start its business until a Certificate to commencement of business is issued to it.
A Private Company cannot issue Share Warrants against its fully paid shares A public Company can issue Share Warrants against its fully paid up shares.

J J J And Company LLP offers following services related to incorporation of company in India.

OBTAINING DIRECTOR IDENTIFICATION NUMBER (DIN) AND DIGITAL SIGNATURE CERTIFICATE (DSC)

DIN is unique identification number given to a potential director of any company which is incorporated. DIN is issued by Ministry of Corporate Affairs and it is compulsory for every person who intends to become director in the company.

Digital Signature Certificate is electronic certificate which is required to electronically sign various e-forms to be submitted by company to Registrar of companies and other Authorities. Atleast one applicant of the company shall procure DSC.

SEARCH FOR COMPANY NAME AVAILABILITY

Before making application to ROC for name approval of company, it is always advisable to conduct to name search of the intended name of the company, in order to determine its availability. This leads to selection of available name which is not conflicting with existing companies and reduces time in getting the name of company approved.

APPLICATION FOR NAME APPROVAL OF COMPANY.

Here we assist our clients in getting the name of the prospective company approved. For the same ROC has prescribed form 1A which needs to be duly filled in and submitted to ROC. The applicant is required to give 6 proposed names in preference along with meaning and significance of each word.

DRAFTING OF MEMORANDUM OF ASSOCIATION (MOA) AND ARTICLE OF ASSOCIATION (AOA)

After name approval from ROC, the next step required is drafting of MOU and AOA of the company. MOA is fundamental document of company’s constitution whereas MOA contains bylaws of company which governs internal management of the company. The subscribers, generally applicants need to specify Name, Address, and occupation in their own handwriting & sign the subscription page of MOA & AOA.

FILING E- FORMS WITH REGISTRAR OF COMPANIES

Following forms are required to be filed with ROC

  • Form 1 ( For incorporation Documents, including MOA and AOA)
  • Form 18 ( For notice of situation of registered office
  • Form 32 ( Notice of Directors along with their personal Details)

ONLINE PAYMENT ON BEHALF OF CLIENT OF ROC FEES AND STAMP DUTY

REPRESENTATION SERVICES BEFORE REGISTRAR OF COMPANIES

Once the documents are submitted to ROC and fees are paid, Documents are verified by ROC before issuing certificate of Incorporation for company. In case, any query is raised by authorities, we represent our client before the authority and get the queries cleared for authorities.

Income Tax Act, 1961 Compliances Services Overview

The Income-tax Act, 1961 is the charging Statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. India has a well-developed tax structure with clearly demarcated authority between Central and State Governments and local bodies.

Presently, in India the powers and authority to collect taxes in India are vested with Central Government. Central government exercises this power through Central Board of Direct Taxes (CBDT), which functions under Department of revenue, Ministry of finance.

Although there are not so many compliances directed by Income Tax Act, 1961, still few compliances remains which need to be honoured. J J J And Company LLP through a dedicated division provides following services related to Income Tax Act, 1961.

OBTAINING PERMANENT ACCOUNT NUMBER

(PAN) is registrations of person with Income Tax authorities. It is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department, to any “person” who applies for it. PAN enables the department to link all transactions of the “person” with the department. These transactions include tax payments, TDS/TCS credits, returns of income/wealth/gift/FBT, specified transactions, correspondence, and so on. PAN, thus, acts as an identifier for the “person” with the tax department.

To Apply PAN, form 49A prescribed by Income tax Act is required to be filled in. This form can be filed online. After the form is submitted online successfully, an acknowledgement is displayed. This shows a unique 15 digit acknowledgement number. This acknowledgement must be saved and printed for further process. The acknowledgement form must be sent to the Income Tax department. Before sending this, you will need to attach a few documents along with the acknowledgment form. This includes a proof of address and a proof of identity. Your name which is mentioned in these documents should be in the same format as that in the PAN application form.

