About VSR & Co.

V S R & Co. was founded in 2002 by Mr. Vikas Goyal, Mr. Rajeev Kumar and Ms. Sangeeta Aggarwal as a partnership firm with the main objective of providing consultancy in accounting, auditing, internal auditing, concurrent auditing, revenue audit, stock audit, financial, taxation and company law matters. The firm also diversified into areas of consultancy related to information technology.

VSR & Co is a leading chartered accountancy firm registered with Institute of Chartered Accountants of India (ICAI) having its head office at New Delhi. Currently 3 partners are working and are supported by 20 persons consisting of experienced associates, qualified Chartered Accountants, Chartered Engineers, MBAs, Audit Officers and other staff members. The firm is on the panel of RBI and Comptroller & Auditor General of India.

We offer services in New Delhi and other major cities in India, like accounts outsourcing, auditing, company formation in India, Business taxation, corporate compliance, starting business in India, registration of foreign companies, transfer pricing, tax due diligence, taxation of expatriates etc.
Advising new businesses on formation of corporations and business structures, drafting privacy policies and structuring commercial transactions, all kind of professional taxation and business law compliances services, VAT and Sales Tax and specialises in custom sad refund. We also provide book keeping services to our international client and have expertise in Quickbooks accounting. The Firm amalgamates the vast experience of senior management with the passion & zeal of the young professionals.

Our philosophy is of partnering with our clients and not being a distant service provider. Serving to the wider business community since about two decades, we enjoy unparalleled reputation and respect of our clients, who trust and rely on us for our expertise and professionalism

VSR & Co.

professLEADING CHARTERED ACCOUNTANTS

Business Management Consultancy

SWOT Analysis, Industry Structure, Business economics

Cost Management

Break Even analysis, Quotation Analysis, Cost Cutting Techniques

Compliance Consultations

Business & Individual Tax Consultancy, Law Compliances, Case Representation.

Personal Finance Management

Portfolio Building, Mortgage Management, Project Analysis

OUR SERVICES

VSR & Co (Chartered Accountants) based in India is dedicatedly engaged in providing the following services:

GST - Goods & Services Tax

The GST aims to streamline the taxation structure in the country and replace a gamut of indirect taxes with a singular GST to simplify the taxation procedure.

We offer following services in the field of GST with effect from 01.07.2017:

  • GST Registration
  • Consultancy on Transition from Existing Laws to GST
  • HSN Code & Tax rate Analysis
  • Filing of GST Returns
  • Claiming GST Refunds
  • Audit & Assessment under GST

The system will phase out all indirect taxes and only GST will be applied as an indirect tax. GST is essentially a consumption tax and is levied at the final consumption point. The principle used in GST taxation is Destination Principle. It is levied on the value addition and provides set offs. As a result, it avoids the cascading effect or tax on tax which increases the tax burden on the end consumer.  It is collected on goods and services at each point of sale in the supply line. The GST that a merchant pays to procure goods or services can be set off later against the tax applicable on supply of goods and services. Therefore, manufactures, wholesalers and retail merchants can avail tax credit mechanism under GST regime. They would pay the applicable GST but it can be reclaimed by the tax credit mechanism. It will be charged at the point of sale according to its destination tax/point-of-sale tax nature. A person who supplies goods and services would be liable to charge GST from the consumer.

 

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Statutory audit

A statutory audit is a legally required review of the accuracy of a company’s or government’s financial records. The purpose of a statutory audit is the same as the purpose of any other type of audit: to determine whether an organization is providing a fair and accurate representation of its financial position by examining information such as bank balances, bookkeeping records and financial transactions.

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Internal audit

Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

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Project Work

We do the analysis related to new projects. In this area we give the comparative analysis for the new projects related to the place, tax benefits of choosing a particular place, availability of the man power, availability of the material, political circumstances, government policies, subsidies, availability of finance and any other job which may be asked by the entrepreneurs.

 

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Transfer Pricing Audit

Transfer pricing is the setting of the price for goods and services sold between controlled (or related) legal entities within an enterprise. For example, if a subsidiary company sells goods to a parent company, the cost of those goods paid by the parent to the subsidiary is the transfer price. Legal entities considered under the control of a single corporation include branches and companies that are wholly or majority owned ultimately by the parent corporation.

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Secretarial audit

Secretarial Audit is compliance audit; it is a part of total compliance management in an organization. The Secretarial Audit is an effective tool for corporate compliance management. It helps ensure timely corrective measures when non-compliance is detected.

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Propriety audit

Propriety audit is Audit concerning the decisions of the executives, with an emphasis on public interest, financial discipline, basically to get audit satisfaction that such decisions are within the frame-work of sanction, authority, rule, procedure and law made by a competent body, and to advise the executives either in preventing or reducing losses and increasing productivity or improving performance by timely reporting’.

