CA Chetan Oswal & Associates

We, at COA provide the following Audit Assurance Services:

Statutory Audits under the Companies Act, 2013

Income Tax Audits under the Income Tax Act , 1961

GST (Goods & Service Tax) Audits

Transfer Pricing Audits (in select cases),

Our Audit Assurance services helps clients to understand the increasing complexity of the regulatory environment , the need for greater transparency in operations and disclosure norms.

Auditing & Assurance Services are the core of any successful and visionary Organisation. We at COA , as a Audit Firm in Pune , employ advanced techniques and creative approach in Auditing for better financial & administrative controls. We also suggest improvements for more efficient operation, stronger financial structure and improved system of accounting and administrative controls. Our Audit and Assurance services add efficiency and profitability to your organization by providing independent credibility to your financial statements, professional advices to management, and expedient solutions to improve the systems & performance.

The financial statement audit has never been so important as it is today. In today’s business environment there is more scrutiny and scepticism of a company’s financial statements than ever before. Investors expect more and greater reliability, more oversight and clear evidence of internal controls. Corporate management, boards and audit committees, internal and external auditors, analysts and other investment professionals all have important roles to play in rebuilding investors trust by executing their respective responsibilities, keeping in mind both legal obligations and the heightened expectations of investors. Meeting investor expectations begins with the completeness and accuracy of information contained in a company’s financial statements.We at COA, as Auditors in Pune, ensure that all the above parameters are being closely observed while conducting our audit of any organisation.

A well-conducted audit can provide business owners with valuable information and assurance that statements are truly and fairly presented. At COA we view the audit process as an opportunity for our clients to learn more about their businesses so they are better equipped to communicate with banks, investors and partners. We provide Audit Services in Pune and beyond to our clients with an objective presentation of their financial information as well as we also give a sound advice coupled with observations.

Our Approach towards the Audit Assurance Services include :

Planning and preparation of ingenious audit approach and programs, as per the statutory requirements.
Evaluating the strengths and weaknesses of the audit areas, and reporting their efficiency, effectiveness, and the state-of-control by analysing scrupulously the audit evidence.
Presentation of the reports of findings, conclusion derived, and the suggested recommendations, to inform the management, about the adequacy of controls and effectiveness of operations.
Appraising the actions taken by the management regarding the follow-up and the reporting techniques.
Abiding to the norms of ethical and professional standards, to ensure the quality and consistency of the audit work.

Our Experience in Auditing and Assurance Services :

As one of the Leading Company Auditors in Kolhapur, we have more than 20 years of experience in the area of Audit & Assurance and we have helped many clients take advantage of changing industry trends and legislation to grow their businesses. Our audit services and audit philosophy is based on integrity, objectivity, independence and strict adherence to all professional standards, regulations and laws. The primary objective of every audit is to express an opinion on the true and fair presentation of the financial position and operational results of the client.

For organisations that require an audit for statutory or regulatory reasons associated with the filing of their annual and periodic financial information, COA can provide high quality audit services in Kolhapur and beyond.

COA’s Audit Services takes into account all current and where appropriate, prospective auditing, accounting, and reporting regulations and guidance. Our audit clients include a few multinational corporations, as well as many small and medium-sized companies.

With our experience we can assist you in :

Compliance with regulations.
Advice on controls and processing system weaknesses.
Confirmation of accounting treatments with respect to complex transactions.
Increased monitoring of prospective accounting and regulatory changes.
Independent review of externally reported information.
Accountants’ report.

Statutory Audit under Companies Act, 2013 :

Every company registered in India is required to prepare financial statement for period ending 31st March every year. Such financial statements must give a true and fair view of the state of affairs of the company and comply with the accounting standards notified by the central government under the Companies Act. Such financial statement must be prepared in the form and format which is prescribed for a specific type of company in schedule VI.

The expression on financial statements includes the following items:

A balance sheet as at the end of the financial year.
A profit and loss account, or in the case of a company carrying on any activity not for profit, an income & expenditure account for the financial year.
Cash flow statement for the financial year.
A statement for changes in equity, if applicable.
A explanatory note on the accounting policy and assumptions adopted by the company.

Tax Audit under the Income Tax Act, 1961 :

A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assessee exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act by a Chartered Accountant.

