Service Tax Services

ADVERTISEMENT SERVICES

Introduction

¨     Clause(g) of Negative List of the new section 66D of the exempts Selling of space or time slots for advertisements. The advertisements should not be for broadcast on radio or television.

Statutory provision granting exemption

With effect from 1-7-2012, exemption has been provided to certain advertisement services. As per clause (g) of section 66D of the Act, the following is exempt:

 “Sale of space and time slots for advertisement other then advertisement broadcast by radio and television”.

As per sec. 65B(2) of the Act, “Advertisement” means any form of presentation for promotion of, and bringing awareness about, any event, function, idea, unmovable property, person, service, goods and actionable claim through newspaper, television, radio, internet or any other means but does not include any presentation made in person.

Taxable service (under the Act)

  • Ø Commissions received by advertisement companies from the broadcasting or publishing companies for facilitating business;
  • Ø Any sale of space and time slot to be broadcast by radio, and television;
  • Ø Any sale of space and time slot which would not fall within the prescribed definition of an ‘advertisement’;
  • Ø Presentations made in person as these would not qualify as advertisements;
  • Ø Service provided by advertisement companies relating to making or preparation of advertisement;

Scope of exemption

    The essential ingredients for a service to be exempt are as follows:-

  • Ø The service must be sale of space and time slots;
  • Ø The intention of sale of space and time slot should be advertisement;
  • Ø Advertisement should not be for a broadcast on radio, and television;

R K Kumawat & Associates
Address:G-15, Ashirwad Complex, Central Spine, Vidhyadhar Nagar, Jaipur – 302023 (Rajasthan) 
Email : info@rkkassociatesinfo.com 
Website: www.rkkassociatesinfo.com 
Phone : +91-8829035203, +91-9928399554

ADVERTISEMENT SERVICES

ADVERTISEMENT SERVICES

Introduction

¨     Clause(g) of Negative List of the new section 66D of the exempts Selling of space or time slots for advertisements. The advertisements should not be for broadcast on radio or television.

Statutory provision granting exemption

With effect from 1-7-2012, exemption has been provided to certain advertisement services. As per clause (g) of section 66D of the Act, the following is exempt:

“Sale of space and time slots for advertisement other then advertisement broadcast by radio and television”.

As per sec. 65B(2) of the Act, “Advertisement” means any form of presentation for promotion of, and bringing awareness about, any event, function, idea, unmovable property, person, service, goods and actionable claim through newspaper, television, radio, internet or any other means but does not include any presentation made in person.

Taxable service (under the Act)

  • Ø Commissions received by advertisement companies from the broadcasting or publishing companies for facilitating business;
  • Ø Any sale of space and time slot to be broadcast by radio, and television;
  • Ø Any sale of space and time slot which would not fall within the prescribed definition of an ‘advertisement’;
  • Ø Presentations made in person as these would not qualify as advertisements;
  • Ø Service provided by advertisement companies relating to making or preparation of advertisement;

Scope of exemption

The essential ingredients for a service to be exempt are as follows:-

  • Ø The service must be sale of space and time slots;
  • Ø The intention of sale of space and time slot should be advertisement;
  • Ø Advertisement should not be for a broadcast on radio, and television;

 

R K Kumawat & Associates
Address:G-15, Ashirwad Complex, Central Spine, Vidhyadhar Nagar, Jaipur – 302023 (Rajasthan)
Email : info@rkkassociatesinfo.com
Website: www.rkkassociatesinfo.com
Phone : +91-8829035203 , +91-9928399554

 

Board of Directors

Meaning of ‘Board of directors’ [Section 252(3)]

Q.2 Explain the term ‘Board of directors’

Ans. The term ‘Board of directors’ means a body duly constituted to direct control and supervise the activities of affairs of a company. In other words, the Board of directors is the ‘directing mind and will’ of the company.

Board has management and the control of the company. The ‘Board of directors’ is the supreme authority having the management and control of the affairs of a company. It is entitled to exercise all such powers as the company is authorized to exercise. However, certain powers are required to be exercised in general meeting by the shareholders, and therefore such powers shall not be exercised by the Board.

