India Tax & Regulatory

Compliance 1
OVERVIEW
In last 5 years, India has a new Companies Act, 2013 , A new
Indirect Tax regime under the Goods and Service Tax Act,
subsuming different state VAT Acts, Service tax, excise and
parts of Customs Act and A new Insolvency Code. Labour
law compliance and limits have changed a lot in last few
years. A new Direct Tax Code is also awaited.

With increase in stringent business compliances that every

business entity needs to follow, increased risk of penalty and
prosecution and their ability to close down the business
itself, it becomes extremely important to be on the right
side of the law.

Being fully compliant with applicable laws becomes all the

more important if you have to raise funds. No one funds a
non-compliant business.

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OVERVIEW
However, as a business owner you would and you should
concentrate on your core business to increase your revenue,
profitability, technology development, product/service line,
marketing and customer acquisition.

That’s where One Stop Tax and Regulatory Compliance

Services and cloud CFO plays an Important role and a
perfect solution that allows you to run your business worry
free.

We at Taxmantra offer a range of compliance services for all

tax and regulatory needs under one roof that efficiently
takes the hassle out of processes so that you can focus on
what you are best at.

The vision of cloud CFO is to enhance financial performance,

mitigating financial risks and allow you to concentrate on
your core business and outsource the regulatory risks to
someone who are doing it successfully for a number of
businesses since several years.
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 SERVICE BUCKET

Notes Particulars

1. ACCOUNTING AND BOOK KEEPING

2. INCOME TAX AND CORPORAT TAX

3. GOODS & SERVICE TAX (GST)

4. REGISTRAR OF COMPANIES (ROC)

5. HR, PAYROLL & LABOUR LAW

6. CLOUD CFO SERVICES

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(1) ACCOUNTING & BOOK KEEPING

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 MAINTAINANCE OF BOOKS OF
ACCOUNTS
As a major business financial process this involves
recording, interpreting, classifying, analysing, reporting and
summarizing financial data.

As per the law, every business entity needs to prepare and

maintain proper books of accounts, incorporating all
expenses and revenue generated for each financial year
(April to March) and accounting for assets and liabilities. In
this, we would provide the following:

• Punching/ Review of all financial data in recognized

accounting software
• Profit and Loss statements
• Balance Sheets
• Other business specific or customized reporting

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(2) INCOME & CORPORATE TAX

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 TDS, ADVANCE TAX & INCOME
TAX RETURN FILING

1. TDS Compliance:
Withholding taxes at source, while making different
payments are an important compliance for any business.
TDS non compliance not only attracts interest/penalty, it
also leads to disallowance of business expenses and even
prosecution.

➢ Monthly TDS Payment: This will include preparation of

monthly TDS calculation sheets and payment of TDS for
each month under the sections applicable and
submission of Government paid challan to company.

➢ Quarterly TDS Return Filings: This will necessarily

include quarterly preparation and filing of TDS returns,
generation of quarterly tokens and acknowledgment of
TDS filings and downloading TDS certificates from
TRACES on quarterly and annual basis.

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2. Advance Tax Compliance:
Advance tax, part of Income Tax, also known as pay as you
earn tax has to be paid in the same financial year in which
income is earned. As per law advance tax is paid in 4
instalments in a financial year in a pre-defined percentage
for each instalment. Late payment of advance tax attracts
late payment interest.

This service covers advance tax computation, payment of

advance tax under correct challan and updating the
advance tax paid challan to the company.

3. Income Tax Return Filing

For every Company including a Private Limited Company or
any Partnership firm including a Limited Liability
Partnership (LLP), filing of timely annual income tax return
(Financial Year Wise) is mandatory under the Income Tax
Act, 1961. Statutory due date for Income tax return filing for
Companies and Audited entities is normally 30th September
of the subsequent financial year and the same for
Individuals and non-audit cases is normally 31st July of the
subsequent year. This services takes care of this annual
filing for the entity. 9
(3) GOODS & SERVICE TAX (GST)
COMPLIANCE

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2. GST Compliance:
GST in India has become applicable from 01.07.2017,
subsuming different state and central taxes like VAT, Excise,
service tax and customs. Into Goods and Services Tax.

➢ Monthly GST Payment: This will include preparation of

monthly GST calculation sheets and payment of GST for
each month under CGST, SGST or IGST and submission of
Government paid challan to company.

➢ Monthly GST Return Filings: This will include monthly,

quarterly and annual (As applicable) preparation and
filing of GST returns under separate GSTR forms,
calculation of correct GST input credit along with GST
payable under reverse charge.

