social audit services in India Archives

Save Tax through the following Tax Exemptions

Did you know that it is possible to save your income tax out flow by far a large amount?

Do you want to know about Tax Planning through Tax Exemptions?

Did you know that we can help you with this year’s Tax Filing? Are you wondering about redeeming some of the previous year’s tax which you filed and weren’t aware of exemptions.

Then this is the post for you. Read further to understand how you can save tax through following tax exemptions. All this is possible legally under the Indian Income Tax Act which allows certain deductions which can be claimed to save tax at the time of filing of Income Tax Return by all classes of taxpayers . All you need to do is a proper tax planning which would allow certain deductions from your gross total income and income tax would be levied on the balance income as per the income tax slabs. Here are certain year-end tax tips to get smarter with tax management.

House Rent Allowance (HRA): It is the best tax saving tool which a taxpayer can use. Under this you can save upto 50% of your salary if you are staying in a metropolitan city like Mumbai, Delhi, Chennai or Kolkata else 40% if you reside in non-metro. Apart from this if actual rent paid is lower than 10% of your basic salary received then there is no exemption. Be aware that you cannot claim any exemption under this section if you love in your own home or of you are not paying rent to anyone.

Medical Reimbursement: If your employers provide you medical reimbursement facility for your medical expenses you can get tax exemption. No income tax on medical reimbursement is levied up to Rs. 15000 provided all bills for the same are produced by the employee to the employee. This also includes premiums that your company might be paying for your health insurance schemes and on treatments of any critical diseases. It is to be noted that no income tax on medical reimbursement is levied upto Rs. 15000, the amount received as medical allowance would be fully taxable.

Deductions on Section 80C, 80CCC: Under Section 80C a deduction of Rs.1,50,000 can be claimed from the total income you earn. In simple terms you can save up to Rs. 1,50,000 from your total taxable income under this section. Please note this deduction is allowed to an individual or a HUF. Under Section 80CCC it provides deduction to an Individual for any amount paid or deposited in any annuity plan of LIC or any other insurer. The plan must be for receiving pension from a fund referred to in Section 10(23AAB).

Leave Travel Allowance (LTA): It is the most common element of compensation which the employers use to remunerate employees due to the tax benefits attached to it. An LTA is the remuneration paid by an employer for Employee’s travel in the country, when s/he is on leave with the family or alone. LTA amount is tax free. Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is exempt. Please note that The total cost of the holidays is not covered, only the travelling cost is covered.

Spend more: Increasing expenses, such as paying off bills or other debts or paying out bonuses to employees, it will help increase your deduction for the current year. If you’ve delayed major purchases for your business, you should go ahead and buy it. Not only can you find great deals as businesses try to clear out inventory, you’ll have more deductions. In general capital improvements and new equipment should be capitalized and depreciated over 5, 7 or 10 year period.To know more about tax planning, tax exemptions and to get smarter with tax management for this financial year, drop us a line here and we will be happy to provide you our Tax planning services . You can also write us at info@gapeseedconsulting.com or, call us for Tax Advice at, +91-9599444639.

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The Evolving Role of Internal Audit in Growing Companies

Without any doubts, today’s organizations face a global economic crisis of historical proportions. In response to that, management, board of directors and leaders throughout the organization are taking fresh look at virtually all aspects of the business to assess how to enhance productivity, processes and systems, yet still stay “in control.” They are starting, and very likely will continue, to think and respond differently as they determine how to operate their businesses successfully and maintain plans for long-term growth in today’s unique business environment.

As the mandate and role of internal audit continue to evolve, managements are increasingly counting on internal audit functions in their efforts for managing fraud risks and keeping organisations protected. Increasingly, the internal audit function is not to monitor and detect but also to investigate fraud incidences when they arise. The role of internal audit in fraud risk management by way of preventing, detecting and investigating fraud has amplified as a result of economic uncertainty and increased focus of certain organisation’s management on fraud risks.

Internal auditors traditionally look beyond financial risks and statements to consider wider issues such as the organisation’s reputation, growth, impact on the environment etc. The fundamental function of an internal audit team are Assurance, Assessment and Recommendations, Oversight, Advisory Services.