Functions of the Board. The Board directs controls, manages and superintends the affairs of a company. It formulates the general policy of the company, establishes organizational set up for implementing these policies, and directs its affairs to achieve the objectives laid down by it. The success of the company depends on the efficient functioning of its directors. Therefore, Board has been referred to as the eyes, ears, brains, nerves and essential limbs of the company.

 

 

  1. 1.    The terms ‘Board of directors’, ‘Board’ and ‘directors’ are synonymous

The directors collectively are referred to as the ‘Board of directors’ or the ‘Board’ [Section 252(3)]. In practice, the expression ‘directors’ is also used to mean the ‘Board of directors’

  1. 2.    Directors can exercise powers only when they act collectively

All the powers vested in the Board of directors are exercisable by the directors collectively, i.e., by the Board. An individual director has no authority to act on behalf of the company, unless he is so authorized by the Act, articles, a resolution of the Board of Directors or a resolution of the shareholders.

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R K Kumawat & Associates

Need for directors

Need for directors

Q.1 Why does a company need directors?

Ans. The need for directors may be explained as follows:

  1. 1.    Company is an artificial person incapable of acting by itself

On Incorporation a company becomes a legal person, i.e. it has a legal entity of its own, it is empowered to hold properties in its name and it can sue others. Also, the company is referred to as an artificial person, i.e., it is invisible, intangible and exists only in contemplation of law.

However, a company is not a natural person, i.e., it has no mind or body of its own, it has no eyes to see, no ears to hear, no hand to sign and no brain to think and take decisions. Therefore, a company cannot act by itself and consequently it has to depend upon some human agency to act in its name.

  1. 2.    Separation of ownership from management

The members have no inherent right to participate in the management of the company. They generally lack the expertise to manage the affairs of a company. Further, a large sized company may have its members running into lakhs, who are dispersed all over the length and breadth of the country, which makes it impossible to give the management of the company in their hands. Therefore, a specialized body of persons, called as directors is appointed by the members to manage the affairs of the company.

  1. 3.    Statutory requirement to have directors

The Act has recognized the need for directors and their vital position in a company. It requires every company to have its Board of directors. As per section 252, every public company shall have a minimum of 3 directors and every private company have a minimum of 2 directors.

Delegation by the Board  is permissible

The Board of directors may manage the company either by itself or where it is overburdened with the day-to-day affairs of the company, it may delegate some of its functions to a managing director, a manager, or a committee of directors.

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R K Kumawat & Associates
Address:G-15, Ashirwad Complex, Central Spine, Vidhyadhar Nagar, Jaipur – 302023 (Rajasthan)
Email : info@rkkassociatesinfo.com
Website: www.rkkassociatesinfo.com
Phone :             +91-8829035203      ,             +91-9928399554

 

Taxation Services India

Taxation Services  

RKKA also offer Taxation Services. Team of experts aids us in providing quality services within the budgetary constraints of our clients, enabling us gain reputation & goodwill in the domestic market.
 
Income Tax
 
We have rich experience in providing income tax(IT) consultancy services, which are known for reliable solutions. Our experts advise tax planning for partnership firms, & trusts, & companies & individuals driving income from salary, business, rent, capital gain & other sources. We also acquaint clients with the various aspect of preparation & filing of income tax returns, transfer pricing study & transfer pricing certification & certification for foreign income remittances.
 
 
  • Tax planning for companies, & partnership firms, &  trusts & individuals having income from salary, business, rent, capital gain & other sources
  • Preparation &  filing of income tax returns
  • Representation of assessee in income tax proceedings
  • Registration under section 80G & 12A of the Income tax Act, 1961
  • Withholding tax & tax deducted at source compliances
  • Advices on taxability of foreign income
  • Advance income tax compliances
  • Certification for foreign income remittances
  • Transfer pricing study & Transfer pricing certification
  • Audit report under section 44AB of the Income Tax Act, 1961
  • Income tax appeals before CIT (appeals)
 
Service Tax
 
Service Tax has now become one of the major sources of  revenue to the exchequer. It has been extended to several services with enhanced rates in recent budgets. It’s scope is very much likely to be widened & rates to be raised further.
 
The rules & regulations & various procedures laid down under service Tax are very cumbersome, & tedious & best with the problem of interpretation , & disputes & litigation all its provisions have to be completed with very strictly . The tax has to be deposited in treasury with in the stipulated period & various returns are to be filed on prescribed forms with in specified dates failing which return penal action in called for.
 
