ACCOUNTING SOLUTIONS
Book keeping
General ledger accounting, accounts reconciliation & consolidation, management reporting, inter-company transactions, interim /annual financial statements, project/product accounting, fixed asset accounting.
Receivables and Payables Accounting
Billing, credit and collection management & analysis, purchase order management, contract management, payment authorization, cost accounting and vendor management.
Compliance Management & Statutory Reporting
Financial statements preparation under Indian GAAP, US GAAP, financial budgeting, Compliance with Reserve Bank of India, FEMA, Registrar of Companies (MCA) guidelines. Compliance with income tax, provident fund, ESI, labour laws and all applicable statutes.
Corporate Finance
Cash/Treasury management, cash receipts & collection management, bank reconciliation, credit management & analysis.
Tax Returns
Return preparation, document organization on web server, upload processed data to client, access scans via web browser.
Vendor TDS Outsourcing
Vendor TDS, checking bills, Calculation of TDS, reconciliation of TDS, generation & dispatch of certificates, deposit of quarterly returns, maintenance of TDS certificate details & dispatch.
Employee TDS Outsourcing
Obtaining declarations, updating of declaration on a monthly basis, deposit of TDS after compilation, deposit of quarterly return, issue of Form 16 part B, checking investment proof, interaction with employees.
Virtual CFO
Managing local operations for overseas clients, thus enabling them to take advantage of the legal and regulatory environment, timely financial reporting, regular monitoring of ongoing operations, local disbursement payment processing, professional accounting and payroll services.
GOODS AND SERVICE TAX
- GST is a single window to taxes on goods and services and will be with a regime to be charged on destination principal and credit of input will be availed once value addition is achieved.
- Important to understand difference between current tax structure and proposed GST operations
- GST is defined as “any tax on supply of goods and services other than on alcohol for human consumption”.
- Basically GST is a value added tax, which will be levied at all points in supply chain, where the deliverable changes hands, with a privilege to avail credit for any tax paid on input received for use in creating such supply.
- GST Subsumes – VAT or sales tax, Central Sales tax, Entertainment tax (taxes on entertainment at panchayat, municipality or district level), Service Tax, Central Excise Duty, Purchase Tax, Octroi etc.
- GST will work in 2 parts – Intra State and Inter State (IGST) and Intra State is further divided into two parts i.e. Central GST (CGST) and State GST (SGST) and the same will impact basis destination principal.
- Exceptions on Applicability of GST - Alcohol for Human Consumption – State Excise, Electricity – Electricity Duty, Real Estate – Stamp Duty along with Property Tax, Petroleum Products (Some of them), Tobacco Products – Undr GST as well as Central Excise.
We Offer:
- Registration under Goods and Services Tax Act
- Maintenance of Books and Accounts as per GST Laws
- Preparation and filing of returns
- Assistance in calculation and depositing GST
- Audit of Books in purview of GST Laws
PAYROLL PROCESSING
Payroll processing is a challenging task because of volume, complexity and legislation. We offer lower costs, better efficiency and reliable online payroll processing and tax calculation services.
Our online payroll processing services increase efficiency and lower costs, allowing customers to invest more of their time and budgets in the value added components of their back office.
Our accounting outsourcing services provide online payroll processing, employee payroll services, tax preparation, tax deduction, system program with high quality. We work with web based payroll software.
Our Online Payroll Processing Services include:
- Maintaining Master database of all employees.
- Entering/uploading attendance data, increment and changes in salary.
- Salary structure creation on the basis of Company norms.
- Entering deduction of loan.
- Updating Tax Deducted at Source and other deductions.
- Processing of payroll.
- Salary, payment, cost to the company and employee count reconciliation
- Generation of reports/returns.
Scope of work- Monthly Payroll Processing
- Receiving input data like attendance register, detail of resigned / newly joined employees from the client.
- Receiving of addition & deduction details from the clients.
- Take a confirmation about Salary structure changes from client.
- Investment declaration updation if required.
- Preparation of monthly payroll with details provided by client.
- Circulation of monthly Payroll sheet in multi format like department-wise, location-wise & cost centre-wise.
- Reimbursements (part of CTC) based on input.
- Payroll statement for bank transfer.
- Pay slip access to individual employees through our payroll website.
- Full & final settlement process.
- Updating of leave register, salary & wages register if any change done by client.
- Leave report of individual employees through our payroll website.
- Computation of leave encashment annually / periodically as per company leave policy.
- Computation of TDS of individual employees & updating of TDS estimation slip on our payroll website.
- Compilation of investment declaration documents from employees to set-off rebate & deduction for tax saving of individual employees.
- Preparation & filling of quarterly/Annual TDS return of salary (Form 24Q) as per Income Tax Act 1961.
- Generation of Form 16 & Form 12BA for individual employees.
- Updating & suggesting tax planning on periodic developments in taxation matters.
- Filling Tax Compliances for employees and obtaining PAN if desired by the employee.
- Advising of any changes in the Income Tax Act from time to time.
- Handling of all payroll related queries of employees.
Benefits of Online Payroll Processing:
- Cost efficiencies.
- Confidentiality and security.
- Qualified and enthusiastic payroll professional practitioners.
- Ongoing compliance with regulatory requirements.
BUSINESS SETUP IN INDIA
India being developing country and having more business prospects, foreigner see India as a flourishing market and the Reserve Bank of India understands the same so they have provided some option to have legal existence in India by way of opening Liaison Office, Branch Office or Wholly Owned Subsidiary as described below:
Type of Organizations as per requirement and related registrations:
- Company Incorporation – Wholly Owned Subsidiary or Joining Venture
- Limited Liability Partnership
- Liaison Office
- Branch Office
- Necessary registrations under Shops and Establishment Act, Companies Act, Labour Welfare Fund, GST, Income Tax, Provident Fund, Employee State Insurance, Gratuity, Import Export Code etc.
- Regular Accounting and Payroll Outsourcing
- Concurrent Audits
- Internal Audits
- Taxation Audits
- PF Trust Management
- And other related services with a facility of single window
TAX COMPLIANCES
Compliances under Income Tax changes every year upon resuming of Finance Act. Each assesse has to file its Tax Compliances yearly. Assessees include:
- Individuals
- Corporates
- Firms
- Association of Persons
- Body of Individuals
- Societies
- Trusts
And all these assesses have to file their Tax Compliances as per type of Income they have earned like Salary, Income from House Property, Income from Business and Profession, Income from Capital Gains etc. RAFT Consulting has single roof solution for all kinds of services under Direct Taxation
Legal, Secretarial and Financial Consulting
raFT Consulting provides clients with valuable legal and financial consultancy services that play an integral role in their decision-making and negotiation processes.
Our professionals maintain a full report based on the intelligence, enabling our clients to make sound policy judgment before engaging in any major contracts or alliances.
- Entry Strategy for setting up Business in India
- Corporate Advisory Services
- Corporate Law Services
- Business Strategy
- Finance
- Management Assurance Services