All Accounting and compliance service assignments are handled by highly qualified and experienced professional staff under the direct supervision of a Director, Principal or a Senior Manager.
Accounting Support :
Providing support in maintaining a system of computerized Integral accounting, which will include the preparation of necessary financial records and procedures for internal control and report to you on a periodic basis.
Payroll Processing :
Assistance in maintaining all records and completing all formalities relating to payroll on a monthly basis as follows :
|Computation of monthly salary payable per employee|
|Computation of Income Tax, Profession Tax and other statutory withholdings|
|Preparation of individual pay slips|
|Preparation of comprehensive monthly payroll statement|
|Ensuring actual payment of salaries to all the employees through the company’s Bankers|
|Preparation of Form No.16 (certificate of deduction of tax at source) in connection with withholding taxes on salary payments|
|Preparation of Form No.24 (quarterly and annual return for tax deducted from salaries)|
|Preparation of monthly returns relating to provident fund|
|Preparation of Salary Certificate|
|The payroll shall be processed on a strictly confidential basis|
Tax Compliance Services :
Compliance of Tax Deduction at Source (TDS) Procedures
|Assistance in remitting the Tax to the government on a monthly basis|
|Preparation of the Tax Certificate to be issued to a payee|
|Preparation and filing of the quarterly and annual TDS returns with the Revenue Authorities|
Other Services :
|Designating a Person of our firm to verify and authorize payments of monthly operating expenses|
|Preparation of Business Plans|
|Assisting you in setting up a local bank account|
|Preparation of monthly financial reports and cash reconciliations in a manner and format mutually agreed|
|Returns / Documents to be filed with the Reserve Bank of India|
|Being with you on a financial advisory role on a continuous basis|
Audit & Assurance Services :
Statutory, Internal, Management and Operations Audits and investigations.
At Italia & Associates, we believe that the purpose of an audit is not just to express an opinion on the underlying Financial Statements, but is an opportunity to understand you, your vision and objectives. Audit and assurance services are tailored to meet the specific engagement requirements all with a universal objective of providing strategic, value additions to your business.
We believe that inherent in our audit process are procedures established to identify inherent, strategic and control risks. Our audit procedures and programs are designed to evaluate, document, identify and measure these risks with an objective to provide feedback and suggest improvements to mitigate these risks.
All attest functions are carried out under the supervision of a partner and the firm has procedures and policies in place, which ensure that while performing these services highest International quality standards are adhered to. The firm is subject to an ongoing quality control review program coordinated by the Nexia International Audit Committee carried out using procedures based on International Auditing standards and also peer review by the Institute of Chartered Accountants, India.
Management consultancy services
Complete services in respect of collaboration arrangements including project evaluation, drafting of collaboration agreements and advice on income tax and company law implications and financial aspects.
Complete services under the Foreign Exchange Management Act (FEMA) including advising upon investment acquisition/dilution by non-residents, opening of liaison and branch offices in India, conversion of foreign branch office into an Indian Company; valuation of shares for investment acquisition/dilution, advising on the implications of the other related laws like the Companies Act, Income Tax Act, advising on terminal offshore projects and setting up of and investment in joint ventures abroad. The services also include making applications under the various provisions of the Act such as COB license or permission for the foreign companies to hold shares, liaising with the Reserve Bank of India and other Government authorities, both at Mumbai and New Delhi, and obtaining necessary sanctions.
Complete services under the Indian Tax laws as regards direct taxes including advising on the several implications of these laws, tax planning and representation before the tax authorities and Appellate Authorities.
Complete services under the Companies Act, 1956 including consultations and advice, making applications and appearances before the Company Law Board.
Corporate Tax Advisory & Representation :
Understanding your business helps us understand your taxation needs and objectives. In the face of rapid changes in tax laws one needs up to date information to make decisions suiting corporate objectives. Our tax resources help us in providing you with timely and objective tax advisory services. Our tax representation services provide you with a professional approach in dealing with matters concerning tax issues and litigations with various appellate authorities.
Expatriate Tax Matters :
We specialize in expatriate tax matters, right from planning a expatriate compensation package, providing a legal framework agreements to the filing of the expatriate employee tax return, we provide expatriates and their employers with a comprehensive package. The package includes :
|Planning the compensation benefit package|
|Comprehensive advisory services with respect to expatriate taxation issues|
|Preparation of employment agreement|
|Administering the employee payroll and with holding tax issues|
|Legal compliance with FEMA & other Indian legislations|
|Liaising with the foreign accountant for necessary inputs for filing of the home country tax return of the expatriate employee|
|Filing of the expatriate employee tax return|
Transfer pricing study and compliance :
Advising on the most appropriate Transfer Pricing Methodology for complying with the Transfer Pricing Regulations based on the functional analysis, risks assumed and other facts and circumstances of our case. Suggesting the desired level and nature of documentation to be maintained, in conformity with Transfer Pricing Regulations in India and providing a Chartered Accountant’s Report pursuant to section 92E of Indian Income-tax Act, 1961.