Month: May 2016

International Taxation Consultancy

Once you have set your business and are on the stages of expanding it many of the entrepreneurs wonder whether they should make foreign investments or operations or not.  When it comes to an international market operation things get a bit complicated as it creates a variety of structures at the same time you need to select the right tax advisor that has competency in that particular commercial area. The boundaries of international taxation has been increasing this is where the international taxation consultancy is require who can tackle all the compliances related to international taxation.

We at Gapeseed Consulting provide all required services which give all the solutions related to International Taxation Consultancy, we can help you understand your tax situation; you must first work out whether you are an Indian resident for tax purposes. Indian residents are generally taxed on their worldwide income from all sources. Foreign residents are generally taxed only on their Indian-sourced income, such as money they earn working in India.

Some of the services we offer are:

Transfer pricing planning and documentation:

Tax authorities are everywhere and are always eager to get revenue, not only that but they are imposing new, stricter transfer-pricing documentation requirements on companies – and sharply escalating audits and inspections – with significant penalties for non-compliance.

Meanwhile, as you expand your operations to compete on an international scale, your cross-border transactions – sales of goods, provisions of services, licensing of intellectual property, lending of funds, etc. – will continue to grow in frequency and complexity.

At Gapeseed Consulting we understand the increasing globalisation, faced with increasingly burdensome compliance globally. In many businesses a new sense of urgency about maintaining effective and consistent transfer pricing documentation across all tax jurisdictions in which they do business.

Dispute Resolution:

Our international taxation consultancy tax dispute resolution network assists taxpayers in this emerging area. We can work with you to efficiently manage, and favourably resolve tax audits and disputes throughout the world. We have tax specialists to assist our clients in virtually every area of dispute. We combine deep technical understanding, local knowledge and strong relationships with government officials, tax litigation experience, and a global perspective to provide you with best of the services.

Advance pricing agreement:

We can help your company to obtain advance pricing agreement covering a broad range of intercompany transactions. We have our professionals who hail from industry, and with foreign governments—including senior-level positions in governmental agencies responsible for administering advance pricing agreement.

We can work with you to develop strategies at both the global and local level, and guide you through the process of requesting advance pricing agreement to help you ensure successful outcomes.

Intellectual property valuation:

Our experienced team of IP and intangible asset valuers apply commercial valuation principles and adopt a range of complex valuation methodologies to produce robust analysis to assist in negotiations, decision making, legal disputes and investment analysis.

We have in-depth sector experience across a broad range of industries and are therefore familiar with working alongside marketing, sales, technical and research staff to gain a deep insight into the subject IP.

Our services include:

Valuing a brand or other IP in relation to a potential sale or licensing agreement. Considering the value of brand, technology or other assets in the context of a contribution to a joint venture or alliance. Valuing IP / intangible assets for financial reporting purposes under international, US and UK accounting standards. Providing independent valuations of IP for commercial disputes or expert witness reports. Assessing the market value of IP/intangible assets for tax purposes.

If you would like to know more about our international taxation consultancy for your businesses you can drop us a line here or, call +91-9599444639/+91-9599444630

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Online Tax Filing

The forms for the (ITR) Income Tax Return for Financial Year 2015-2016 i.e. Assessment Year 2016-2017) have been released by the Income Tax Department. These are applicable for your income tax
return for income earned from 1st April 2015 to 31st March 2016.

If you’re looking forward to get some assistance on filing your Income Tax Return Gapeseed Consulting can help you with knowing different ITR Forms and filing the same. You could read more on our website here.

To figure out which ITR you need, read below to know more.

ITR-1

The following people need this return form whose total icome for the assessment year 2015-2016 include

  • Income from Salary/Pension
  • Income from One House Property
  • Income from Other Sources which does not include Winning from Lottery and Income from Race Horses

Who cannot use this Return Form

If you own any asset for any financial interest or have an account located outside India you cannot use this return form also if you have exempt income which is more than Rs. 5,000, you cannot use ITR-1.

ITR-2A

This tax return form can be used under the given condition:

  • Income from salary and has more than one house property but does not have any capital gains.
  • People with long term capital gains securities on which transaction tax is paid.
  • NRIs if they do not have any foreign assets.

If you fall under any of the category below you cannot file through ITR 2A

  • If income is from capital gains
  • Income from Business
  • If you have claim of relief/deduction under section 90, 90A or 91
  • If you have any asset which lies outside India.
  • If you have an earning source outside India.

ITR-2

If you lie under the category of Hindu undivided family you need to file your tax by filling up ITR-2 under the following circumstances:

  • If the Income is from Salary/Pension
  • Income earned from house property
  • Income from Capital Gains
  • Income from Other Sources which includes winnings from Lottery and income from Race Horses.

The Return Form should not be used by an individual whose total income for the assessment year 2015-16 includes Income from Business or Profession or if you receive remuneration as a Partner in a Partnership Firm or LLP. If you lie among anyone if the following categories you need to declare these types of incomes under ITR-3, ITR 4 or ITR-4S.