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Stock audit

An inventory audit is an accounting procedure designed to keep track of a company’s products and merchandise. Inventory is a current supply count of company owned products. Numbers produced during inventory counts are closely evaluated by the auditor during the audit phase. Computer inventory software often simplifies the auditing process by making inventory tracking a more accurate and continuous process.

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Tax audit

The object of tax audit under section 44AB is only to assist the Assessing Officer in computing the total income of an assessee in accordance with different provisions of the Act. Therefore, Even though the income of a person is below the taxable limit, he will have to get his accounts audited and if his turnover in business exceeds the prescribed limit.

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Revenue Audit

A Revenue audit is an examination of the information and figures shown by a taxpayer in their tax returns against those shown in their business records. Therefore, the auditor needs to see all books and records in relation to the tax for the period being audited.

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Finance and Accounts

Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption.  Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes.

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Customs and Central Excise

An excise or excise tax (sometimes called a special excise duty) is an inland tax on the sale, or production for sale, of specific goods or a tax on a good produced for sale, or sold, within a country or licenses for specific activities. Excises are distinguished from customs duties, which are taxes on importation. Excises are inland taxes, and customs duties are border taxes.

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VAT/ Sales Tax

A value-added tax (VAT) is a type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale. VAT is applicable state wise.The amount of VAT that the user pays is the cost of the product, less any of the costs of materials used in the product that have already been taxed.

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License / permissions from DGFT / RBI

We help in getting various licenses required for import, export and Foreign exchange compliances from DGFT and RBI.

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FEMA related issues and their compliances

We do the analysis related to new projects. In this area we give the comparative analysis for the new projects related to the place, tax benefits of choosing a particular place, availability of the man power, availability of the material, political circumstances, government policies, subsidies, availability of finance and any other job which may be asked by the entrepreneurs.

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Refunds and Export benefits

We provide services related to various import and export benefits and refunds under various section.

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Consultancy

We provide consultancy on Advanced Financial Planning and are qualified to provide comprehensive advanced financial planning for individuals, professionals, and business owners and start ups. 

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Secretarial Works

The company secretary is responsible for the efficient administration of a company, particularly with regard to ensuring compliance with statutory and regulatory requirements and for ensuring that decisions of the board of directors are implemented.

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Our target-oriented professionals are expert in their respective jobs. All have considerable expertise in dealing with different types of tax planning service, financial consultant services etc.

Quickbooks Based Accounting Services

You can use our Outsourced Bookkeeping, Accounting and Tax Services if you are a Business/ CPA / Accounting Firm from United States of America (USA) and you need online bookkeeper / accountant / tax preparer whether your requirement is full time or part time. We provide bookkeeping / Accounting / Taxation services using outsourcing model. Taking advantage of our team will save yourthousand of dollars and will allow you and your team to focus in your business. We can help you save time, save money and get a competitive advantage with expert use of Quick Books.

Providing financial information to our clients in a timely and accurate manner is a commitment that we feel cannot be compromised. Meaningful, well organized financial records ensure that your business operations will run more efficiently on a daily basis. This all you can get on time by joining hands with us.

Our value-added bookkeeping services includes:

  • Day-to-day bookkeeping and accounting
  • Storage of documents at our offices or network devices online or VPN servers etc
  • Accounting Setup
  • Profit & Loss Statement
  • Balance Sheets
  • Other Financial Statement & Reports
  • Tax Preparation Assistance to CPA
  • Reconciliation
  • Accounts Payable Service
  • Periodic Review
  • Payroll
  • Cash Flow Management
  • Internal Control
  • Monthly, Quarterly, Year End Reviews
  • Customer Reports
  • Employee Reports
  • Break-up of Expenses Reports
  • Event Analysis Reports

Setting Up Company in India

PROCEDURE
PRIVATE LIMITED COMPANY

Director has to obtain a Permanent Account Number (PAN) from an authorized franchise or agent appointed by the National Securities Depository Ltd. (NSDL) or the Unit Trust of India (UTI) Investors Services Ltd., as outsourced by the Income Tax Department (National)

Procedure: Under the Income Tax Act, 1961, each person must quote his or her Permanent Account Number (PAN) for tax payment purposes and the Tax Account Number (TAN) for depositing tax deducted at source. The Central Board of Direct Taxes (CBDT) has instructed banks not to accept any form for tax payment (challan) without the PAN or TAN, as applicable. The PAN is a 10-digit alphanumeric number issued on a laminated card by an assessing officer of the Income Tax Department. In case the PAN is not applied the TDS shall be deducted on higher rate.
10 Days

Obtain director identification number (DIN) online from the Ministry of Corporate Affairs portal (National)

Procedure: The process to obtain the Director Identification Number (DIN) is as follows:

  • 1. Obtain the provisional DIN by filing application Form DIR-3 online. This form is on the Ministry of Corporate Affairs 21st Century (MCA 21) portal. The provisional DIN is immediately issued.The application form must then be printed and signed and sent for approval to the ministry by courier along with proof of identity and (address):
    • a. Identity proof (any of the following): Permanent Account Number card, driver’s license, passport, or voter card;
    • b. Residence proof (any of the following): driver’s license, passport, voter card, telephone bill, ration card, electricity bill, bank statement;
  • 2. The concerned authority verifies all the documents and, upon approval, issues a permanent DIN. The process takes about 4 weeks.