Applicability of tax audit:

Business	Sales / Turnover or Gross Receipt exceeds INR. 1 Crore (INR. 5 crore if the cash receipts and payments do not exceed 5% of the total receipts and payments respectively)
Profession (For Ex. Architect, Advocate, Accountants, Doctors, etc.)	Gross Receipts Exceeds INR 50 Lacs
Business u/s 44AD	If the Sales/Turnover or Gross Receipt is less than INR 2 Crore if such person is enrolled under the presumptive taxation scheme who claims that the profits of the business are lower than the profits calculated in accordance with the presumptive taxation scheme (presently this threshold limit is 8% profit on the sales / turnover or gross reciepts) would be required to obtain a tax audit report.
Profession u/s 44ADA	Declaring the income at amount less than 50% of the gross receipts and whose income exceeds the basic exemption limit (which is Indian Rs 2.50 lacs at present) for relevant previous year but whose gross receipts are less than INR. 50 lacs.

If the assesses who is qualified under the presumptive taxation scheme but opts out of it after a specified period, he would lose the ability to revert back to the presumptive taxation scheme for a continuous term of 5 assessment years after the decision to opt out is taken.

GST (Goods & Service Tax) Audit under the GST Act :

Every registered person must get its accounts audited under the GST Act by a Chartered Accountant / Cost Accountant if the aggregate turnover during FY exceeds INR 2 Crores from sale of goods or services.

Calculation of turnover shall be PAN (Permanent Account Number ) based i.e. all sale of goods/ services shall be taken for computing the limit of INR 2 Crores.

Calculation of Aggregate Turnover under GST :

For computing the aggregate turnover, following shall be included-

Value of all inter-state taxable supply
Value of all intra-state taxable supply
Value of all exempt supplies
Value of all export supplies
Job work supplies on principal to principal basis
Zero rated supplies
Any supply to agent/ job work on behalf of principal

For computing the aggregate turnover, following shall be excluded-

Taxable supply on which reverse charge is applicable
All taxes and cess paid under GST
Goods supplied and received back from job work.

Audit in case of multiple Branches :

While computing the limit of INR 2 Crores, turnover of all the branches of an organization should be considered and if the cumulative turnover exceeds the limit of INR 2 Crores then every branch will be liable for GST audit irrespective of the fact that their individual turnover does not exceed the specified limit.
Organization can appoint either the single auditor for all branches or separate auditor for each branch.

Due Date of GST Audit and Penalty for Late filing of GSTR 9C :

As per the GST Act, due date of audit and annual return is specified as 31st December of subsequent fiscal year and in case of failure in complying with the same then as per act no specific penalty is prescribed. So it will be covered under the head of general penalty of Rs. 25000.

We, at COA provide the following Direct Tax Advisory Services (Income Tax):

Corporate and Personal Tax Compliance.

Tax Planning for Corporate and Individuals, Residents & Non-Resident Indians.

Tax Planning for Overseas entities desirous of setting up a business in India.

Transfer Pricing Audits (in select cases).

Tax Audit U/s. 44 AB of the Income Tax Act, 1961.

Representation Services at various Tax Authorities.

Majority of the Income Tax & GST Compliances now-a-days are required to be completed online and need specialized knowledge and expertise. We use our years of experience coupled with our Time-bound and Reliable services, to enhance the advantage to the clients in the form of significant tax savings.

Today, Corporate and Individuals both are required to comply rigorously with numerous essential Income Tax Compliances. These time bound compliances require expert knowledge & experience, and are quite technical in nature.Taxation is an extremely complex subject and needs professional skill of the highest order and the consultant has to be constantly updated of frequent changes and modifications made in the Income tax laws and rules from time to time to be able to guide aptly in tax planning, documentation and represent the cases skilfully. Even a minor lapse can cost huge money to an assessee. We can assist you in executing your tax compliances in a time bound manner. Moreover, majority of the Income Tax & GST Compliances now-a-days are required to be completed on-line and need specialized knowledge and expertise. We at COA , specialize in providing Time-bound and reliable Tax services to its numerous clients of diverse sectors.

Direct Tax Advisory :

Taxation is an extremely complex subject and needs professional skill of the highest order and the consultant has to be constantly updated of frequent changes and modifications made in the Income tax laws and rules from time to time to be able to guide aptly in tax planning, documentation and represent the cases skilfully. Even a minor lapse can cost huge money to an assessee.

COAs direct tax advisory services in Kolhapur offer pragmatic solutions to manage the affairs in the most tax efficient manner. We at COA, as Income Tax Consultants in Kolhapur , have an aptitude for providing expert advice in tax planning.

As Indian taxation is prone to many changes, so decision making should be perfectly updated with new amendments. After conducting in-depth analysis of the changes we send reports which communicate the changes lucidly and in simple layman language for each comprehension.

Brief Information about Income Tax in India :

Income earned in a financial year is liable to tax as per the rates prescribed for that year. A financial year runs from 1 April to 31 March of the following year. India follows a residence based taxation system. Broadly, taxpayers may be classified as residents or non-residents. Individual taxpayers may also be classified as ‘residents but not ordinary residents’.