OBTAINING TAX DEDUCTION ACCOUNT NUMBER (TAN)

TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan and TDS/TCS certificates. The provisions of section 203A of the Income-tax Act require all persons who deduct or collect tax at source to apply for the allotment of a TAN. The section also makes it mandatory for TAN to be quoted in all TDS/TCS returns, all TDS/TCS payment challans and all TDS/TCS certificates to be issued. An application for allotment of TAN is to be filed in Form 49B and submitted at any of the TIN Facilitation Centres meant for receipt of e-TDS returns

TAX PLANNING AS PER INDIAN LAWS AND TAX TREATIES

Tax Planning is a process in which Organizations evaluate their financial profile with the aim of minimising tax liability. Corporate Tax Planning activities generally seek to avoid legally triggering tax costs rather than illegally evading an existing obligation to pay tax. It is a forward looking activity which encompasses the strategic structuring of business operations in order to minimize taxliabilities. Under this service J J J And Company LLP undertake the analysis of Client’s requirement in terms of structure planning and sync those requirement with action that can be taken care off in pre business Set up phase so as to minimising future tax liability We help you in structuring your business transactions so that you maximise your after tax profit. We analyse your business activities and recommend alternatives consistent with your business requirement and also the applicable laws.

Indirect Tax Laws Compliances Services Overview

Indirect Taxes are those taxes the incidence of whose is transferred to ultimate consuler of product or service. As of now India does not have common structure for Indirect Taxes in form of GST and have multiple Indirect Taxes in forces that include Value Added Tax, Sales Tax, Excise Duty, Service Tax, Custom Duty, Stamp Duty and entry Tax.

We, at J J J And Company LLP, have dedicated team of experts providing multidimensional professional services in various Indirect Tax Laws. Our team gives you the perspective and support to manage indirect taxes more effectively and efficiently. We assists our client in the following service that are required in pre Business Set up Phase-

Obtaining Registration Under Goods And Service Tax Act

GST is a huge reform for indirect taxation in India, the likes of which the country has not seen post-Independence. GST has simplified indirect taxation, reduced complexities, and has removed the cascading effect. It is believed that it will have a huge impact on businesses both big and small, and change the way the economy functions. GST has subsumed all of the current indirect taxes. Plus, by bringing in a unified taxation system, across the country, it will ensure that there is no more arbitrariness in tax rates.

“Goods and Service Tax” is a tax imposed on transactions of goods and services in India. Every person doing business of selling goods and/or services over and above 20 lakhs required to obtain GST registration number once his turnover exceed INR 19 Lakhs. Its registration and compliances have to be done in a timely manner and tax to be paid on prescribed rates.

GST Registration no is 15 letter PAN based and state wise code for an entity. We provide service for obtaining GST registration for the establishments for PAN India Locations.

Obtaining Import Export Code Number

IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade, Ministry of Commerce, Government of India to Indian Companies. Full From To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number.

Foreign Exchange Management Act, 1999 (FEMA) Consultancy Services Overview

The Foreign Exchange Management Act (FEMA) is a 1999 Indian law “to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India”. Whenever a Foreign Investor invests in India or A Indian Investor invest outside, he needs to comply with regulations framed under FEMA by Directorate of foreign trade and Reserve Bank of India.

J J J And Company LLP Provide following services to its clients related to FEMA in pre Business Set up phase

Foreign Direct Investment Planning and Determining FDI Limits.

Foreign direct investment (FDI) is a direct investment into production or business in a country by an individual or company of another country, either by buying a company in the target country or by expanding operations of an existing business in that country. We plan FDI for our client by understanding client’s business and determining ways through which Investment can be done in India. Also there are various sectors in which FDI is restricted upto a certain level. WE understand our client’s nature of business and help determining level of FDI in particular Sector.

Every manufacturer of dutiable goods.

First and second stage dealers desiring to issue Cenvatable invoice.

Persons holding warehouses for storing non‐duty paid goods.

Planning Entry And Exit (Repatriation) Route

This service involve analysing various modes through which investment can be brought in India, be it equity, debt. While determine the entry modes special emphasis is kept on to choose mode which attracts least compliances and allows easy repatriation of funds from India to Investor’s home country. Here again RBI, through FEMA has prescribes different sets of compliances for respective entry modes and exit modes. We assist our client in all the related compliances.