ITR-3

This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a Partnership Firm or LLP and where income chargeable to income-tax under the head, profits or gains of business or professional does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to or received by them from such firm.

Only this form is to be used in case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm and not Form ITR-2.

If your total income is from Business or Profession under any proprietorship then this Return Form should not be used.

ITR-4S OR SUGAM

This Income tax Return to be filed by individuals, HUF and small business taxpayers having presumptive business income, salary/pension, one house property or income from other sources.

You cannot use this form if the individual has more than one house property, speculative income, agriculture income more than Rs 5000, capital gains.

ITR-4

For individuals and HUFs having income from a proprietory business or profession.

ITR-5

For firms, LLPs, AOPs (Association of persons) and BOIs (Body of Individuals)

ITR-6

For Companies other than companies claiming exemption under section 11 (Income from property held for charitable or religious purposes)

This return has to be filed electronically only.

ITR-7

For persons including companies under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D).

    • Return under section 139(4A) is required to be filed by every person in receipt of income derived from property held under trust or other legal obligation wholly for charitable or religious purposes or in part only for such purposes.
    • Return under section 139(4B) is required to be filed by a political party if the total income without giving effect to the provisions of section 139A exceeds the maximum amount which is not chargeable to income-tax.
    • Return under section 139(4C) is required to be filed by every
      1. scientific research association;
      2. news agency ;
      3. association or institution referred to in section 10(23A);
      4. institution referred to in section 10(23B);
      5. fund or institution or university or other educational institution or any hospital or other medical institution.
    • Return under section 139(4D) is required to be filed by every university, college or other institution, which is not required to furnish return of income or loss under any other provision of this section.

Click here to drop us a line if you have any questions regarding tax filing online.

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Tax Accounting Services for start-ups and small businesses

Tax accounting for start-ups and small businesses has started to be regulated due the increase in number of start ups and small businesses which has scrutinised the regulatory norms this has also brought up many other flaws in the system of other companies.

The change in the environment of tax accounting services has been constantly changing and growing which has brought upto a situation where tax laws have evolved which has rapidly impacted the tax planning as well as the tax preparation. This has made impact on the company’s financial reporting.

At Gapeseed Consulting we offer our client Tax accounting services to start-ups and small businesses. We can help to make changes in the way of tax planning and reporting which helps in increased efficient results at quarter-end and year-end. Apart from this at Gapeseed Consulting we offer other accounting services which can help you manage your taxes and business better like Bookkeeping services where we specialize in budgeting and account reconciliation and will actively balance your books. We offer payroll services as well in which we’ll take the payroll process off your plate and ensure you are always compliant. The services provided by us for tax accounting to start ups and small businesses are as follows.

    • Tax provision outsourcing and support:Many companies continue to struggle with the appropriate amount of internal tax resources to employ. Some companies want to own the entire tax function, while others want an experienced tax firm to be entirely accountable and responsible for their tax needs. Some want a mix of both. For more than two decades, Gapeseed Consulting has developed and delivered the people, process, and technology to provide an integrated, cost-effective approach to operating tax departments. Clients in industries such as life sciences, retail, manufacturing, banking and utilities have realized the benefits of Gapeseed Consulting tax accounting services.
    • Accounting for uncertain tax positions assessments:We help clients minimize the risk of forfeiture and maximize future benefits via a wide range of tax process and operations management solutions. We design, transform, and run intelligent operations that provide comprehensive tax compliance support for corporate and transactional taxes. In addition, we prepare premium tax returns for insurance businesses, assist in VAT filings and associated reconciliations property tax returns, and provide information.
    • Actively Managing Your Tax Department:Our tax department outsourcing services also include managing and assisting with operational matters that arise on a day-to-day basis such as establishing procedures and reporting practices, proactively communicating with company management, maintaining a corporate tax calendar, and assisting with examination support. Gapeseed Consulting establishes effective communication protocols, serves as a tax liaison to external auditors, and responds to tax inquiries from internal business units.
    • Tax Preparation:It can be a tedious task to prepare your own tax return which might even leave you with more doubts. We constantly check and recheck your tax returns our teams plans up the filing either offline or efiling which will help you get your refund back quicker. Combined with our payroll services we can help you with the withdrawal which can help you get more money back and low interest loans. In addition we will help you with a sheet of commonly overlooked deductions to limit the year’s tax liability.
    • Tax Planning: Planning is the key to successfully and legally reducing your tax liability. We go beyond tax compliance and proactively recommend tax saving strategies to maximize your after-tax income. We make it a priority to enhance our mastery of the current tax law, complex tax code, and new tax regulations to help our clients with the latest trends.Businesses and individuals pay the lowest amount of taxes allowable by law because we continually look for ways to minimize your taxes throughout the year, not just at the end of the year.

If you would like to know more about our tax accounting services for start-ups and small businesses you can drop us a line here.

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