An Indian company is always an Indian resident. Additionally, any other company whose affairs are wholly controlled and managed from India is also a resident. Any other company would be a non-resident.

Companies / Corporates :

Resident Companies :

In general Indian resident companies are liable to tax at 25% plus surcharge & education cess as applicable from the Financial Year 2018-19.

It is also important to note that from Financial Year 2020-21, Dividends distributed by the company are taxable in the hands of the shareholder.

Tax Rates for Corporates:

PARTICULARS	FOR ASSESSMENT YEAR 2021-22
Total Turnover Or gross receipt during the previous year 2017-18 does not exceed RS 400 crore	25%
Companies opting for Section 115BA, provides that the income from business of a newly set up domestic company on or after 1st March 2016, engaged in business of manufacture or production of any article or thing and research in relation thereto, or distribution of such article or thing manufactured or produced by it, subject to conditions specified therein.	25%
Companies opting for Section 115BAA, when total income of the company is computed without claiming specified deductions, incentives, exemptions and additional depreciation.	22%
Companies opting for Section 115BAB, for the domestic companies, engaged in manufacturing activities and incorporated on or after 01-10-2019	15%
Any Other Domestic company	30%
Foreign Companies	40%

Non-resident Companies :

Non-resident companies are typically liable to tax at 40% plus surcharge & education cess as applicable. However, income from long-term capital gains is taxable at the rate of 20% plus surcharge & education cess as applicable.

Tax Audit under the Income Tax Act, 1961 :

Applicability of tax audit:

Business	Sales / Turnover or Gross Receipt exceeds INR. 1 Crore (INR. 5 crore if the cash receipts and payments do not exceed 5% of the total receipts and payments respectively)
Profession (For Ex. Architect, Advocate, Accountants, Doctors, etc.)	Gross Receipts Exceeds INR 50 Lacs
Business u/s 44AD	If the Sales/Turnover or Gross Receipt is less than INR 2 Crore if such person is enrolled under the presumptive taxation scheme who claims that the profits of the business are lower than the profits calculated in accordance with the presumptive taxation scheme (presently this threshold limit is 8% profit on the sales / turnover or gross reciepts) would be required to obtain a tax audit report.
Profession u/s 44ADA	Declaring the income at amount less than 50% of the gross receipts and whose income exceeds the basic exemption limit (which is Indian Rs 2.50 lacs at present) for relevant previous year but whose gross receipts are less than INR. 50 lacs.

Due Dates of Filing Tax Audit Report :

30th September is the due date to filing tax audit report under Section 44AB of the Income Tax, 1961 in India for all the assesses.

Penalty for Not Completing Tax Audit :

If a taxpayer who is required to obtain tax audit does not get the accounts audited, before the due dates, then penalty could be levied under Section 271B of the Income Tax Act.

0.5% of the total turnover/gross receipts of the relevant financial year.
Rs. 1,50,000. Whichever is lower.

However, according to the section 273B, no penalty would be imposed on the person if valid reason for such failure is proved.Thus, tax audit is a very important requirement under the Indian Income Tax Laws who are required to undergo such an audit. Failure to comply with the income tax rules would attract penalty and those wishing to avoid any penalty should ensure full compliance with all the rules of the income tax audit.

Who can Audit Your Account Books? :

In India, Chartered Accountantsholding Certificate of Practice issued by the Insititute of Chartered Accountants of India will audit the accounts and prepare the report as prescribed in Income Tax Act..

Forms of Tax Audit under the Income Tax Act 1961 :

Form 3CA, 3CD

Audit Report Form in case where accounts of an assesses has been audited under any other law.

Form 3CB, 3CD

Audit Form in case accounts of an assesses are not being subject to audit under any other act except Income tax Act.

We, at COA provide the following Indirect Tax Advisory Services (GST):

Impact of GST on the Business Model.

GST Compliances & Ongoing Support

GST Audit

Transfer Pricing Audits (in select cases)

The challenge at hand for businesses is to adapt to the new GST regime by understanding its various nuances. We understand and analyse the GST implications applicable to your business activity and conduct an impact analysis and suggest the most beneficial tax structure for your business.

The introduction of Goods & Services Tax (GST) in India effective July 1,2017 has been the most important change in the country’s Indirect Tax Structure.