1 Days

Obtain digital signature certificate online from private agency authorized by the Ministry of Corporate Affairs (National)

Procedure: To use the new electronic filing system under MCA 21, the applicant must obtain a Class-II Digital Signature Certificate. The digital signature certificate can be obtained from one of six private agencies authorized by MCA 21 such as Tata Consultancy Services. Company directors submit the prescribed application form along with proof of identity and address. Each agency has its own fee structure, ranging from INR 400 to INR 2650.

Obtain digital signature certificate online from private agency authorized by the Ministry of Corporate Affairs (National)
3 Days

Reserve the company name online with the Registrar of Companies (ROC) (National)

Procedure:
Company name approval must be done electronically. Under e-filing for name approval, the applicant can check the availability of the desired company name on the MCA 21 web site.
Once approved, the selected name appears on the website. Applicants need to keep consulting the website to confirm that one of their submitted names was approved.
In practice, it takes 2 days for obtaining a clearance of the name if the proposed name is available and conforms to the naming standards established by the Company Act (1 day for submission of the name and 1 day for it to appear on the MCA website).

2 Days

To File the company registration documents

Procedure: Once the memorandum and articles of association have been signed and dated by the company promoters, including the company name and the description of its activities and purpose, father-“s name, address, occupation, and the number of shares subscribed. This information must be in the applicant’s handwriting and duly witnessed, File the company registerationdoucments and pay the stamp duty as applicable.
5 Days

Get the Certificate of Incorporation from the Registrar of Companies, Ministry of Corporate Affairs (National)

1 days

Make a seal (Private)

Procedure: Although making a company seal is not a legal requirement for the company to be incorporated, companies require a seal to issue share certificates and other documents.
1 Days

Obtain a Permanent Account Number (PAN) of Company from an authorized franchise or agent appointed by the National Securities Depository Ltd. (NSDL) or the Unit Trust of India (UTI) Investors Services Ltd., as outsourced by the Income Tax Department (National)

Procedure: Under the Income Tax Act, 1961, each person must quote his or her Permanent Account Number (PAN) for tax payment purposes and the Tax Account Number (TAN) for depositing tax deducted at source. The Central Board of Direct Taxes (CBDT) has instructed banks not to accept any form for tax payment (challan) without the PAN or TAN, as applicable. The PAN is a 10-digit alphanumeric number issued on a laminated card by an assessing officer of the Income Tax Department.

The PAN application is made through the above mentioned service centers using Form 49A, with a certified copy of the certificate of registration, issued by the Registrar of Companies, along with proof of company address and personal identity. A fee of INR 60 (plus applicable taxes) applies for processing the PAN application. IT PAN Service Centers or TIN Facilitation Centers will supply PAN application forms (Form 49A), assist the applicant in filling out the form, collect filled-out forms, and issue an acknowledgement slip. After obtaining PAN from the Income Tax department, UTIISL or NSDL as the case may be, will print the PAN card and deliver it to the applicant

10 Days

Obtain a Tax Account Number (TAN) for income taxes deducted at source from the Assessing Officer- Income Tax Department

Procedure: The Tax Account Number (TAN) is a 10-digit alphanumeric number required of anyone responsible for deducting or collecting tax. The provisions of Section 203A of the Income Tax Act require that all persons who deduct or collect tax at the source must apply for a TAN. The section also makes it mandatory for the TAN to be quoted in all tax-deducted-at-source (TDS) and tax-collected-at-source (TCS) returns, all TDS/TCS payment challans, and all TDS/TCS certificates issued.
Failure to apply for a TAN or to comply with any of the other provisions of the section is subject to a penalty of INR 10,000/- . The application for allotment of a TAN must be filed using Form 49B and submitted at any TIN Facilitation Center authorized to receive e-TDS returns.

10 Days

Register for Value-Added Tax (VAT) at the Commercial Tax Office (State) by flining form DVAT-04 & CST Form-A.