Obtaining approval from Reserve Bank of India

There are various restricted sectors, which require prior approval of apex bank of India before establishing business in India. We assist our client in determining whether the sector in which he wishes to invest requires prior approval of Reserve Bank of India and if required we obtain such permission on behalf of our client.

Valuation of shares as per prescribed pricing guidelines.

As prescribed by FEMA the price of the shares subscribed by Foreign Investor of Indian Company should be based on

  • SEBI guidelines in case of listed companies.
  • Not less than fair value of shares determined by a SEBI registered Merchant Banker or a Chartered Accountant as per the Discounted Free Cash Flow Method (DCF) in case of unlisted companies

J J J And Company LLP being a Chartered Account firm is eligible for such valuation of shares.

Share issue related services.

Liaisoning with Authorized Dealer.

Every communication of individual and corporate with RBI has to route thrugh authorised agents appointed by Reserve bank of India. In order to avoid our client’s problem of coordinating with these authorised agents for any communication with RBI, we provide representational services to our clients, where we represent our client before authorised agents for any communication with RBI.

External Commercial Borrowing Consultancy.

When a foreign Investor intends to being funds to India by way of Debt, instead of equity, then again a different set of guideline has been prescribed by Reserve Bank of India through Foreign Exchange Management Act. We ensure that our client complies with all the guideline and prescribed rules while infusing debt funds to his company\organisation.

OTHER VARIOUS DOCUMENTS PREPARATION AND ATTESTATION SERVICES.OTHER VARIOUS DOCUMENTS PREPARATION AND ATTESTATION SERVICES.

Special Services

Special services for J J J And Company LLP are those services which are not core services for any Chartered Accountant or Business consultant. However, while starting the service “Business Set up services in India” our main focus was to provide a one stop solution to foreign Investors willing to establish Business in India. Keeping in mind this focus we have put an extra foot forward and has achieved specialisation in services which are ancillary to our core services. These include

Selection of Place of Business

Every business owner must figure out how location will (or won’t) contribute to the success of the business — and choose a spot accordingly. When choosing business space, the biggest consideration is sometimes not where it is but what it is. The building facilities need to be appropriate for (or adaptable to) your business. Our qualified and well experienced professionals advise our clients in the matters relating to the best selection of place of business.

Also there are various special economic Zone which are declared by government for dedicated sectors and industries. These Zones offer special facilities and concessions to particular Industry. In this service we assist our clients in locating such zones or special places which could reap them special advantages.

Recruitment of Personnel

It is the process to discover sources of manpower to meet the requirement of staffing schedule and to employ effective measures for attracting that manpower in adequate numbers to facilitate effective selection of an efficient working force. We at J J J And Company LLP attempt to develop a pool of qualified applicants for our client base. Although this service not being a core service of a chartered accountant firm, is being provided by J J J And Company LLP in its determination to provide all business set up services under one roof.

DUE DILIGENCE

Due diligence is used to inspect and analyse a business possibility. The term implies a universal responsibility to exercise vigilance in the firm’s proceedings. It looks into the past, present as well as the probable future of the enterprise. J J J And Company LLP offer an in-depth due diligence assistance to firms preliminary to any investments. Our approach involves professionalism, creativity and an all-inclusive concept. We work towards utmost transparency and offer our clients succinct yet an all-encompassing service.

OBTAINING INDUSTRY SPECIFIC LICENCES

There are certain industries which require licences which are specific to that particular industry like liquor industry or chemical Industry or food Industry. Since the foreign Investors are new to the Indian market, generally it becomes very cumbersome for them to get insight about these licences and obtain them. Therefore we assist our clients in obtaining industry specific licences so as to restrain our clients from associated hazels.

POST BUSINESS SETUP PHASE OVERVIEW

Post business setup phase is a phase which after incorporating the business requires compliances under several laws and regulations prevailing in the country which are to be compiled with. This places the onus of responsibility on the business entity to comply with such laws. This is an extensive phase which requires Corporates to review their operations and keep a recurring check over the Accounts and Compliance requirements with various laws.

J J J And Company LLP in post business set up phase assist its clients in all activities and services in effective and efficient manner so as to lead timely establishment of business. We put a strong focus on providing integrated business setup service to clients internationally.