Many business transactions or arrangements lend themselves to alternative tax treatment due to ambiguities in law, in procedures, contradictory judicial precedents and the like. A position that seems prima facie most beneficial may turn out to be without legal merit on deeper evaluation and hence hiring the services of a GST Advisor / Indirect Tax Advisor is very important for any business. As your GST Consultant in Kolhapur , COA through its systematic questioning about the nature of the problem and the solution requirements, makes an informed decision regarding the recommendation to employ for your business. An overall action plan for a systematic decision-making process is presented to you by us. Further COA also provides GST Audit Services in Kolhapur and beyond which are mandatory by law for certain businesses based on a Turnover criteria.

Applicability of GST:

Every person whose aggregate turnover from Supply of Goods or Services or both in a financial year exceeds INR 20 lakhs* (see note below) has to mandatorily register under Goods & Service Tax. This limit is set at INR 10 lakhs for North Eastern and hilly states flagged as special category states.

*Note : The basic limit beyond which obtaining registration becomes mandatory is increased from INR 20 lacs to INR 40 lacs for certain categories of persons, who are engaged in exclusive supply of goods vide notification No. 10/2019-Central Tax, dated 07.03.2019

Therefore, in case a person in supplying goods but also earns a nominal amount of service income (whether taxable or not) such as commission income, or interest income say from bank (which is exempt), then such person shall be liable to take registration above INR 20 lacs and not INR 40 lacs.

GST (Goods & Service Tax) Audit under the GST Act :

Every registered person must get its accounts audited by a Chartered Accountant / Cost Accountant if the aggregate turnover during FY exceeds INR 2 Crores from sale of goods or services.

Calculation of turnover shall be PAN (Permanent Account Number ) based i.e. all sale of goods/ services shall be taken for computing the limit of INR 2 Crores.

COA, can always be trusted for as your GST Auditor in Kolhapur and beyond for executing this complex task within a time bound manner.

Requirement of GST Audit :

GST Audit is required for the following reasons :

GST is the self-assessment tax regime so GST audit is required for ensuring that tax payer has correctly assessed its liability.
It involves examination and evaluation of records, GST rate, GST returns and other related documents.
To obtain reasonable assurance and ensure that financial statements are free from any material misstatements.

Furnishing of Documents under GST Audit :

Annual Return
Copy of Audited Annual Accounts
Copy of Reconciliation Statement

Calculation of Aggregate Turnover under GST :

For computing the aggregate turnover, following shall be included-

Value of all inter-state taxable supply
Value of all intra-state taxable supply
Value of all exempt supplies
Value of all export supplies
Job work supplies on principal to principal basis
Zero rated supplies
Any supply to agent/ job work on behalf of principal

For computing the aggregate turnover, following shall be excluded-

Taxable supply on which reverse charge is applicable
All taxes and cess paid under GST
Goods supplied and received back from job work.

Audit in case of multiple Branches :

While computing the limit of INR 2 Crores, turnover of all the branches of an organization should be considered and if the cumulative turnover exceeds the limit of INR 2 Crores then every branch will be liable for GST audit irrespective of the fact that their individual turnover does not exceed the specified limit.
Organization can appoint either the single auditor for all branches or separate auditor for each branch.

Due Date of GST Audit and Penalty for Late filing of GSTR 9C :

We, at COA provide the following Book Keeping / Accounting & KPO Services:

Book keeping and preparation of Financial statement as per the requirements of applicable laws in force.

Invoicing, Payroll Processing.

Receivable and Payable Accounts Reconcilation.

Preparation of reports for management information systems.

Filing of various tax returns applicable under various laws in force like: TDS, Profession Tax Returns, F.L.A. i.e. Foreign Liabilities and Asset Returns etc.

We use accounting assurance services to help our clients grow and reach their aspirations. This is more than just preparing financial statements and tax returns. We are constantly developing new services while looking for new efficiencies in core disciplines.

In today’s scenario of globalization and technology convergence, the process of doing business has been redefined. Outsourcing various processes makes a lot of business sense. And here COA, as a Leading Accounting Firm in Kolhapur , helps you to offload your accounting processess.

These bookkeeping services also called as accounting services helps our clients to offload the complex and technical aspects of business on us leaving them with more time and energy to focus on developing their business markets and also saves them on the cost factor.

Most businesses and large companies are outsourcing their book keeping and various other processes for better management of their finances, time, cost, resources etc.

Our online bookkeeping services using softwares like Tally 9 ERP, Quickbooks, Zohobooks, are structured to suit an individual client’s needs and requirements.

Professional Accounting / Book Keeping Services :

Professional Accounting Services is the core procedure by which all financial information about a business is summarized, interpreted, noted, classified, and communicated. We at “COA” , as your Accounting Expert , offer a wide range of Finance and Accounting Outsourcing Solutions alongwith Payroll Processing to mid & small organizations of all sectors, interested in increasing their overall operating efficiency and effectiveness optimally and most profitably. As an independent, perceptive, and discerning corporation, we are fully familiar with the diverse accounting requirements of and the desires of high growth, fast paced successful companies.