The changing role of Internal Audit

Internal auditing professionals not only must understand these challenges and their organization’s key objectives, but also ensure that amid the many organization wide changes taking place on almost a daily basis, key controls and processes are adequately addressing these changes and the new risks that emerge, and are functioning as intended. Internal audit plays a critical role in helping companies successfully “manage the change” by providing assurances that with every new process, procedure and initiative, any significant new risks that emerge are identified, monitored and managed effectively, so that the enterprise is protected on an on-going basis and to a level that satisfies management and the board.

An effective audit planning process that focuses on organisational strategic imperatives and key business risks will identify an appropriate blend of advisory and assurance reviews. The updating of the audit plan can no longer be an annual process. The audit plan must be refreshed regularly (e.g., quarterly) and with triggering events. Leading functions are developing a ‘3 + 9’ plan — a three month frozen window and nine month fluid plan. For those that do not, the risk of unpreparedness, of being too slow to react to the changing risk environment or market events is simply too great, leaving organisations perplexed to react to events, some of which include:

Transactions (mergers, acquisitions, carve-outs or divestiture)
New product launch or retirement
New market entry
Patent expiry
Litigation

Mandate for Internal Audit

Strategic and valued advisor:The Internal Audit function serves as a subject-matter resource to business management around strategic initiatives, challenges and changes in the organisation. The function has the people, knowledge and experiences to effectively provide this level of service.
Business insight: In addition to covering the ‘basics,’ the Internal Audit function is designed to provide high-quality, relevant business insight as an integral part of its activities. Business insight is not a by-product, but an explicit outcome from the function’s activities.
Control and compliance monitoring structure:Internal Audit functions should be focused on evaluating the design and the effectiveness of internal controls in the areas outlined, in their charter or mandate. This also includes focusing on compliance with key regulations and policies.

Also, internal audit must think expansively when seeking ways to add value to the organization. Too often, we find internal audit functions stop short of making recommendations that could create value for the organization for fear of overstepping their place. However, “consulting” is part of the Institute of Internal Auditors’ definition of internal auditing, and we believe that appropriately empowering this function provides management with greater opportunities to create value without compromising independence.

At Gapeseed Consulting we work with your organization, virtually of any size to assist you with your internal audit activities. We believe the Internal Audits are now required to find different ways to increase shareholder value and increase the attractiveness of the company to investors, senior executives, especially the risk officers and advisors on board.

Internal Audits are required for all set of businesses which are emerging as progressive business units, our Internal auditors partner and build relationships with the client business in order to keep a finger on the pulse of the organization and thereby act as your growth partners.

To know more about our Internal Auditing services click here or get in touch with our team at, ranu@gapeseedconsulting.com

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Outsource Your Bookkeeping and Accounting Services

Most successful business owners understand that if they really want to manage their business, they need to get comfortable with the fundamentals of bookkeeping and accounting. Many entrepreneurs who launch their own businesses start out by wearing the accountant’s hat and doing their own taxes,

in addition to doing just about everything else in the business, too. A lot of Entrepreneurs who handled bookkeeping and accounting usually discover they weren’t doing nearly as well on their own as they thought they were. Gapeseed offers recognized bookkeeping outsourcing services solutions that support end-to-end functions of bookkeeping services for Small Business & start-ups.

Some start-up incubators purport to go beyond office space and provide more diverse support services, such as bookkeeping and accounting, legal and management advice, and intellectual property assistance and is an essential part of “start-up India’ program recently launched by Indian Govt at Vigyan Bhawan in New Delhi. Ask any successful business owner or entrepreneur and they will tell you.

Cash (flow) is king
A healthy cash flow statement and a driven sales department are the life of any organisation. Your financial books can change from a positive to a negative balance, and your debt commitments, which were reasonable when you started, can rapidly become your worst nightmare.

Pro Tip: Debt should be used for generating more income (buying products on credit), and never to fund your lavish lifestyle. Outsource an authorized bookkeeper to handle your books.