Procedure: The form is filed online and within 10 minutes, the system generates a Tax Identification Number (TIN) Thereafter, the company is considered fully registered to pay taxes. However, the applicant must wait between 10 and 15 days to receive the VAT registration certificate by mail.In addition to Form, other accompanying documentation includes:1) Certified true copy of the memorandum and articles of association of the company;-2) Proof of permanent residential address. At least 2 of the following documents must be submitted: copy of passport, copy of driver’s license, copy of election photo identity card, copy of property card or latest receipt of property tax from the Municipal Corporation, copy of latest paid electricity bill in the name of the applicant;-3) Proof of place of business (for an owner, in the case of Doing Business): Proof of ownership of premises viz. copy of property card, ownership deed, agreement with the builder or any other relevant documents;-4) One recent passport-sized photograph of the applicant;-5) Copy of Income Tax Assessment Order with PAN or copy of PAN card;-6)Online Challan Payment
2 Days (online)

Knowledge Bank

Permanent Account Number (PAN)

PAN is an all India, unique ten-digit alphanumeric number, issued in the form of a laminated card by the Income Tax Department. It does not change with changes in address or place where you are being assessed.
For obtaining PAN related information the Income Tax department has authorized :-

    • (i) UTI Technology Services Ltd (UTITSL) to set up and manage IT PAN Service Centers in all those cities or towns where there is an Income Tax office and
    • (ii) National Securities Depository Limited (NSDL) to dispense PAN services from Tax Information Network (TIN) Facilitation Centers.

How to apply for PAN ?

Application for allotment of PAN is to be made in Form 49A. Following points must be noted while filling this form:-

      • Application form must be typewritten or handwritten in black ink in BLOCK LETTERS.
      • Two black & white photographs are to be annexed.
      • While selecting the “Address for Communication”, due care should be exercised as all communications thereafter would be sent at the indicated address.
      • In the space given for “Father’s Name”. Only the father’s name should be given. Married ladies may note that husband’s name is not required and should not be given.
      • Due care should be exercised to fill the correct date of birth.

The form should be signed in English or any of the Indian Languages in the 2 specified places. In case of thumb impressions attestation by a Gazetted Officer is necessary.

Service Tax

Service tax is a tax levied on services rendered by a person and the responsibility of payment of the tax is cast on the service provider. It is an indirect tax as it can be recovered from the service receiver by the service provider in course of his business transactions. Service Tax was introduced in India in 1994 by Chapter V of the Finance Act, 1994. It was imposed on a initial set of three services in 1994 and the scope of the service tax has since been expanded continuously by subsequent Finance Acts. The Finance Act, extends the levy of service tax to the whole of India, except the State of Jammu & Kashmir.
The Central Board of Excise & Customs (CBEC) under Department of Revenue in the Ministry of Finance, deals with the task of formulation of policy concerning levy and collection of Service Tax. In exercise of the powers conferred, the Central Government makes service tax rules for the purpose of the assessment and collection of service tax. The Service Tax is being administered by various Central Excise Commissionerates, working under the Central Board of Excise & Customs. There are six Commissione rates located at metropolitan cities of Delhi, Mumbai, Kolkata, Chennai, Ahmedabad and Bangalore which deal exclusively with work related to Service Tax. Directorate of Service Tax at Mumbai over sees the activities at the field level for technical and policy level coordination.

Value Added Tax (VAT)

One of the important components of tax reforms initiated since liberalization is the introduction of Value Added Tax (VAT). VAT is a multi-point destination based system of taxation, with tax being levied on value addition at each stage of transaction in the production/ distribution chain. The term ‘value addition’ implies the increase in value of goods and services at each stage of production or transfer of goods and services. VAT is a tax on the final consumption of goods or services and is ultimately borne by the consumer. It is a multi-stage tax with the provision to allow ‘Input tax credit (ITC)’ on tax at an earlier stage, which can be appropriated against the VAT liability on subsequent sale. This input tax credit in relation to any period means setting off the amount of input tax by a registered dealer against the amount of his output tax. It is given for all manufacturers and traders for purchase of inputs/supplies meant for sale, irrespective of when these will be utilised/ sold. The VAT liability of the dealer/ manufacturer is calculated by deducting input tax credit from tax collected on sales during the payment period (say, a month). If the tax credit exceeds the tax payable on sales in a month, the excess credit will be carried over to the end of next financial year. If there is any excess unadjusted input tax credit at the end of second year, then the same will be eligible for refund.
VAT is basically a State subject, derived from Entry 54 of the State List, for which the States are sovereign in taking decisions. The State Governments, through Taxation Departments, are carrying out the responsibility of levying and collecting VAT in the respective States. While, the Central Government is playing the role of a facilitator for the successful implementation of VAT. The Ministry of Finance is the main agency for levying and implementing VAT, both at the Centre and the State level.

Register your Business & Finance today!

Contact us:

+91-9811176477
vsr_co96@yahoo.co.in

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