Today, the Bookkeeping Outsourcing has become the magic word in a world of intense and cut-throat competition where the accounting services providers and the accounting services buyers, are mutually benefited through the exchange of best quality, impeccable accounting services for money. Our elegant, precise, and punctual Bookkeeping & Payroll Outsourcing services enable our clients to concentrate fully and exclusively on their core competencies, apart from the tedious and time-consuming, ancillary processes. Moreover, Accounts Outsourcing provides you with a competent team of experts who fully understand the statutory needs of your business and also that how changes in the legislation can enhance your productivity and profitability of your company. Any business, small or large, can reap substantial benefits of accounts outsourcing, conducive to the faster growth and better efficiency & profitability.

We offer the following Accounting Outsourcing Solutions :

Designing , implementing and review of accounting manuals
Advice on various accounting issues including those related to Indian Accounting Standards
Accounting Systems Setup
Payroll Processing
Payment Processing and Bank Reconciliation Services
Formulating accounting systems and procedures
Monthly Management Reporting
Preparation of Periodic Financial Statements and Analysis of Profit & Loss Account

Payroll :

Preparation of the monthly payroll statements with individual payslips of each employee based on the inputs received from organization.
Ensure deductions of all relevant amounts and as per applicable statutory laws like Income Tax, Provident Fund and Professional Tax etc.
Preparation of Form 16 for the Employees and file Qtly. Returns for e-TDS with Income Tax authorities.
Ensure redressal of any issues raised by the employees.
Reconciliation of payments/statutory deductions etc. with books of accounts on quarterly basis.

Our Work Methodology :

As a professional bookkeeper , Our work methodology is to have a keen understanding of our client’s core business and processes. Then to use the learning’s to work with our clients as their strategic business partners, rather than as external consultants.We have a network of professional associates, which gives us keen insight to weigh various issues before recommending a solution to our clients. The solution thus recommended is generally accepted swiftly without the need of additional external consultants or advice.

Our Process :

Understand the unique requirements of each client; with a free consultation conference call.
Conduct a detailed and in-depth analysis of all business issues and recommend a solution to the client with transparent service costs.
Assist the client in the decision making process by giving law extracts and research documents that would address all concerns and help the client in making an informed decision.
Have the process / event set up within the guidelines of the agreed solution and give detailed status reports to the clients on a regular basis.
Maintain the highest degree of professionalism and ethics in all our work.
A strong and continuous commitment to research and training in all areas of practice and give clients reports relevant to their country of practice or interest.
Build long-lasting relationship with our clients through personalized, consistent and quality services.
Ensuring strict confidentiality of all client information and data at all times by entering into a Non Disclosure Agreement.

Advantages of Business Process Outsourcing :

Approximately 30%-60% saving in cost for the client
True and Fair 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.

We, at COA provide the following Startup Services / Setting Up Company in India:

Incorporation of the Company.

Obtaining all the necessary registration for starting the operations of the company

Advisory on the various Schemes and Incentives of the Govt. of India under the “Startup India” and its benefit to any startup company.

Advisory on Various Income Tax advantages for a Startup Company registered under the Startup Plan of the Govt. Of India.

Assistance on designing the right business structure keeping in mind the future investors and venture capitalist who would want to be a part of these startup activities.

Most Start-up companies invariably face the problem of not being able to reach out to the experts for certain services required for their business. We provide one stop solutions for incorporating the company and start-up advisory services. Our services include Incorporation of a company, Statutory registrations, Legal Assistance, Taxation, Accounting and Finance, Outsourced CFO services, Secretarial Compliances, Payroll etc.

We offer our professional expertise to domestic and foreign investors & companies for setting up their businesses in India . We not only advise you about the foreign investment policy & procedures of the Government of India but also obtain all the necessary approvals required. Companies in India are required by law to place on public record their statutory annual accounts, which must be audited. These must comply with a range of disclosure requirements set out in the Companies Act, 2013. We, ensure that all disclosure requirements are met, and are authorised to carry out independent statutory audits. Our approach to audit concentrates effort where its most needed, keeping costs to a minimum and providing a useful management tool. Our advice isn't just an annual event but clients rely on our experience all year round. As your profits grow, we advise on corporate tax planning and compliance. Whenever cross border / intra group transactions arise, the difficult issue of transfer pricing is never far behind. We can help you to determine fair prices and ensure that the documentation required by the tax authorities is in place. Financial and tax planning for business owners and key employees is just as important to maximise your financial growth and minimise tax bills.