Though in today’s world, it’s become easier for a layperson to keep track of a business’ finance with the advent of simple online bookkeeping services software’s, such as QuickBooks, Quicken, and Microsoft Office Small Business Accounting. But there comes a time in a growing enterprise when it makes sense to hand over responsibilities for taxes, accounting, and the rest of the financial functions to specialists.

Signs you need to outsource your bookkeeping services:

Maybe you want to better the financial function of your business.
Or perhaps your accounting software isn’t providing the type of data you need to grow your business. Having trouble switching from cash to accrual accounting?
Are your financial statements inaccurate or incomplete?

These are all good reasons to look for a qualified bookkeeping services firm.

Also, companies have seen cost savings of up to 40% by finance and accounting services outsourcing

Before hiring a firm to fix your bookkeeping and accounting services do analyse firms.

Industry expertise – Previous experience in your industry makes things much easier for both the parties involved.
Size – Size and exact need of your requirement for a proper brief and guidance.
Complexity– Nature of service required from your firm.

With access to skilled resources available on a short notice, small business can venture in to larger business ventures by unlocking their liquid capital which is locked in hiring in house staff and paying company over heads in infrastructure investments. The right accounting and bookkeeping services firm can help a business with not only tax returns, but with longer term tax planning, business planning, networking, and even personal tax planning if your still the major stakeholder in your business

Duties and responsibilities usually include:

General ledger/chart of account maintenance
Responsibility for daily transactions
Financial statement preparation and analysis
Cost accounting and variance analysis
Treasury and cash management including bank reconciliations
Payroll and fixed asset accounting

Click to know detailed list of accounting & bookkeeping services provided by Gapeseed Consulting

Further to this if you seek any further clarity , feel free to write to us on, info@gapeseedconsulting.com or you can also call us at +91-9599444639.

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Recruitment Process Outsourcing Services

Recruitment Process Outsourcing Services by Gapeseed proved instrumental for one of our Engineering Services. Not just for the management level but for levels from management to admin, we just matched the right company with appropriate employees.HR services and staffing firms in India are expanding their teams and operations to cater to the rapidly growing demand for recruitment process outsourcing (RPO) as organisations are increasingly farming out all or part of the hiring functions to focus just on their core businesses. In India, software, technology and IT sectors are the major torchbearers for RPO growth. However with the online trend setting in, mid-sized to large online retailers in shopping, manufacturing, food marketing industry etc. are also driving demand. The ready examples of flourishing brands are Local Banya, Grofers, Big Basket, Craftsvilla, Flipkart, Amazon etc which have brought in change and are examples on ‘how resourceful the people strength could be in defining & setting up the customer satisfaction levels. And as hiring demand increases, the war for the right talent intensifies. So, more and more companies are expected to outsource their recruitment process work in the near future.

What is the exact role of Recruitment Process Outsourcing Service Provider?

RPO is a form of business process outsourcing where an employer transfers all or part of its recruitment processes to an external provider. The provider can manage the entire recruiting/hiring process essentially serving as an extension of the company’s human resources department. The providers even offer specific services that are designed to improve what the employer is already doing for recruiting or for training and other purposes. Some of the services include candidate research, compliance tracking, hiring manager training etc. RPO providers assume ownership of the design and management of the recruitment process and the responsibility of results. So, a provider will do lots more just to improve upon recruiting processes and recruiting results of the employer. This in turn makes it easier for employers to hold providers accountable and to hire the right talent for the company, instead of simply keeping positions filled.

How does Gapeseed’s RPO service deliver business value?

We are the expert staffers: Different companies demand different skilled employees. So, our RPO process starts with our clients’ goals. Our expert in staffing solutions dig deep to understand your organization and the job skills necessary for its success. We use proven sourcing strategies to identify where the talent is and how best to attract them. Our experience and expertise accelerates the acquisition of the right talent for you. We even customize our solutions and apply an approach that is appropriate for your needs rather than go with a one-size-fits-all approach.

Reach your targets thru right candidates

Whether it’s an end-to-end program, recruiter-on-demand offering, or selective RPO, we have the perfect solution for your temporary/permanent hiring challenges. This lets you increase or decrease recruitment operations quickly and effectively to fit your changing business needs.