➢ Day to Day GST consultancy: The day to day GST

consultancy around Invoicing formats, HSN or SAC code,
rate of TDS/TCS under GST Is also part of this service.

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(4) REGISTRAR OF COMPANIES (RoC)
COMPLIANCE

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 ROC COMPLIANCE

Every Company is required to file annual returns with

Ministry of Corporate Affairs and also maintain certain
statutory registers, resolutions and Minutes of Meetings

Board Resolutions, Minutes of Annual Registrar of Companies

Meeting & Secretarial Drafting Filings

This Service includes: This will include filing

1. Maintenance of minutes
of statutory board &
Shareholders meetings
2. Maintenance of
Statutory Registers
under the Companies
Act
3. Board resolutions and
other day to day
secretarial drafting for
conduct of day to day
business of Company.
necessary forms by company
with MCA as mandated by
Companies Act, 2013 which
involves –
▪ Engagement Letters of
Auditors
▪ Filing Form ADT 1
▪ Filing Form AOC 4
▪ Annual Returns
▪ Filing Form MGT 7
▪ Filing Form 66 (as and
when applicable)
▪ Form MBP 1

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(5) HR,PAYROLL & LABOUR LAW
COMPLIANCE

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HR & PAYROLL MAINTAINANCE
Monthly Salary
Salary Structuring
Processing and
for employees and
payslips generation
Directors
for employees

Calculation of TDS
Leave management
on salaries and
and calculation of
deduction on
loss of pay if any
monthly basis

Generating form 16
for employees and Salary Audit at the
directors at the end end of year .
of year

Tax planning for

employee salary

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 LABOUR LAW COMPLIANCES

• This includes monthly professional tax

calculation, payment of professional tax and
monthly professional tax return filings
Professional • Annual Enrolment for professional tax as
company and annual return filing as employer
Tax

• Companies with minimum 20 employees have

to take Provident Fund registration and follow
PF compliances
• This includes generating UAN number for each
Provident employees, monthly PF calculation, payment
Fund of Provident Fund and filing monthly returns

• Companies with minimum 10 employees have

to take ESIC registration
• Compliance part includes generating e-
pehchaan card for each employee, monthly
ESIC calculation, payment of ESIC and filing
ESIC monthly returns thereof.

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(6) CLOUD CFO SEVICES

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CFO – ROLES & RESPONSIBILITIES

Every business can benefit from experienced financial

management. Financial mistakes can be costly,
especially for businesses with limited resources!

But not every business can find or afford an

experienced Chief Financial Officer (CFO)

CFO VISION
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CFO – ROLES & RESPONSIBILITIES

We at Taxmantra offers an affordable and flexible

approach to the financial needs of companies. Not only
we tailor our services to meet the identified needs and
relevant tasks but also we focus on building
management team that strives to reach business
objectives.

Taxmantra understands the pain points of a business

entity in managing cash and fund flows and thereby
assists in managing cash for working capital
requirements in the most efficient way. Apart from this
we understand the company business model and
translate the operational matrics into measures for
performance.

Taxmantra as your CFO also analyzes obligations related

to raw materials, IT assets and services and other actions
requiring a commitment of finacial resources.

It also ensures company meets the compliances with

financial regulations and standards.

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CFO – ROLES & RESPONSIBILITIES

Working Capital and Fund Management, based upon

quarterly projections for fund requirement and
estimation of inflows and outflows

Investment Opportunities and better utilization

of available funds

Financial Projections and Capital Budgeting

Drafting Policies around 1) Assets 2)

Harassment at work place 3) Insurances 4)
Employee remuneration and incentives

Entity Structuring, including understanding

foreign incorporations and pros and cons of
having entity in different countries

Analysing legalities and feasibility of new business

avenues and Understanding and applying best industry
practices
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 SCOPE OF WORK & FEE STRUCTURE
Refer Particulars Amount
Note (Rs.)
1. ACCOUNTNG & BOOK-KEEPING 60, 000
(This includes complete book keeping and
Page date entry and finalization of accounts)
05-06

2. INCOME TAX & CORPORATE TAX 12,000

(This shall include monthly TDS calculations
Page and payments, Quarterly TDS return filing,
07-09 form 16/16A generation and Advance tax
computation)
3. GST COMPLIANCE 24,000
(As your company’s turnover is less than Rs.
Page 1.5 Cr, we will carry out only quarterly
10-11 returns. If turnover exceeds Rs. 1.5Cr, the
fee is subject to revision)
4. ROC COMPLIANCE 12, 000
Page
12-13

5. PAYROLL SERVICES 12, 000

Page Upto 9 employees. PT compliance is
14-16 included. PF & ESI and other labour
compliances applicable with 10 or more
employees is excluded.
6. CLOUD CFO SERVICES N.A.
Page
17-20
Total Professional Fees for the FY 2018-19 120,000
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 Terms of Payment

➢ Monthly fee of Rs. 10000 plus GST shall be

payable in advance by 5th of each month.