We have specially trained staff to handle the entire Service Tax work you may entrust this burden on us & feel free to focus your attention to enhance your business or profession.
 
 
  • New registrations
  • Payment of taxes
  • Filing of half yearly returns
  • Advices on applicability and input credit
  • Updating the client on latest changes in law
  • Representing the legal notices
  • Updating the client on latest changes in law
 
Sales Tax [Value Added Tax (VAT) / Central Sales Tax (CST)]
 
We cater to the requirements of our clients & offer sales tax consultancy. Our experienced tax consultants have complete knowledge about the sales tax laws & procedures & accordingly provide suggestions to our clients. We keep our customers updated with day-to-day changes in the taxes & annual returns. Along with this, we also undertake new registration, file monthly & effectively complete annual sales tax assessment.
 
 
  • New registrations
  • Payment of taxes
  • Filing of monthly, half yearly, annual and other periodic returns
  • Advices on applicability
  • Updating the client on latest changes in law
  • Representing the legal notices

 

Email : info@rkkassociatesinfo.com
Website: www.rkkassociatesinfo.com 
Phone : +91-8829035203,91-9928399554

Taxation Services India

Taxation Services

RKKA’s corporate taxation services are based on innovative tax efficient strategies. We offer effective tax management, tax structuring & advisory services.

Taxation presents arguably the most dynamic & complex challenge in the context of financial planning.

Ever changing legislation & rules are matched only by the new methods devised to make the discharging of tax liabilities as efficient as possible.

When it comes to tax planning & strategy, every case is unique. Our approach remains versatile with an awareness that individual issues must be dealt with on their own merits but with the overall, longterm considerations always in mind.

Whether you are the tax director of a multi-national group, an owner manager, an individual setting up a trust or in receipt of a trust income, an employee or a Public Benefit Organisation, we make sure you don’t pay more tax than is necessary & that your activities remain tax efficient.

We also value the importance of relationships, especially over the long-term. Getting to know your needs over time means we will become more knowledgeable of your affairs & can react proactively to changing tax requirements in line with your own special circumstances.

RKKA’ tax services cover a number of broad areas.

Tax Investigations

Tax investigations are increasing in number all the times. Obtaining the best advice when you need it can save a lot of time & money – not to mention, stress.

Employment Tax

Employee salary packagescan take the form of a number of different benefits from basic salary to shareoptions & travel passes. India has a Pay As You Earn (PAYE) basis of taxation,an employer is obligated to deduct tax at source(TDS) on a monthly basis from asalaried employee & to make additional contributions to a provident fund andinsurance.

International Tax

As part of a truly international firm, RKKA provides an extensive service for tax affairs from broad global connections & diverse expertise.

Expatriate Tax

Global businesses require flexible & mobile workforces. Understanding & responding to tax requirements at home & abroad can be time consuming & complicated.

Corporate Tax

Structuring companies so they benefit from high operational performance & legal protection, whilst ensuring that they don’t pay more tax than is necessary, provides the foundation for many a successful business. And as you grow then you must be certain that expansion will not be hampered by unforeseen liabilities.

Private Individuals

Dealing with your personal tax(PT) affairs is an essential task in maximizing quality of life as well as enabling you to plan for a more abundant future. However, the complexities of ever-changing tax regulations along with sometimes cumbersome record-keeping requirements can prove discouraging for many persons.

Indirect Tax

The increasing complexities of indirect taxation such as Value Added Tax(VAT) continue to present onerous responsibilities to business.

Transfer Pricing

The current global business environment has created such as restricted cash flows,decreased & reduced credit availability. Transfer Pricing solutions can playan important role in addressing these issues.

Email : info@rkkassociatesinfo.com

Website: www.rkkassociatesinfo.com
Phone : +91-8829035203,+91-9928399554

Taxation Services India

THE SERVICES

The Firm has requisite infrastructure & professional experience to undertake routine as well as specialised assignments in a multitude of professional fields including  Joint Ventures Audit, & Taxation, Consultancy & Advisory Services, & Cost Control, & Financial Investigation, Corporate Law etc.