FOLLOWING ARE THE COMPLETE LIST OF SERVICES THAT ARE OFFERED BY J J J AND COMPANY LLP IN POST BUSINESS SET UP PHASE

 

 

COMPLIANCE WITH VARIOUS LAWS

Companies Act Compliance Services

Foreign exchange Management Act (FEMA) Compliance services

Direct Taxation Services

Indirect Taxation Services

IPR Act

Workmen Related Laws

Determining the eligibility of applicability of the Act

SPECIAL SERVICES

Liaisioning with C & F Agents

Operation review and Industry Comparatives

SOP’s and System Implementation

Special Audit Services

COMPANIES ACT COMPLIANCE SERVICES

OBTAINING COMMON SEAL OF THE COMPANY

A common seal is the official stamp or “signature” of an association. As a body corporate, an association is entitled to a common seal, and the Act requires an association’s rules to provide for the “custody and use of a common seal”. An incorporated association must have a common seal, which is the official stamp of the association.

At JJJ we take care of the procedure regarding obtaining the common seal that is required to be met by company under companies’ law.

SECRETARIAL SERVICES

In every organization, from small offices to large multinational companies, there is one group of people that can be seen as a vital — those that provide secretarial services. The company secretarial services provided by the team of experts of J J J And Company LLP include-

Alterations, modifications and changes with respect to the names of companies, objects, share capital, situation of registered office, amendments and alterations in the Memorandum and Articles of Association.

Allotment, consolidation/sub-division of shares, share transfer and transmission, conversion of shares into stocks or warrants, issue of shares certificates, dematerialization of shares, forfeiture of shares etc.

MAINTAINING & UPDATING THE REGISTERS PRESCRIBED.

Preparation & updating of the minutes of Board Meeting, Annual General Meeting, Extra-ordinary General Meeting. Filing annual balance sheet, profit & loss account, return & compliance.

Filing annual balance sheet, profit & loss account, return & compliance.

Filing of the specific event-based forms with ROC (Form 2, 5, 8, 18, 32, etc.)

BOOK KEEPING SERVICES

Every organisation has to keep a record of Transactions including purchases, sales, receipts and payments by an individual or organization. Bookkeeping is usually recording of day to day financial transactions of an organisation.

We help you maintain accurate and regular financial records which in turn allow you to monitor the success or failure of your business. Regularly monitoring your business activities will help you operate more efficiently, control your cash flow, and increase your profitability.

PREPARATION OF ANNUAL REPORT

Annual reports are intended to give shareholders and other interested people information about the company’s activities and financial performance.

Our Financial Statements Preparation (FSP) team can reduce the workload for your finance department. We produce quality financial statements for both public and private companies, funds and other organisations obliged to report to their members.

STATUTORY AUDITING SERVICES

Every company registered / established under the Companies Act, 1956 in India has to get its accounts audited every year. It is directed to verify whether the company is adhering to all the compliance procedures applicable. Statutory audit report serves as a significant tool of measure to all the stakeholders / general public in assessing the viability of the company in future with respect to their dealings. We have with us extensive experience in offering services for Statutory Audit. The quality audit services performed are done by group of professionals who are experts in the field and are the best to perform the services.

FOREIGN EXCHANGE MANAGEMENT ACT (FEMA) COMPLIANCE SERVICES

REPRESENTATIONAL SERVICES

Annual Reporting under FEMA – At the end of the Accounting year the company has to prepare its Annual report of the International Transactions which are governed by FEMA guidelines. We produce quality financial statements for both public and private companies, funds and other organisations obliged to report under the FEMA.

CONSULTANCY OF VARIOUS FEMA REGULATIONS

We offer to our client highly reliable FEMA Regulations consultancy services. The FEMA Regulations consultancy services encompass the entire gamut of foreign exchange law, including:

Investments in India (Overseas Investments)

Investments by Foreign Enterprises, Foreign Residents in India (FDI)

Non Resident Indians (NRI)/ Persons of Indian origin (PIO)

FIPB (Foreign Investment Promotion Board)

External commercial Borrowings (ECB) etc.

ADVISORY SERVICES ON IMPORT AND EXPORT

In international trade, the importation and exportation of goods are limited by import quotas and mandates from the customs authority. In addition, the importation and exportation of goods are subject to trade agreements between the importing and exporting jurisdictions.