Global Solutions for International Offices

At Gapeseed, we have clientele with international offices and our consultants are aware of all the region based talent requirements, the hiring procedures involved and also the documentation & travel requisites. Our experience and stringent recruitment process ensures we find only the best-in-class resources to support your goals. We have a deep understanding of each local market in which we serve and leverage our global network to meet your workforce needs anywhere around the world.

We go ahead with innovative approach

Based on Gapeseed’s extensive thought leadership and unique perspective on the world of work, we bring cutting-edge insight and innovation to the way we operate, keeping our clients ahead of the competitive curve. The approach also provides visibility and control over resources and cost, in the shortest time possible.

So, if you find these reasons good enough for your company, contact us and we will hop on board in no time to help you with the hiring & staffing solutions. feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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FRRO and Taxation Services for Expats in India

Living away from home is no easy job. And we understand the difficulties involved. A new city, a new country, a new work environment and to add to it – the language and culture difference – yes that is too much to handle. The Expats in India have good news though.

Gapeseed’s Expat Services are projected to ease out the Expats in India who are here for work or business and need someone to assist them with all the visa related documentation, registration for self and businesses, expatriate taxation, remittances etc. In this post, we will detail out about the FRRO and Taxation Services for Expats in India.

Wherever you travel across the world for business, it is always best to have up-to-date information about your destination. Be it about visa guidelines, expat’s foreign registration or other mandatory documentation related to stay or taxation, we provide solutions to all of these for Expats in India. It’s not advisable to be unaware or ignorant about the regulations or the services when travelling abroad or when traveling from foreign countries to India because that may affect your trip in more than one way. In this post we would be discussing about the basics terms and regulation of expat registration and how Gapeseed Consulting provides a complete gamut of services to expats in India.

Basics of Expat Registration

The Expats in India who are on Employment Visa (valid for more than 180 days) is required to get himself registered with concerned FRRO (Foreigners Regional Registration Officer) within 14 days of first arrival, the regulations are irrespective of the duration for which one is visiting. Even in other Visa types, if the Indian Visa has a condition for registration made by Indian Embassy on the Indian Visa and on Employment for less than 180 days, the Foreigners are required to be registered. Foreigners visiting India on other categories of long term Visa (valid for more than 180 days) including Business Visa would not require registration with the concerned FRRO if duration of his/her stay does not exceed 180 days on a single visit. In case a foreigner intends to stay for more than 180 days on a single visit he should get himself registered well before the expiry of 180 days.

Also, it is mandatory for all Expats in India to personally appear at the concerned FRRO office for obtaining any Visa related services.

Understanding Foreigners Regional Registration Officer (FRRO) and Documents required

The foreigner registration office is the primary agency to regulate the registration, movement, stay or departure of any Expats in India. FRRO is also the recommending authority for the extension of stay in India. Following are the documents required for Expat Registration:

Original valid passport and Visa along with 4 passport size colour photographs
Registration form
Photocopies of the relevant pages of passport (photo page, page indicating validity, page bearing arrival stamp of Indian Immigration
Undertaking letter (3 copies signed by Indian Host/ sponsor/ Guarantor along with any one valid identity document like passport, election identity card, official identity card, PAN card, etc.)
Proof of Residence (3 copies of either electricity bill/Telephone bill/ Municipal bill/ certificate of municipal authority/Leave & Licence agreement or any other valid proof of residence)
In case of registration on Employment visa, three copies of the terms and conditions of the contract of assignment, including salary, designation, tenure of employment etc.
In case of registration on Employment or Business Visa, three copies of PAN card or of application made for grant of PAN card
In case of registration on Employment or Business Visa, forwarding letter of concerned company/Firm /Business undertaking, duly signed by the authorized signatory mentioning name, designation & telephone and mobile number

You can download the Free Guide towards Expats Documentation here.

Gapeseed’s Expat Services

Gapeseed Consulting Services provides a full range of services to Expats in India. We have experienced professionals who are well versed, well traveled and experienced in the industry for providing expat related services. Our main objective is to reduce the hassle of foreigners visiting India and enabling them to focus on the purpose of the trip.

