Rajesh Umashanker & Company

Annual Tax

Our team of experienced financial consultants allows us to offer clients services for calculating annual taxes. These taxes are levied on income earned for a financial year as per the rates declared by the annual budget. The rates vary with each budget with annual tax payable in advance by way of quarterly installments during the financial year. The quarters would vary depending on taxpayer involved e.g. in cases of company’s payment for first quarter would fall on 15 June of the financial year involved

Minimum Alternate Tax (MAT)

We also offer clients services for calculation and payment of Minimum Alternate Tax (MAT). The services of experienced financial consultants ensure that the involved procedures are flawlessly handled. MAT is in lieu of regular corporate tax, in cases where regular corporate tax is lower than MAT.

It is computed on book profits; subject to certain prescribed adjustments at rate of 8.415 per cent in cases of domestic companies and 7.841 per cent in case of non - resident companies. MAT paid in any year is now available as credit in any subsequent year.

Dividend Distribution Tax (DDT)

The services of experienced financial advisors also help us in offering clients services for paying of Dividend Distribution Tax. Currently exempt from taxes in India, it is only paid by companies paying dividends. It is paid on the amount of dividends declared, at the rate of 14.025 per cent.

We take care of day to day bookkeeping and prepare monthly or quarterly management accounts for varied companies and individual firms. These accounts can be tailored to client’s specific requirements including preparation as per US GAAP accounting standards.

e-TDS

With the help of our experienced professionals, we help the clients in filing e TDS in accordance with Section 206 of the Income Tax Act. It is mandatory for all corporate and government deductors to file their TDS return on electronic media (i.e. e-TDS returns) and for other deductors, it is optional.

We also offer client’s fringe benefit tax related services. As per the new tax law, Fringe Benefit Tax (FBT) is a tax payable by employer on benefits (provided/ deemed) that employees (past or present) receive as consideration of their employment.

Tax Features:

• FBT is leviable on every employer excluding individuals/ Hindu Undivided Family & certain institutions enjoying certain exemptions

• Certain expenses are directly covered within ambit of FBT

• FBT will be leviable at rate of 30 per cent plus applicable surcharge of 2.5 per cent or 10 per cent and education cess of 2 per cent on tax including surcharge

• The due dates for payment of FBT in case of a company or person whose accounts are required to be audited under Act, is 31st of October following the end of financial year

• In any other cases, due date is 31st of July following the end of financial year

• It is to be paid in each quarter, on or before the 15th day of the month

We offer clients complete range of income tax services. These services are handled by experienced income tax consultants that allow us to meet up to the expectations of our clients.

The services offered under this category include:

• Preparation of return

• Getting Assessment done

• Consultancy in tax matters & tax planning

• Foreign taxation consultancy

• Transfer Pricing matters

• Withholding tax compliance

• Fringe benefit tax compliance

• Income tax Appeals before CIT (Appeals) and ITAT

• PAN / TAN number

We hold expertise in offering consultancy services for special economic zones. Setup by private sector or by State Govt. or State Government in association with Private sector, SEZs help in benefiting clients in more than one ways. Clients functioning from SEZ also have with them facility of getting duty free import/domestic procurement of goods for development, operation & maintenance of SEZ units. Further, it also provides manufacturers 100% Income Tax exemption on export income for SEZ units under Section 10AA of Income Tax Act for first 5 years, 50% for next 5 years thereafter & 50% of ploughed back export profit for next 5 years.

Criteria for Approval

Proposals for setting up SEZ in the Public/Private/Joint/State sector are required to meet the following conditions:

• Minimum size of SEZ shall not be less than 1000 hectares

• This would however, not apply to existing EPZs converting into SEZs as such or for notifying additional area as a part of SEZ or to product specific port/airport based SEZs

• The SEZ and units therein shall abide by local laws, rules, regulations or bye - laws in regard to area planning, sewerage disposal, pollution control and the like

• They shall also comply with industrial, labor and other such other laws /rules & regulations as may be locally applicable

• Only units approved under SEZ schemes would be permitted to be located in these SEZ

• At least 25% area of the SEZ shall be used for developing industrial area for setting up such units

Documents required include:

• Application Form in the prescribed form

• Memorandum and Article of Association

• Board Resolution for setting up STP Unit and persons authorized t o sign and submit the application form

• Resume of person heading the operation/CEO

Detailed project report/ Business plan consist of:

• Company profile

• Promoters background

• Units Area of expertise/Services offered

• Marketing Strategy / marketing Arrangements

• Manpower plan

• Future plans

• Brief write up on the parent Company and the activities proposed to be carried out by the Indian entity. (In case foreign equity participation)

• List of Capital goods proposed to be procured from abroad and within India

• IEC Code (Import - Details of foreign collaborator (whether financial or technical)

• Copy of floor plan of the Unit certified by an architect

• Copy of the rent agreement if any

• Copy of invoice of the Internet service provider

Financial statement like:

• Cost of project & means of finance

• Projected P&L A/C

• Projected Balance Sheet

• Projected Cash flow/fund flow statement

• Export workings - ( As per Transfer Pricing guidelines where ever applicable)

• Financial for a 5 year period projecting income from operations, Capital expenditure & cash Flows

• Detail for aggregate foreign exchange comings & outgo for first 5 years

• Detail for estimated numbers of employees and wage bill for first 5 years

Other Documents Like:

• Copy of service agreement signed with parent company/clients/PO with clients/ Master service Agreement

We hold expertise in offering clients viable solutions regarding VAT and sales tax. Backed by services of experienced industry professionals, the services offered by us under this include Registration, Filing of periodical returns, Assessment, Advise of input tax credit and others.

Services Handled :

• Registration
• Filing of periodical returns
• Assessment
• Issue of necessary forms from department
• Advise on Input Tax Credit
• Appeals