We provide legal opinions and consultancy on Import and Export laws which helps you to implement best practices in your business.

CONSULTANCY REGARDING COMPOUNDING OF OFFENCES

The compounding of offence is a short cut method to avoid litigation.

The following offences are compoundable-

Offences punishable with fine only.

Offences punishable with fine or imprisonment.

Offences punishable with fines or imprisonment or both.

We provide opinions and consultancy relating to compounding of offences.

DIRECT TAXATION SERVICES OVERVIEW

J J J And Company LLP offers following services related to Direct Taxation in India.

REGISTRATION, COMPUTATION, PREPARATION AND FILING OF RETURN OF INCOME

The government of India imposes an income tax on taxable income of all persons including individuals, Hindu Undivided Families (HUFs), companies, firms, association of persons, and body of individuals, local authority and any other artificial judicial person. Every individual and corporates has to assess its tax liability and has to prepare and file his return of income periodically as per the Income Tax Act, 1961 guidelines.

OBTAINING LOWER /NIL TDS CERTIFICATES

It is the duty of every person deducting tax to issue a TDS certificate. TDS is one of the modes of collection of taxes, by which a certain percentage of amounts are deducted by a person at the time of making/crediting certain specific nature of payment to the other person and deducted amount is remitted to the Government account. To reduce the hardships of Tax payers, the government of India has provided the facility of low or nil TDS certificate.

FILING OF QUARTERLY RETURNS

The person responsible for deducting TDS amount has to deposit such amount with Income Tax Department on Quarterly basis as per the provisions of Income Tax Act, 1961. The Government of India to reduce the hardship and paper work has provided the facility of E-filing (online) of TDS.

COMPLIANCE WITH TAX AUDIT REPORT PROVISIONS (IF REQUIRED)

An Assessee is required to get his tax audit done by Chartered Accountant mandatorily if in the previous year if:

The person is carrying on the business and his sales or turnover exceeds INR 1crore.

OR

The person is carrying on a profession and his gross receipts exceed INR 25 lakhs. And has to file tax audit report on or before 30th of September.

DOCUMENTATION AND COMPLIANCE WITH TRANSFER PRICING PROVISIONS

The Provisions governing the regulation of Transfer Pricing in India is contained in Indian Income Tax Act, 1961.Where in an international transaction, two or more associated enterprises enter into a mutual agreement or arrangement for any service or facility provided or to be provided to any one or more of such enterprises, the cost or expense allocated or apportioned to, or, as the case may be, contributed by, any such enterprise, in relation to such service\facility shall be determined having regard to the Transfer Pricing Regulations contained in the Act. As per the T.P regulations every person who has entered into an international transaction is required to maintain prescribed documents and information in respect thereof.

EXPATRIATES TAX PLANNING

Expatriates Planning activities generally seek to avoid legally triggering tax costs rather than illegally evading an existing obligation to pay tax. It is a forward looking activity which encompasses the strategic structuring of business operations in order to minimize tax liabilities.

TAX STRUCTURING OF THE COMPANY AS A WHOLE

We provide Tax structuring of the company which include compilation of various details & Information required for tax purposes and providing tax audit support services which in turn leads to smooth filing of Tax Audit Returns.

REPRESENTATIONAL SERVICES

To carry out the Business Operations efficiently and effectively, every Individual and Corporates has to communicate with the Income Tax and Wealth Tax Authorities. To fill the communication gap between our client and Income Tax /Wealth Tax authorities, we represent our clients before the Income Tax authorities.

INDIRECT TAXATION SERVICES OVERVIEW

J J J And Company LLP offers following services related to Indirect Taxation in India.

 

MAINTENANCE OF STATUTORY RECORDS REQUIRED UNDER ALL INDIRECT TAX LAWS

Every assesse conducting business in India is required to maintain receipts, Purchase, manufacture, storage, sales or delivery of goods including inputs, Capital goods and receipt, procurement or payment of input service, stock account etc. which are required to be maintained under all Indirect Tax laws and submit periodically the prescribed returns.