Audit Related Services

In the field of Statutory & Taxation Audit, over the years, the firm has gained experience in the field of Statutory, & Branch, & Concurrent, & Inspection, Revenue, Expenditure, Management, Internal and Systems Audits of Public/Private Limited Companies, Banks, Public Sector Undertakings, Insurance Companies, Co-operative Soccieties, Trusts, Branch/Project/ Liaison Offices of Foreign Companies, Non-Government.

The firm has provided business specific solutions to each of its clients in the following area :-

Internal Audit Services

  • Internal Audit
  • Proprietory Audit
  • Operational Audit
  • Internal Audit- Re-engineering
  • Management Audit

Business Process & Risk Counselling

  • Performance Improvement
  • Benchmarking
  • Cost Reduction
  • Management Systems Advisory
  • Process Improvement
  • Diagnostic Review
  • Management Information
  • Policies and Procedures

TAX ADVISORY & COMPLIANCE SERVICES

It has been the endeavor of the firm to provide the best possible tax advisory & compliance services to its clients based on the experience gained by the firm over the years & in dealing with a Multitude of Clients.  The experience of the firm over the years with a Multitude of clients has helped the firm in developing customised solutions within the ambit & frame work of the Tax Laws which has helped its clients in obtaining optimal tax solutions.  The tax advisory & compliance department of the firm keeps abreast of the latest legal judgements & tax laws alongwith the emerging economic scenario in different industrial fields & the impact thereof on the client’s business to ensure highest standards of professional services.

We offer our services in the following areas :-

  • International Tax
  • Domestic Individuals and other Legal Entities Tax
  • Domestic Corporate Tax

Transfer Pricing

  • Mergers and Acquisition – Tax Implications
  • Expatriate Taxes
  • Indirect Taxes
  • Tax Planning
  • Employee Taxation
  • Withholding taxes
  • Domestic Tax Proceeding and Representative before Tax Authorities

CORPORATE REGULATORY LAW SERVICES

The experience of the firm in dealing with Multifarious Corporate clients has give the expertise to the firms to provide its clients with a competitive edge in the Indian environments.  The experiences also ensures compliance with the Corporate Laws. The experiences of the firm can also help its clients to achieve their needs by Corporate Finance.  The Services offered are :-

  • Transaction Advisory
  • Cross-Border Transactions
  • Mergers & Acquisitions
  • Private Equity
  • Due Diligence & Financial Investigations
  • Transaction Support
  • Valuations
  • Corporate & Financial Structuring
  • Business Planning
  • Approvals/Clarifications from Regulatory Authorities
  • Business Advisory Services
  • Analysis of Business Decisions & their impact on shareholder value
  • Market Entry Strategies
  • Business Strategy Development & Assessment
  • Assistance on identification of Partners for Joint Venture
  • Distribution & Alliances
  • Preparation & Profit and Financial viability Reports
  • Portfolio Management
  • Securities and Exchange Board of India (SEBI) Related Services
  • Advise on SEBI Regulations
  • Representation before the Board for seeking clarifications & representing clients in legal matters.

The firm maintains a data base of personnel for its own needs as well as the needs of its clients & has helped its clients with pro-active role in selection/ recruitment of personnel based on its experience gained over the years.  

FOREIGN EXCHANGE LAW AND FOREIGN INVESTMENT APPROVAL SERVICES

Having Multinational Corporations as clients, the firm has gained immense experience in Foreign Exchange Laws & some of the services provided by the company are as under :-

  • Advising clients on & ensuring compliance with the provisions of the Foreign Exchange Management Act, 1999 (FEMA)
  • Advice on Investment Structuring decisions
  • Advise on Indian Government’s policies on foreign Investment in India
  • Obtaining approvals from the Reserve Bank of India with regard to various transactions involving foreign exchange  like stock option plans, & Technology Transfer Agreements, EPC Contracts, legal service agreements, acquisition of foreign companies, foreign currency loans, suppliers credits etc
  • Preparation of documentation and obtaining approvals from the Reserve Bank of India for the allotment/transfer of shares to foreign citizens and foreign companies
  • Establishment/winding-up/ extension of and various other matters pertaining to the operation of Liaison/Branch/Project Offices of foreign companies operating in India.
  • Advice on Overseas Acquisitions
  • Drafting applications and obtaining approvals of foreign investment proposals in various sectors of economy from the Government of India

COMPANY LAW RELATED SERVICES

Company Law matters have been the field in which the firm is well versed because of its past experience in dealing with large Indian & multinational Organisations having peculiar needs in Company Law matters.  The matters dealt with under Company Law are as under as :-

Counsel on & ensuring compliance with the provisions of the Companies Act, 1956.

