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Accounts Outsourcing In India – The Cost Effective Way

Many small or medium sized businesses now a days outsourcing their accounting divisions to other
companies so that they can focus more on other important works of the company.

Some businesses outsource their accounting divisions just to cut their cost as hiring and training
accounting professionals and buying accounting software is a costly affair. Companies easily get
outsourcing services at just 40-50% of the total cost invested by the company in purchasing the software
and hiring the accounting professionals.

Many companies provide outsourcing services to other companies at less cost as per client needs &
requirements. Companies providing outsourcing services gives a big boost to the businesses which are
unable to manage their work load and looking for outsourcing companies to outsource their modules.

The outsourcing activity is growing at a fast pace and India is considered as the best option. It is done by
companies in order to manage other activities of the business in more efficient, productive and
profitable way.

What Is Included In Our Package?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees

Bookkeeping And Accounting Overview

As you know, Accounting/bookkeeping is a process of recording revenue & expense and provides an
idea about your business position. It store, sort as well as record the financial transactions done by a
business. Every individual doing job or business has to mandatorily submit their accounting records to
income tax department. It is applicable to individuals, firms, NGO’s, companies etc.

Hiring an accountant for a small, medium or a big sized business is a costly affair. Therefore, our
accounting experts on SS Auditors will help you by providing accounting & bookkeeping services at a
minimum cost.

Bookkeeping & Accounting for individuals– We offer bookkeeping & accounting services to
individuals such as contractors, freelancers, agents etc. and reduce their burden of filing income tax
returns to the tax department. We take full burden from our client and provide them accurate solution of each & every problem and even help them showing the clear picture of their business. We help individuals in organizing and keeping their books up to date.

Bookkeeping & Accounting for firms – There are various tasks that small business firms has to
perform and performing all tasks themselves is a time consuming task. Therefore, SS Auditors takes
the responsibility of managing your finances so that you can concentrate on other work and take
other important decisions related to the company.

Bookkeeping & Accounting for companies – Accurate bookkeeping and accounting for small,
medium or big sized businesses is a crucial work as any wrong transaction can land you in trouble
and ultimately filing of wrong tax returns to the tax department. Filing of accurate tax returns
ensures smooth functioning of your organization. Therefore, it is necessary to take help of an
accounting expert to complete this crucial task on time & without any error.

Bookkeeping & Accounting for NGO’s – As per the international accounting standards, all
registered NGO’s are required to maintain system of recording and submitting financial transactions
for the aim of implementing different projects & smooth running of their organization. NGO is a
non-profit organization but he has to record each & every expense and income.


What Is Included In Our Package?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees

Expatriate Taxation Overview

An expatriate is a person residing in a country temporarily or permanently which is different from his or
her residence country/home country. This term is mainly applicable on the professionals sent by the
companies to their foreign subsidiaries or associated enterprises. In other words, an expatriate is a
person who resides in a country other than the home country for a specific period. In case, foreign
expatriate is working in India, the salary or remuneration received by him in India is considered as his or
her earnings of India, if it is payable as salary on the basis of services rendered by him as per section
9(1)(ii) of the income tax act. It means that an income earned as a salary for services rendered by foreign
expatriate will be regarded as income earned in India. He is liable to tax on the salary paid for the
services rendered by him in India.

When an expatriate is sent to some other country, the agreement is formed in such a way that full tax
burden is on the company not on the expatriate. For example – Suppose a Chinese expatriate sent to
India, than the income tax burden will be on Indian concern and not on the expatriate employee. For ex
– If the salary given to expatriate is Rs.100 and the tax on the same is Rs.30, tax of Rs.30 will be paid by
the company and not by the foreign expatriate. Therefore, the total amount paid to expatriate is Rs.130
(Rs.100 as net salary and Rs.30 as tax) which has to be paid on salary by an individual. Maximum rate of
deduction is 30% and education cess is 3%. Therefore, the total tax levied is 30.9%. Expatriate tax is
always bear by the company. If a person is resident of one country but receives income from another
country, there are chances that a person can be taxed in both the countries.

Double taxation can arise in two circumstances –

1. He/she is a resident of one country receiving deriving income from another country
2. He/she is resident of two countries & each state taxed the individual on the basis of worldwide
income.

What Is Included In Our Package?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees

TDS & Withholding Tax Services Overview

TDS (Tax deducted at source) - TDS means tax deducted at source. This tax is deducted from the
income of an individual. The tax deducted at source must be deposited to the government by 7th of the
subsequent month. TDS deducted in the month of July must be paid to the government by 7th august
whereas TDS deducted in the month of March can be deposited till 30th April. You must follows TDS
compliances to avoid fines, penalties etc.

To follow TDS compliances properly, you have to take care of the following things mentioned
below –

1. TDS rates
2. TDS provisions
3. Due date or deadline of submitting TDS
4. Details about Fines, penalties.

Withholding tax – Withholding tax is a tax collected by an employer by withholding a certain amount
from employee’s wages and paid directly to the central government of India. This tax is also levied on
income (interest or dividends) from securities owned by a non-resident. It also includes other income
paid to non-residents of a country. The most important benefit of withholding tax is that there is no
possibility of tax evasion in this case. Withholding taxes are applicable on sources of income such as
salary, commission, rent, work contract, interest, business income, professional services, technical
services etc. It is also called as retention tax. You must follow withholding tax compliances to avoid fines,
penalties etc.

To follow withholding tax compliances, you need to take care of the following things mentioned below

1. Withholding tax rates for Indian resident or non-resident
2. Withholding tax payment due date
3. Withholding tax filing due date
4. Details about fines, penalties etc.

What Is Included In Our Package?

Eligibility Consultation
Document Preparation
Application Drafting
Government Fees