 

FILING OF PERIODICAL (MONTHLY, QUARTERLY, SEMI-ANNUALLY, ANNUALLY) STATUTORY RETURNS UNDER CENTRAL EXCISE, SERVICE TAX, VALUE ADDED TAX AND CENTRAL SALES TAX LAWS

Leveraging on the skills and knowledge factor of our expert personnel, we offer impeccable Indirect Tax Return Filing Services. Every assesse registered under various Indirect taxes laws has to comply with the filing of Statutory returns requirements under Central Excise , Service Tax, VAT and Central Sales Tax Laws.

 

OBTAINING VARIOUS BONDS, UNDERTAKING, FORMS UNDER DIFFERENT LAWS

An Assesse is required to execute bond, undertaking etc. for obtaining goods without payment of duty, provisional release of seized goods, provisional assessment of goods for export of goods without payment of duty etc.

We at JJJ help our client in obtaining and executing various bonds, undertakings etc. effectively and efficiently leaving a little room for hassles.

DETERMINATION AND DEPOSITION OF CUSTOMS DUTY PRIOR TO CLEARANCE OF GOODS BY CUSTOMS AUTHORITY

Customs Duty is a type of indirect tax levied on goods imported into India as well as on goods exported from India. Taxable event is import into or export from India.

Import duties are generally of the following types:-

Basic duty, additional customs duty, Anti-dumping duty, education cess etc.

AUDITING AS PER IDT RULES AND REGULATIONS

Different rules and regulations are built up for carrying on the audit of indirect taxes. CENVAT Audit, Excise Audit is carried on according to the department wise, whereas, Vat audit is governed according to the different state laws. Various statutory documents, proper return filing, proper Cen vat credit matters are to be looked into while carrying on the audit under Indirect taxes.

We, at J J J And Company LLP, have dedicated team of experts providing auditing services as per IDT rules and regulations. Our team gives you the perspective and support to manage indirect taxes more effectively and efficiently.

REPRESENTATIONAL SERVICES

Every Individual and Corporates has to communicate with Indirect Tax Authorities.

To prevent the problem of co-ordinating with IDT Authorities we at JJJ provide the representational services to our client, where we represent our client before the IDT Authorities.

TAX STRUCTURING OF THE COMPANY AS A WHOLE

We provide Tax structuring of the company which include compilation of various details & Information required for tax purposes and providing tax audit support services which in turn leads to smooth filing of Tax Audit Returns.

DEVELOPING STANDARD OPERATING PROCEDURES (SOPS) ENSURING COMPLIANCES WITH ALL INDIRECT TAX LAWS

Evaluation of benefit admissible under Foreign Trade Policy and assistance in obtaining licences of varied nature i.e. EPCG, DFIA, AAL etc. DFIA is issued to allow duty free import of inputs which are used in the manufacture of the export product (making normal allowance for wastage), and fuel, energy, catalyst etc. which are consumed or utilised in the course of their use to obtain the export product. EPCG enable exporters to import machinery and other capital goods for export production at concessional or no customs duties at all.

We at J J J And Company LLP assist our clients in obtaining licences of varied nature (EPCG, DFIA etc.) and help them to evaluate the benefits admissible under Foreign Trade Policy.

PREPARATION AND FILING OF WEALTH TAX RETURN

The filing of Wealth tax return is a legal obligation of every person whose total income during the previous year exceeds the maximum amount which is not chargeable to wealth tax under the provisions of The Wealth Act, 1956. The return should be furnished in the prescribed form on or before the due date.

REPRESENTATIONAL SERVICES

To carry out the Business Operations efficiently and effectively, every Individual and Corporates has to communicate with the Income Tax and Wealth Tax Authorities. To fill the communication gap between our client and Income Tax /Wealth Tax authorities, we represent our clients before the Income Tax /Wealth Tax authorities.

IPR ACT OVERVIEW

Intellectual property (IP) is the creation of human intellect. It refers to the ideas, knowledge, invention, innovation, creativity, research etc. all being the product of human mind and is similar to any property, whether movable or immovable, wherein the proprietor or the owner may exclusively use his property at will and has the right to prevent others from using it, without his permission. The rights relating to intellectual property are known as ‘Intellectual Property Rights’.