  • Incorporation of companies
  • Preparation of minutes of Board/Extraordinary/ Statutory & Annual General Meetings
  • Registration of Liaison, Branch & Project Offices of Foreign Companies with the Registrar of Companies
  • Preparation and filing of Annual Returns & other Statutory documents as required under the provisions of the Companies Act, 1956.
  • Carrying out Searches and Collateral Inspection of Fixed Assets, & Book Debts and Stock for Banks, Financial Institutions etc. Legal compliance with regard to the registration of charges.
  • Assistance in obtaining regulatory approvals from the Company Law Board for Mergers & Amalgamations and other matters

Assistance in winding up of companies

Email : info@rkkassociatesinfo.com
Website: www.rkkassociatesinfo.com 
Phone :+91-8829035203,+91-9928399554

Taxation Services India

Taxation

Enhancing a shareholder’s value is a fundamental concept, which drives every management efforts in the modern business environment. Progressive & bottom – line focused managements have realized that taxe should be viewed as a dynamic item of cost, rather than a passive charge on the profits.

Indeed, an effective tax – cost management provides a distinct competitive advantage, which requires the application of appropriate tax strategies, proactively identified & meticulously implemented.

In the modern day world all businesses are engaged in multinational transactions & operations, they are continually challenged to manage the impact of multiple & ever-changing tax jurisdiction. R K Kumawat & Associates provides comprehensive & sophisticated tax assistance in effectively structuring the impact of global taxation. We help address highly technical, local & international tax issues.

Our Tax Services include:-

  • Domestic Direct Tax Advisory
  • Cross Border Tax Advisory
  • Non Resident Tax Advisory

Email : info@rkkassociatesinfo.com
Website: www.rkkassociatesinfo.com
Phone :+91-8829035203,+91-9928399554

Taxation Services India

Taxation Services

We are one of the leading chartered accountant firms, providing its highly professional services in the areas of Accounting, & Audit, & Direct Taxation, & Indirect Taxation.

 

Sales Tax Registration

We have marked our name in the list of top notch organizations by providing client specific & reliable Sales Tax Registration Services. Keeping the specific demands of clients in mind, our experts strive to provide best & reliable solutions to our valuable clientele. Further, our experts efficiently discuss the queries & doubts of clients & then find most advantageous & best solutions. Customes can get the benefit of our services at industry specific rates.

 

Features:

 

  • Highly reliable
  • Prompt execution
  • Authentic

 

Income Tax Return

Holding 15 years of experience in this domain, we have received a mark of appreciation from the customers by providing them desired Income Tax Return services. The in-depth experience & knowledge of our professionals has helped us in accomplishing the diverse & specific needs of clients in most appropriate manner. They efficiently make use of their talent & capabilities in offering services, which successfully meets the requirements of clients.

 

Features:

 

  • Accuracy
  • Reliable
  • Quality approved

 

Indirect Taxes Services

Indirect Taxes Services

The Ministry of Finance (Department of Revenue) through the Central Board of Excise & Customs (CBEC), an apex indirect tax authority, implements & administers excise (central excise), customs & service tax laws.

 

Circulars, notifications & clarifications issued by the CBEC supplement these indirect tax laws. Issues involving interpretation of taxation laws are decided by the judiciary, which is independent of the legislature.

 

Value-Added Tax / Sales Tax in India does not have a classic Value-Added Tax (VAT) structure. Instead, separate tax on sale of goods & on rendering of services is imposed under different legislations.

 

Sale & purchase of goods is subjected to charge of sales tax. Sales tax is levied under Central & State.

 

Sales Tax(ST) legislations depending upon the movement of goods in pursuance of a sale transaction. If the transaction involves movement of goods from 1 state to another (inter-state), the tax is levied under Central Sales Tax Act (CSTA), 1956.

