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 (Chartered Accountants) based in India is dedicatedly engaged in providing the following services:
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
- Accounts Payable Service
- Periodic Review
- 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
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 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.