J J J And Company LLP Provide following services to its clients related to IPR in post Business Set up phase-

Registration of IPR with various laws like Copyright Act, Patents Act, etc. IPR consists of trademark, copyright, patents, geographical indication, designs, etc. The registration of IPR shall be granted subject to following conditions. We at JJJ help our clients in registration of IPR matters.

Maintaining prescribed registers, records and filing of required documents from time to time. Maintaining adequate proof of your Intellectual Property rights is helpful for enforcing the rights of the company in accordance with Local laws. Receipts, records, invoices, and other documents related to adoption and first use of Intellectual Property, yearly amount of product sold that features IPR are to be maintained regularly

We at JJJ help our client in maintaining prescribed registers, records and filing of documents.

WORKMEN RELATED LAWS OVERVIEW

Labour law also known as employment law is the body of laws, administrative rulings, and precedents which address the legal rights of, and restrictions on, working people and their organizations. As such, it mediates many aspects of the relationship between trade unions, employers and employees. In other words, Labour law defines the rights and obligations as workers, Union members and employers in the workplace.

Generally, labour law covers:

Industrial relations – certification of unions, labour-management relations, collective Bargaining and unfair labour practices;

Workplace health and safety;

Employment standards, including general holidays, annual leave, working hours, unfair Dismissals, minimum wage, layoff procedures and severance pay.

We, at J J J And Company LLP, have dedicated team of experts providing multidimensional professional services in various Workmen Related Laws. . Our team gives you the perspective and support to comply with Labour Laws more effectively and efficiently. We assist our client in the following services that are required in post Business Set up Phase-

DETERMINING THE ELIGIBILITY FOR APPLICABILITY OF THE ACT

SPECIAL SERVICES LIAISIONING WITH C & F AGENTS OVERVIEW

“Clearing and forwarding agent” means any person, who is engaged in providing any service, either directly or indirectly, concerned with the clearing and forwarding operations in any manner to any other person and includes a consignment agent.

At JJJ our core focus is to reduce the Liaisioning burden on our clients so that they can concentrate on business activities.

OPERATION REVIEW AND INDUSTRY COMPARATIVES OVERVIEW

Operational review can be defined as a process for analysing internal operations and activities to identify areas for positive improvement in a pro-gram of continuous improvement. Managers need and request information about the internal operations of their organization, and seek recommendations as to how they can manage and operate more economically, efficiently, and effectively as comparing to the Industry requirement.

SOP’S AND SYSTEM IMPLEMENTATION

SPECIAL AUDIT SERVICES OVERVIEW

An foreign Entity carrying on their Business operations in India are required to get their Books of Accounts audited by a Chartered Accountant. A foreign entity is required to comply with Internal Audit, Compliance Audit, Inventory Audit, Statutory Audit; audit under FEMA regulations etc.Our audit approach is tailored to suit the size and nature of your organisation and draws upon our extensive industry knowledge. Our Auditing service covers the following-

 

INTERNAL AUDIT

Internal auditing is an independent & objective assurance designed to add value and to improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic & disciplined approach to evaluate and improve the effectiveness of risk management, control and management.

 

INVENTORY AUDIT

An inventory audit is an accounting procedure designed to keep track of a company’s products and merchandise. Inventory is a current supply count of company owned products.

 

COMPLIANCE AUDIT

A compliance audit is carried out to determine whether the organization is following specific procedures, rules or regulations set by a higher authority. Results of compliance audits are reported to the specific persons or authority seeking an assurance in the concerned matter.

 

OPERATIONAL AUDIT

An operational audit is a review of any part of an organization’s procedures and methods for the purpose of evaluating efficiency and effectiveness. At the completion of an operational audit we will submit recommendations for improving operations.

 

REVENUE AUDIT

Revenue audit is directed towards identifying any possible revenue leakages in the form of absence / non-operation of internal control policies, frauds & errors on part of the personnel, system codification error, or in any other manner.

 

MANAGEMENT AUDIT

As vital business decisions are taken by the top management in any entity, an assessment of their competencies after certain point of time is required to be done by an independent agency. This maintains optimum independency in analysing the concerned individuals’ skills & capabilities in managing his area of operations.