Concurrent Requirements

Simultaneous needs

Required

On establishing the structure, incorporation and subsequent to laying the foundation for effective operation, we proceed with the regular, routine affairs involved. These are as follows:

Accounting and payment of statutory dues.

Day to day accounting of routine transactions of the LO/BO on monthly basis.

Maintenance of prime books of account on monthly basis.

Finalization of Profit & Loss Account & Balance sheet of the LO/BO on quarterly basis.

Payment of statutory Dues towards TDS, VAT, Service Tax, Advance Income Tax etc.

Filing of Quarterly returns under Income Tax Act.

As per provisions of Income Tax Act, certain returns related to deduction of tax at source viz. E-TDS, has to be filed quarterly. This step involves compilation and summarizing the records, preparation of returns and submission of the same.

Filing of returns for Service Tax/VAT

All BOs are required to file their returns with appropriate authorities for Service Tax and VAT as per timelines applicable to the jurisdiction.

Services for Payroll Management

  • Issue of Appointment Letter:Drafting of the basic terms of the service agreements & issuing the appointment letter.
  • Compliances of Labour Laws:Legislations in relation to Employee Provident Fund, Bonus, Gratuity, Labour Welfare Fund etc are to be duly complied.
  • Designing the salary package:Appropriate structure for salary should be designed to suit company's needs and local laws. This would involve incorporating various allowances & perquisites in the packages keeping in view the tax benefits involved.
  • Computation of monthly salary & generating pay slips: Calculation of monthly salary payable based upon the terms of service agreement and also generating pay slips.
  • Calculations of the with-holding taxes on salary & payment of the same to the government authorities on timely basis: Monthly taxes are required to be deducted and paid by or before the prescribed due dates to the government authorities, failing which additional interest charges would be levied.
  • Issuance of With-holding tax certificate: The Company has to issue With-holding tax certificate to its employees / other agencies at the end of prescribed period. This form would enable employees/ agencies to avail credit of the tax being deducted from their salary during the year.

For more details of the documents required and any related advisory, feel free to connect with our team on lo@kdpaccountants.com

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