 

This Act also covers transactions of import of goods into & export of goods out of India. Sales tax is not imposed on import of goods into the country & export of goods out of the country. The Central Sales Tax (CST) Act is administered by the state governments & the tax is levied at the origination of transaction (origin based levy). The revenue collected under Central Sales Tax Act(CST) is retained by the state governments. The rates of tax under Central Sales Tax Act vary from state to state & product to product. The standard rate of CST is 2 per cent against statutory forms or the lower rate applicable in the state of seller if the purchaser is purchasing the same for resale or for use in manufacture of goods for sale or for specified purposes & both the seller & buyer are registered dealers. Otherwise, the rate is higher of 10 % or the rate applicable in the state of sale.

 

The transactions of sales or purchases involving movement of goods within a state (intra-state) are governed by respective State Sales Tax Acts(VAT). States also levy tax on transactions which are “deemed sales” like works contracts & leases. A works contract essentially is a contract for carrying out work involving supply of labor & material where the property in the materials passes during the course of execution of the contract. Lease is a transactions involving transfer of right to use goods.

Email : info@rkkassociatesinfo.com
Website: www.rkkassociatesinfo.com
Phone :+91-8829035203,+91-9928399554

Taxation Services India

NRI Tax Services

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Anything to every thing if it is concerned with taxation we are your one stoop solution to all the services with best guidance & proper allocation of your hard earned money for your betterment. This non resident NRI Taxation Services are provided with us alongwith important guidelines for filing tax returns(ITR) online in India if you are anon-resident Indian living abroad. For all those who are non-resident working in India, they HAVE to file tax returns for as per Income Tax(IT) rules, any income earned anywhere in the Indian territory is taxable. Our Non Resident Taxation Services are provided with the expert industrial players with years of experience in this area.

 

 

Non Resident Taxation

This is another specialized area within our Direct tax practice(DTP).
The firm provides advisory & compliance services covering the entire gamut of Foreign exchange law & Taxation law applicable to Non-Residents including the following areas:

  • Tax Advisory Services & filing of e-Tax returns
  • Banking & Remittances
  • Setting up a Branch office/&  Liaison office/&  Project office in India
  • Investment advisory support

We offer professional services to NRI’s & PIO’s settled abroad. Some of  services offered are:

Taxation Services:-

Professional support in filing Applications for Allotment of Permanent Account Numbers (PANs)

Certain transaction, as listed below, require mandatory quotation of PAN beyond specified monetary limits:

  • Transactions in shares, & mutual funds, & debentures etc.
  • Banking transactions
  • Property Sale, &  Purchase or Renting
  • Sale & Purchase of Motor Vehicle
  • Filing of Tax return & for claiming refund of income tax
  • Deposits in Post office saving accounts
  • Payment to Hotels & restaurants against their bill exceeding Rs. 25,000/-
  • Telephone connections

Filing of Return of Income & Wealth :

  • The tax returns(ITR) can be compiled as per the provisions of the Indian Income tax Act, 1961 basis Inputs provided by the client. The return to be prepared may include compilation of Asset & Liability account & specifically capturing all such information covered under Annual Information reports (AIR) like property transactions, & credit card payments, & investments in shares, & mutual funds,&  bonds etc.
  • After the preparation of tax return(itr), the same is to be filed electronically or physically as per the requirement of the tax laws, with the Indian Revenue Authorities
  • Tax support services on regular tax matters
  • Tax Representations before tax authorities, if required, for tax refunds or any other clarifications

Capital Gains :

  • Advisory support services in relation to Capital gains arising from the transfer of a capital asset being shares or debentures of an Indian company, gold, Immovable property & any other capital asset
  • Support in deposit of tax & repatriation of money
  • Advice on Deposit of applicable taxes in India

FEMA / RBI Related Services :

  • Compliance of the procedure for repatriation of income /&  assets from India
  • Applications to Reserve Bank of India(RBI) for purchase /&  sale of shares, debentures & securities, directly & indirectly from Residents/Non Residents in or outside India
  • Any specific advice required in relation to FEMA/RBI matters.
  • Application to Reserve Bank of India for purchase / sale of residential & commercial properties including renting out of properties

For contact us, please click here

Email : info@rkkassociatesinfo.com
Website: www.rkkassociatesinfo.com 
Phone : +91-8829035203,+91-9928399554