Setting up Company in India :

Also We at COA , offer our professional expertise to domestic and foreign investors & companies for setting up their businesses in India . We not only advise you about the foreign investment policy & procedures of the Government of India but also obtain all the necessary approvals required.

The services rendered in this area include the following :

Company / LLP (Limited Liability Partnership) Incorporation
Assistance in reviewing all agreements & contracts to protect the interest of the company & investorss
Obtaining all approvals & clearances from Reserve Bank of India & Foreign Investment Promotion Board (FIPB).
Obtaining all the necessary one time registrations required to commence the business activities.
Setting up the accounting / book keeping systems and processes.

We provide valuable inputs on the most tax friendly options while conceptualizing the business / investment strategy :

A foreign company planning to set up business operations in India has the following TWO options:

As an Indian Company
As a Foreign Company

As an Indian Company :

A foreign company can commence operations in India by incorporating a company under the Companies Act, 2013 through:

Joint Venture With An Indian Partner :

Foreign Companies can set up their operations in India by forging strategic alliances with Indian partners. Joint Venture may entail the following advantages for a foreign investor:

Established distribution/ marketing set up of the Indian partner
Available financial resource of the Indian partners
Established contacts of the Indian partners which help smoothen the process of setting up of operations

Wholly Owned Subsidiaries :

Foreign equity in such Indian companies can extend up to 100% depending on the equity caps in respective sectors and areas of activities as per the regulations prescribed under the Foreign Direct Investment (FDI) policy in place on the date of investment. Basically Reserve Bank of India through its Foreign Direct Investment Policy has two routes. One is an Automatic Route and other is a Prior Approval of FIPB Route. COA, can assist in understanding the details of the FDI policy, sectoral equity caps & procedures on a specific request.

AS A FOREIGN COMPANY :

Foreign Companies can set up their operations in India through:

Liaison Office/Representative Office
Project Office
Branch Office

Such offices can undertake any permitted activities. Companies have to register themselves with Registrar of Companies (ROC) within 30 days of setting up a place of business in India.

Liaison Office/ Representative Office :

Liaison office acts as a channel of communication between the principal place of business or head office and entities in India . Liaison office cannot undertake any commercial activity directly or indirectly and cannot, therefore, earn any income in India . Its role is limited to collecting information about possible market opportunities and providing information about the company and its products to prospective Indian customers. It can promote export/import from/to India and also facilitate technical/financial collaboration between parent company and companies in India . Approval for establishing a liaison office in India is granted by Reserve Bank of India (RBI).

Project Office :

Foreign Companies planning to execute specific projects in India can set up temporary project/site offices in India . RBI has now granted general permission to foreign entities to establish Project Offices subject to specified conditions. Such offices cannot undertake or carry on any activity other than the activity relating and incidental to execution of the project. Project Offices may remit outside India the surplus of the project on its completion, general permission for which has been granted by the RBI.

Branch Office :

Foreign companies engaged in manufacturing and trading activities abroad are allowed to set up Branch Offices in India for the following purposes:

Export/Import of goods
Rendering professional or consultancy services
Carrying out research work, in which the parent company is engaged.
Promoting technical or financial collaborations between Indian companies and parent or overseas group company.
Representing the parent company in India and acting as buying/selling agents in India .
Rendering services in Information Technology and development of software in India .
Rendering technical support to the products supplied by the parent/ group companies.
Foreign airline/shipping company.

A branch office is not allowed to carry out manufacturing activities on its own but is permitted to subcontract these to an Indian manufacturer. Branch Offices established with the approval of RBI, may remit outside India profit of the branch, net of applicable Indian taxes and subject to RBI guidelines Permission for setting up branch offices is granted by the Reserve Bank of India (RBI).

After the entity is set-up in India :

We provide complete, online back office operations. From book-keeping to pay roll payroll processing, audit and assurance services and business enterprise services which includes all the statutory compliances required by a company in India. Opening Bank Account Assistance and signatory services for opening and operating Bank account in India with all major international banks are also provided by COA.

Growing Successfully :

Companies in India are required by law to place on public record their statutory annual accounts, which must be audited. These must comply with a range of disclosure requirements set out in the Companies Act, 2013. COA, ensure that all disclosure requirements are met, and are authorised to carry out independent statutory audits. Our approach to audit concentrates effort where its most needed, keeping costs to a minimum and providing a useful management tool. Our advice isnt just an annual event but clients rely on our experience all year round. As your profits grow, we advise on corporate tax planning and compliance. Whenever cross border / intra group transactions arise, the difficult issue of transfer pricing is never far behind. We can help you to determine fair prices and ensure that the documentation required by the tax authorities is in place. Financial and tax planning for business owners and key employees is just as important to maximise your financial growth and minimise tax bills.