Our services to Expats in India include the following:

Foreign National Registration (FRRO Registration)

As discussed earlier, FRRO registration is a mandatory procedure when you decide to visit India from a foreign land. Gapeseed arranges for the registration with respective FRRO within the recommended timelines on arrival in India. All we need to initiate the process is the necessary documents required for the registration which is detailed above.

Expatriate Taxation

First and foremost we need to understand that expatriates does not include all the foreign citizens coming to India for employment, many of them are immigrants and not expatriates.

As per the Indian guidelines, the remuneration received by a foreign expats working in India is assess-able under the head ‘Salary’ if it is payable to him for services rendered in India as per the Section 9(1)(ii) of the Income Tax Act.

And this salary is considered liable to tax in India irrespective of the residential status of the expatriate employee and is also subject to TDS regardless of the place where the salary is actually received.

The Expatriate Taxation is managed two ways – through individuals and through the corporate who employ Expats in India. Gapeseed offers detailing to both the cases separately.

Please feel free to write to us to get a detailed recommendation document for managing the taxation for Expats in India. You can reach us through this form or call us.

For more information on FRRO and Taxation Services for Expats in India , feel free to reach us on, info@gapeseedconsulting.com or call +91-9599444639/+91-9599444630

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Setting up a business in India

Can be a task but not when you have the taskmaster.

Setting up a business in India is mostly considered an uphill task, but if you have professional help, that can assist you to get your business plan

assessed as per the ethics and familiarize them fully about the licensing as well as the registration requirements, it is very much possible. Gapeseed Consulting aims to offer the most appropriate services to you right from the beginning until you entirely settle the business of your preference. Whether you are looking to expand your existing operations in the country or planning to set up outside, we provide a one-stop solution to thoroughly take care of all the intricacies involved in the process. Besides our competence in accounting and tax, our strength lies in the ability to be your business and commercial adviser and managing your entire set up plan. Right from conceptualisation phase to being your implementation partner, acquisitions and joint ventures, we take care of it all. Our consultants can also help you with talent management, payroll services and day-to-day business management services.

Our experience that has been gained over the years can facilitate you to get an edge and know-how to help you out in the most effective manner. Our team of professionals can guide you at every significant stage before you can set-up your business. Our consultants will offer adequate information that covers business environment, social norms, taxation policies, and insurance amid other necessary information required for setting up a business in India. Once your business is set up, we can even take care of your book-keeping, payroll, management reporting and compliance requirements. With years of experience, we can add value to your expansion plan by looking after these functions while you focus on your business.

Setting up a business in India involves various steps; however we can briefly tell you what all we provide:

Customize your needs

Based on your business size, your needs may differ – we customise our services to your requirements. We can help you at any stage of your entry plan. We will share our knowledge and design a package of services that is relevant specifically to your business. Our experience, practical and commercial understanding of the process will help you to set your own business successfully. It could be a company, a branch, a partnership firm or proprietorship.

Approval for Investments

In today’s world setting up a business and making investment generally do not require any approval and is covered under the automatic route. However, in case of some industries approval is required for setting up business. We provide services for obtaining approvals; for formulating strategy and for mode of business setup etc.

Beyond business setup

We can assist you with all that needs to be done while entering business world – right from liaising with a market research firm, pre-investment advisory on available opportunities, validating your business plan, selecting the correct form of entity, providing regulatory and tax advisory or getting you in touch with the right people, right vendors and more. But our job doesn’t get over just there. Once your business is set up, you can rely on us for book-keeping, payroll, management reporting, company secretarial and compliance requirements.

Business setup in no time

A business setup to become fully functional requires registration with various tax, labor and other authorities. Our business setup solution provides services for registration with various authorities immediately after incorporation. This leads to providing our clients ready to operate business setup within a short period of time

For availing business set-up services offered at Gapeseed Consulting, you can either call or e-mail us at info@gapeseedconsulting.com. As soon as you contact us, our representative would get back to you with appropriate quote for the services offered. For more details, you can download the Free Guide on Setting up a Business in India from the resource section.

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