Terms of Engagement

➢ The fees quoted above does not include any Audits fees and CA
attestation fees.

➢ Letter of Engagement shall be valid for a period of 30 days from the date
of receipt of the offer. Any succeeding work shall be decided upon mutual
agreement.

➢ Any assignment which is not covered in the scope of work will be taken
up upon your instruction immediately & fees pertaining to the same will be
payable in the subsequent month in which services are provided.

➢ Local & State specific registrations are not included in the above
discussed Scope of Work.

➢ Taxmantra will not be liable for non-completion of assignment within the

prescribed due dates, in cases where client does not provide sufficient
documents required by us or fails to communicate any required details
within time or fails to make payment within the aforesaid due date.
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OUR CLIENTS

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OUR CLIENTS

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OUR CLIENTS

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 LEADERSHIP TEAM
Alok is the CEO and Managing
Parter at Taxmantra Global
Network Firms. He is a Fellow
Member of the ICAI (FCA ), an
alumnus of St. Xavier’s College,
Calcutta, with post qualification
exposure in KPMG and Ernst &
ALOK PATNIA Young.
CEO & Managing Partner
Taxmantra Global He has authored more than 2K
blogs on Taxmantra.com and
also contributes to leading
platforms like YourStory.com,
Moneycontrol.com.

Rahul serves as VP Operations at

TaxMantra Global. He is a Fellow
Member of the ICAI (FCA), and holds a
Diploma in Information Systems Audit
from the Institute of Chartered
Accountants of India, having 10 years
RAHUL AGARWALLA of experience in handling income tax
VP Operations- India Search Seizure and Survey
(South) Taxmantra Global assessments, Appeals, Regular
Assessments and other litigation and
departmental proceedings relating to
Income Tax Act, Service Tax, VAT and
International Taxation. He is into
Advisory, Litigation and Compliance
relating to Direct Taxes, Indirect Taxes,
Corporate Law and various Labour
Laws in India. 26
 LEADERSHIP TEAM
Kenneth Ho currently serves as VP
Operations (Singapore) as Taxmantra
Global. Kenneth is a professional
trained Accountant with more than
10 years of experience gained from
his employment with 2 mid-tier
international accounting firms and 2
Kenneth Ho global outsourcing firms. Not limiting
VP Operations his exposure to accounting
TaxMantra Global compliance, his experience includes
(Singapore) corporate secretarial compliance,
personal & corporate tax compliance,
Goods & Services Tax (GST)
compliance & payroll compliance
services too.

CA RK Patnia serves as non-

executive chairman at Taxmantra
Global. He is the past president of
Income Tax Bar Association and also
past chairman of The Institute of
Chartered Accountants of India
(ICAI).

CA RK Patnia He has vast experience in the field of

Non Executive Chairman tax and advisory and known for his
Taxmantra Global technical expertise in the handling of
income tax search and raid
assessment especially, in active
practice since the year 1983.
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 TAXMANTRA GLOBAL
INTRODUCTION/ ABOUT

Taxmantra is a global legal, taxation, compliance and

due-diligence firm with presence in India, Singapore, US
and Middle East.

Since inception in 1983, 40K+ customers have hired

Taxmantra Global as a trusted partner to manage their
compliance, due-diligence, fund raising, taxation and
corporate law.

Several startups, technology companies and SMEs

trust Taxmantra as their Cloud CFO.

• $100M funding assisted

• 300K+ compliances filed
• 3 decades of experience
• Trusted by startups, new age tech
businesses and investors
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 www.taxmantra.com

TA X M A NT R A G LO B A L
INDIA. SINGAPORE. USA. MIDDLE EAST

Global Deliver y Center Singapore

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C o m p l e x , Ko l k a t a 7 0 0 0 9 1 199588

Bengaluru
# 2 1 , 1 s t F l o o r, 6 t h C ro s s ,
1 0 0 F t I n te r m e d i a t e R i n g
Roa d , S r i n i va g i l u , N e a r
S o n y Wo r l d S i g n a l ,
Ko r a m a n g a l a

+91 983603903
fb.com/taxmantra
@taxmantra 29