The Advantages :

Our service list allows you to pick and choose to specifically match your needs. Our outsourcing capability allows you to achieve India fiscal compliance cost-effectively. We look after the peripheral issues leaving your company time to concentrate on whats really important: succeeding in the India .

We, at COA provide the following NRI Tax & Investment Service:

NRI Tax Advisory Services and filing of Income Tax returns.

Tax Implication on Sale of Property in India by a NRI.

NRI Investment Consultation services.

Certification for Form 15CB required by Residents and Non Resident Indians for remitting funds outside India.

Generally,an NRI is a person resident outside India who is a citizen of India or is a person of Indian origin. However there are different definitions of NRI under FEMA and Income Tax Act. We help our NRI clients to understand the complex provisions of the definition of Residents, Non Residents, Residents but not Ordinarily Residents & Deemed Residency.

Definition of NRI under FEMA:

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

Definition of NRI or Residential Status under the Indian Income Tax Act, 1961 :

From the FY 2020-21 , an individual is resident in India if he is in India in the financial year for:

182 days or more; or
Has been in India for 365 days of more during the 4 immediately preceding financial years and for 60 days or more during the financial year (the period of 60 days stands changed to 120 days or more for Indian citizens or persons of Indian origins on a visit to India whose total income in india is less than INR 15 lacs , and the period of 60 days stands changed to 182 days for citizens of India who leave India for employment abroad as member of a crew of an Indian ship). As amended by Finance Bill 2020.

Genrally, an individual who does not satisfy the above conditions is a non-resident.

Also from FY 2020-21 , A resident is “not ordinarily resident” in India in any financial year if he:

Has been “non-resident” in India in any 9 out of the 10 previous years preceding that year

OR

Stay in India for 729 days or less during the 7 previous years preceding the relevant previous year.
We at COA, as a NRI Tax Consultant in Kolhapur, provide various NRI Advisory Services, like Evaluation of NRI Residential Status, Applicability of New Provisions of Deemed Residency applicable from FY 2020-2021 onwards , NRI Income Tax Consultation, NRI Income Tax Returns Filing, NRI Investment Advisory Services, NRI Tax Implications on Sale of Property, 15CA CB Advisory and Certification Services for remittance of funds outside India , etc .

New Provision Regarding Deemed Residency :

The Finance Bill, 2020 has proposed that an Indian citizen shall be deemed to be resident in India, if he is not liable to be taxed in any country or jurisdiction. This is an anti-abuse provision since it is noticed that some Indian citizens shift their stay in low or no tax jurisdiction to avoid payment of tax in India.

The new provision is not intended to include in tax net those Indian citizens who are bonafide workers in other countries. In some section of the media the new provision is being interpreted to create an impression that those Indians who are bonafide workers in other countries, including in Middle East, and who are not liable to tax in these countries will be taxed in India on the income that they have earned there. This interpretation is not correct.

In order to avoid any misinterpretation, it is clarified that in case of an Indian citizen who becomes deemed resident of India under this proposed provision, income earned outside India by him shall not be taxed in India unless it is derived from an Indian business or profession.

Resident but Not-Ordinary Resident (RNOR) :

There is one more class that is slightly different from Resident and NRI. They’re called ‘Resident and Not Ordinary Resident(RNOR). You classify as an RNOR Indian if you satisfy below requirements.

Has been “non-resident” in India in any 9 out of the 10 previous years preceding that year

Stay in India for 729 days or less during the 7 previous years preceding the relevant previous year.

In case of RNOR individuals, the foreign income (i.e., income accrued outside India) shall not be taxable in India. Foreign sources means income which accrues or arises outside India (except income derived from a business controlled in or a profession set up in India).

But what is the tax implication of this RNOR category? :

RNOR citizen has to pay tax only on income accrued / generated in India. The foreign income earned by that person is exempt from tax.
It is primarily used by returning NRIs.
A person can be classified as an RNOR for usually 2 years after their permanent relocation to India.
Returning NRIs must use this RNOR status to set things in order and get ready to be taxed as Indian citizens in future.

What are the types of bank accounts available to NRIs? :

Non-Resident External [NRE] Rupee savings account:

Your funds in NRE savings accounts are held in convertible rupees – principle and interest are fully repatriable. Interest income is fully exempt from tax in India. The savings account can be opened jointly with a Non-Resident individual.
Non-Resident External [NRE] Rupee fixed deposit:

Fixed deposit in Indian rupees where the principle and interest are fully repatriable. All interest earned is fully exempt from tax in India. The account can also be opened jointly with a non-resident.
Non-Resident Ordinary [NRO] Rupee savings account:
Your funds in Non Resident Ordinary (NRO) savings account are held in India, in Indian rupees. The NRO account can be funded through NRI income in India. Only the interest in an NRO account is repatriable. Interest income on this account is liable for Indian Income Taxes. Non-Resident Ordinary [NRO] Rupee fixed accountFixed deposit in Indian rupees where the earnings in India can be deposited. The interest is repatriable [after payment of tax].
Foreign current Non-residents [FCNR] deposit:
The FCNR Deposit is a fully repatriable foreign currency deposit available in major currencies: US Dollars, Pound Sterling, Euros, Australian dollars and Canadian dollars.Your funds in FCNR Deposits are maintained in foreign currency and are fully repatriable, including the interest you earn. All interest earned is fully exempt from tax in India.

Can I open these accounts in any convertible currency? :

Yes, you can remit funds for opening the account in any convertible currency.The NRO / NRE accounts are maintained in rupees and the funds remitted will thus be converted into India rupees at the spot exchange rate.Foreign currency deposits can be maintained in the currency of your choice i.e. USD, GBP, EUR, AUD and CAD etc.

Can an NRI invest in Mutual Funds? :

Yes, an NRI can invest in certain Mutual Funds subject to certain conditions. The offer document should clearly state the NRIs could invest in the scheme. Please contact us and we will be glad to assist you.

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We, at COA provide the following Audit Assurance Services:

Our Approach towards the Audit Assurance Services include :

Our Experience in Auditing and Assurance Services :

With our experience we can assist you in :

Statutory Audit under Companies Act, 2013 :

Tax Audit under the Income Tax Act, 1961 :

Applicability of tax audit:

GST (Goods & Service Tax) Audit under the GST Act :

Calculation of Aggregate Turnover under GST :

For computing the aggregate turnover, following shall be included-

For computing the aggregate turnover, following shall be excluded-

Audit in case of multiple Branches :

Due Date of GST Audit and Penalty for Late filing of GSTR 9C :

We, at COA provide the following Direct Tax Advisory Services (Income Tax):

Direct Tax Advisory :

Brief Information about Income Tax in India :

Companies / Corporates :

Resident Companies :

Tax Rates for Corporates:

Non-resident Companies :

Tax Audit under the Income Tax Act, 1961 :

Applicability of tax audit:

Due Dates of Filing Tax Audit Report :

Penalty for Not Completing Tax Audit :

Who can Audit Your Account Books? :

Forms of Tax Audit under the Income Tax Act 1961 :

Form 3CA, 3CD

Form 3CB, 3CD

We, at COA provide the following Indirect Tax Advisory Services (GST):

Applicability of GST:

GST (Goods & Service Tax) Audit under the GST Act :

Requirement of GST Audit :

GST Audit is required for the following reasons :

Furnishing of Documents under GST Audit :

Calculation of Aggregate Turnover under GST :

For computing the aggregate turnover, following shall be included-

For computing the aggregate turnover, following shall be excluded-

Audit in case of multiple Branches :

Due Date of GST Audit and Penalty for Late filing of GSTR 9C :

We, at COA provide the following Book Keeping / Accounting & KPO Services:

Professional Accounting / Book Keeping Services :

We offer the following Accounting Outsourcing Solutions :

Payroll :

Our Work Methodology :

Our Process :

Advantages of Business Process Outsourcing :

We, at COA provide the following Startup Services / Setting Up Company in India:

Setting up Company in India :

The services rendered in this area include the following :

We provide valuable inputs on the most tax friendly options while conceptualizing the business / investment strategy :

A foreign company planning to set up business operations in India has the following TWO options:

As an Indian Company :

Joint Venture With An Indian Partner :

Wholly Owned Subsidiaries :

AS A FOREIGN COMPANY :

Foreign Companies can set up their operations in India through:

Liaison Office/ Representative Office :

Project Office :

Branch Office :

After the entity is set-up in India :

Growing Successfully :

The Advantages :

We, at COA provide the following NRI Tax & Investment Service:

Definition of NRI under FEMA:

Definition of NRI or Residential Status under the Indian Income Tax Act, 1961 :

New Provision Regarding Deemed Residency :

Resident but Not-Ordinary Resident (RNOR) :

But what is the tax implication of this RNOR category? :

What are the types of bank accounts available to NRIs? :

Non-Resident External [NRE] Rupee savings account:

Non-Resident External [NRE] Rupee fixed deposit:

Non-Resident Ordinary [NRO] Rupee savings account: