How a Chartered Accountant Can Help Your Business Succeed!

No idea is new, not if you are born genius! Always, a new business idea goes straight to the graveyard. Well, I am not going to start talking negatively, there definitely need a positive push for every entrepreneur out there in the market searching for tips and ideas to reshape or start a business. So if you want to lean on to success, here goes some tips and these are actually shared by great business leaders who have seen a lot of pitfalls and still managed to climb the stairs to reach on top in business.

Learn to accept the fact that probably your idea is not after all new at all. You may think it is incredible, but somebody might have already tried it before you. Before stepping into business and spending your precious time, make sure to discover if someone else have similar ideas. Now, if they have, then start thinking how to portray your idea in a unique way.

Critics follow you like shadows, do not respond or react. Keep up your work and stick on to your ideas. Next, identify people who you intent to sell your products or services. Any business circles between these three: product selling and buying, services related business and consulting. Understand your needs and find who the targeted customers are and this maximize the success of your business. Targeting on your marketing investors help maximize any business; be it a start-up or a running business.

You might have a big dream and you will have a lot of passion towards your ideas, but make sure that you always view everything practically. There might be a lot of hurdles, so reviewing the ideas and taking an expert advice can help you towards success. The CA in Bangalore helps a lot of business owners in determining the services and other finance related stuffs.

Starting small is a good idea, but it has to be done with a proper planning. There is a big role for an accountant in bringing your business with the ideas that you have come up with. Some of the financial functions needed for stabilizing a business are accuracy, collections, analysis, recording and finally presenting the business in an organizational level. He is not just an accountant, but as a matter of fact works as an administrator in the company. He is actually a key player in the administration function.

Financial data management is the primary role of him. Involving the collection of data and maintaining it with respect to activities of the company, providing necessary records and maintaining the same with respect to the compliance of the company and finally checking if the whole system is pristine are some of the roles and responsibilities of the Chartered Accountants in a company.

If there are any business affiliations, then internal accounting, government accounting and auditing are done by him. They even give a hand in advising the top executives of the company regarding investments, shares and other company secretarial matters. He is also a key player in maintaining the tax of the company.

Balakrishna Consulting (BCL) is a team of Chartered Accountants, Company Secretaries, Cost Accountants and Advocates.

Do You Know How The Government Is Spending The Taxes Paid By You?

If you are planning to do a research on how does the government get all the money that it spends? Well, the obvious answer is from the tax payers. A government is a body that operates with the help of tax paid by the people. It does not have money on its own. The receipts from the individual income tax payers, corporate IT payers, estate and gift taxes, excise tax and many more put together makes a very huge sum and with this the government spends. The expenditure of the government can be divided into three major categories. They are expenditure on interests, food and roads and other activities. However, one can categorize them into five ways. They are medicare and health, agriculture and food, transportation, social services and paying pensions.

All the above are the mandatory expenditures of the government. Any one of them cannot be skipped. As an Indian every one of us is looking forward to a peaceful journey through roads, 24 *7 electricity and clean water. For all these to provide by the government, there is nothing best than the tax amount paid by the people or the citizens. Every year a budget is made for that financial year. As on date, the Indian government gets a total of Rs 17 crore and above for expenditures. This is definitely seem to look like a large sum, but when invested in every category as discussed before, the government spends more than what it is earning. Around 24% of money is taken as loan from other sources by the government. There is no enough money to take care of everything and hence the reason that we still have electricity cut-offs and bad roads. There is a proper planning needed in order to properly distribute this money and to make use of the money constructively.

It is also important that every person pays their tax. Except for the people who work with companies, many others who are entrepreneurs and other independent business owners tend to pay less tax. This affects a lot in the expenditures of the government. From companies alone IT is collected up to Rs 8 crore. This is very huge and there is a need for the entire money to be properly spent. Even the subsidies that are given by the government comes under this. Therefore, there is definitely a huge expenditure mounted on the government. The government even produces the total expenditure of each and every sector. This helps a lot in understanding the overall structure of the expenditure system of Indian government.

For the loan repayment, it pays interest of Rs. 4, 56, 145 Crore every year. During last year, it was calculates as Rs. 3, 80, 066 Crore. Some of subsidies are fertilizer subsidy, food subsidy, interest subsidy and petroleum and diesel subsidy. For these, the total amount comes to nearly Rs 2, 42, 291 crores. The food subsidy costs more and is Rs 1, 24, 419 Crore. Not only the income tax is an income to government, but also the excise duties and the service taxes are a part of income.

The auditing services Bangalore provides necessary help for companies and other individuals to file tax. There are also various estimations and to start with the tax revenue department, it is estimated that for the financial year 2015 to 2016, the estimated sum is Rs. 3, 27, 367 crore. This one comes from individual tax, rent and capital gains. The estimated corporation tax, this is the tax paid by the businesses and this is estimated to be Rs. 4, 70, 628 crore. Customs duty that is paid for import of goods totals to Rs. 2, 08, 336.

We provide distinct Accounting services,Audting services in Bangalore which includes Internal Audit and Concurrent Audit, Management Audit, & VAT and Service Tax Audit.

Visit see more details http://www.balakrishnaconsulting.com/

Do You Know How The Government Is Spending The Taxes Paid By You?

If you are planning to do a research on how does the government get all the money that it spends? Well, the obvious answer is from the tax payers. A government is a body that operates with the help of tax paid by the people. It does not have money on its own. The receipts from the individual income tax payers, corporate IT payers, estate and gift taxes, excise tax and many more put together makes a very huge sum and with this the government spends. The expenditure of the government can be divided into three major categories. They are expenditure on interests, food and roads and other activities. However, one can categorize them into five ways. They are medicare and health, agriculture and food, transportation, social services and paying pensions.

All the above are the mandatory expenditures of the government. Any one of them cannot be skipped. As an Indian every one of us is looking forward to a peaceful journey through roads, 24 *7 electricity and clean water. For all these to provide by the government, there is nothing best than the tax amount paid by the people or the citizens. Every year a budget is made for that financial year. As on date, the Indian government gets a total of Rs 17 crore and above for expenditures. This is definitely seem to look like a large sum, but when invested in every category as discussed before, the government spends more than what it is earning. Around 24% of money is taken as loan from other sources by the government. There is no enough money to take care of everything and hence the reason that we still have electricity cut-offs and bad roads. There is a proper planning needed in order to properly distribute this money and to make use of the money constructively.

It is also important that every person pays their tax. Except for the people who work with companies, many others who are entrepreneurs and other independent business owners tend to pay less tax. This affects a lot in the expenditures of the government. From companies alone IT is collected up to Rs 8 crore. This is very huge and there is a need for the entire money to be properly spent. Even the subsidies that are given by the government comes under this. Therefore, there is definitely a huge expenditure mounted on the government. The government even produces the total expenditure of each and every sector. This helps a lot in understanding the overall structure of the expenditure system of Indian government.

For the loan repayment, it pays interest of Rs. 4, 56, 145 Crore every year. During last year, it was calculates as Rs. 3, 80, 066 Crore. Some of subsidies are fertilizer subsidy, food subsidy, interest subsidy and petroleum and diesel subsidy. For these, the total amount comes to nearly Rs 2, 42, 291 crores. The food subsidy costs more and is Rs 1, 24, 419 Crore. Not only the income tax is an income to government, but also the excise duties and the service taxes are a part of income.

The auditingservices Bangalore provides necessary help for companies and other individuals to file tax. There are also various estimations and to start with the tax revenue department, it is estimated that for the financial year 2015 to 2016, the estimated sum is Rs. 3, 27, 367 crore. This one comes from individual tax, rent and capital gains. The estimated corporation tax, this is the tax paid by the businesses and this is estimated to be Rs. 4, 70, 628 crore. Customs duty that is paid for import of goods totals to Rs. 2, 08, 336.

About Bala Krishna Consulting: 

Chartered accountant in Bangalore: We are a team of Chartered Accountants, Company Secretaries, Cost Accountants and Advocates.We have served over 50 International Clients till now.

An Essential Guide for Foreign Company Setting up Business in India

Foreign companies can function through their offices in India for conducting a number of businesses ranging from importing and exporting goods to performing market research. Based on the functional requirements, these firms can establish 3 types of offices in India. If a company aims to carry out import and export of goods, it can open a branch office or a liason office to conduct research, collect information and conduct promotional activities. It can set up its project office if the firm has to undertake a project.

There are certain guidelines to be followed by the foreign company setting up business in India. It can be done in any of the following manners while retaining its status as a foreign company:

1)     Liason office- A foreign company can set up a liason office in India to oversee its Indian operations, to generate awareness about its products, to promote its business interests and to explore ofurther opportunities. Liason offices cannot carry out any business or earn any profit in India and all the cost is to be taken care by payments from abroad.

    2) Project office- If the foreign company is seeking to have presence in India only for a limited period, then project offices are the best way. It is typically a branch office established with a limited objective of implementing a particular project. Foreign companies involved in installation or construction generally establish a project office for their business functions in India. 

3)     Branch office- Foreign companies involved in production and trading activities outside India may set up branch offices in order to:

• Represent the parent company or other foreign companies in different matters in India such as serving as buying and selling agents.
• Conducting research in which the parent company is involved given that the result of this research is made available to Indian organizations
• Undertaking import or export trading activities
• Promote financial and technical collaborations between foreign and Indian companies.

4)    Trading companies – Foreign firms may invest in trading companies basically involved in exports. Such trading firms are considered at par with local trading companies as per the trade policy.

5)     Wholly owned subsidiaries – A wholly owned subsidiary is an Indian Company is an independent legal entity different from the parent foreign company. As per the current foreign investment policy, a wholly owned subsidiary can be set up either under the automatic route or seek an approval from the FIPB.

6)     Joint venture companies – A joint venture company can be formed in financial association with an Indian firm.

A foreign company setting up any type of business in India listed above have to seek a prior approval from RBI by depositing an application in a given form to the Central Office of RBI.  If the application is approved then operation can be started initially for a period of 3 years provided that expenses of such offices will be borne only by the inward remittances.

In recent times, many companies have started offering assistance to foreign companies setting up business as well as NRI services Bangalore. 

About Balakrishna Consulting

Balakrishna Consulting is a leading corporate law firm of company secretaries, cost accountants, advocates and CA in Bangalore.   The company is specialised in providing company incorporation services, company formation, LLP registration, assistance in setting up business in India and NRI services Bangalore.  Balakrishna Consulting has been delivering services to around 50 foreign clients from 23 different nations such as France, UK, USA, Spain, Holland, Hungary, Taiwan, China, Singapore, Japan, South Africa and South America.  BCL is associated with MSI Global Alliance (MSI), a top ranked global association of independent accountancy and law firms.

Hire Incorporation Service Company for Assuring Liability Protection When Incorporating a Business

An organization offering incorporation services assures you liability protection and serves as an official business driver for running a company.

These companies should not be mistaken as law firms or professional advisors. If you are looking for company incorporation services for incorporating a business or set up a limited liability company for your venture then hire an experienced incorporation service provider. 

Today, there are many firms in Bangalore offering company incorproation services. These firms comprises of cost accountants, CPAs, company secretaries, business consultants and CA in Bangalore. 

Infact, these companies offer a multitude of services that are essential for achieving business growth.

Companies offering incorporation services are reaping the benefits of internet to offer their services directly to the small businesses.

Further, many firms have started offering online document and filing services to fulfill the rising demand of clients seeking for limited liability company formation and company incorporation services.

Due to the growing market and efficiencies of the internet, the cost of incorporating business or forming an LLC have become greatly affordable.  

An experienced company offers relaible and affordable services that makes it worth the investment. Though it can be done by the companies as well but it requires time to understand the rules and requirements of your state and track down. Also they will have to spend hours in filling papers and going through the instructions to follow with those strict guidelines.

Moreover, state requirement keeps on changing on yearly basis. Spending so much time on preparing a file that will be rejected due to technicalities is demotivating and causes delays. It is a tedious task to deal with state agencies also.   

More worsening is that, an incorrect file may lead your business to be an incomplete legal entity. An authentic and organized business or LLC can ensure that you get the proper liability protection.

About Balakrishna Consulting

Balakrishna Consulting is a leading corporate law firm of company secretaries, cost accountants, advocates and CA in Bangalore.   The company is specialised in providing company incorporation services, company formation, LLP registration, assistance in setting up business in India and NRI services Bangalore. Balakrishna Consulting has been delivering services to around 50 foreign clients from 23 different nations such as France, UK, USA, Spain, Holland, Hungary, Taiwan, China, Singapore, Japan, South Africa and South America.  BCL is associated with MSI Global Alliance (MSI), a top ranked global association of independent accountancy and law firms.

If you are looking for CA in Bangalore , visit http://www.balakrishnaconsulting.com  which is having experienced team providing consultation services in the areas of direct tax, indirect tax, ROC compliances and certifications.

Guidelines for foreign company setting up business in India

Overseas businesses may set up their branches in India in any one of the following ways while preserving its recognition as a foreign firm:.

Liaison Offices - A foreign firm could open up a liaison office in India to take care of its Indian operations, to advertise its office interests, to spread awareness about its products and to check out additional opportunities. Liaison offices cannot carry out any type of business or earn any money in India and all costs are to be taken care by remittances from foreign.

 

Project Offices - The project office is the best way for foreign company setting up a business existence in India, if the things are to be set up for a limited time only. It is basically a branch office established with the restricted objective for implementing a specific project. Foreign firms involved in turnkey construction or establishment generally set up a project office for their functioning in India.

Branch Offices - Overseas companies involved in production and trading jobs outside India might open up branch offices for the objective of:.

• To represent parent company or other foreign companies in different matters in India such as buying and selling agents.

• To carry out research, in which the parent company is involved given that the outcomes of this research are provided to Indian firms.

• To carry out export and import trading

• To market technical and monetary ventures between foreign and Indian companies.

Trading companies – Foreign firms might invest in trading companies involved mainly in exports. Such trading firms are considered at par with national trading companies in compliance with the trde policy.

The RBI accords automated approval for foreign equity around 51% for establishing trading companies involved largely in exports. Other proposals, which do not satisfy the standards for automated approval, can be taken to the Foreign Investment Promotion Board, i.e. "FIPB".

Wholly possessed subsidiaries – Foreign firms might establish up a wholly owned subsidiary, which is an Indian Firm with an independent legal recognition, different from the parent foreign business.

Joint venture companies - Foreign firms may set up a joint venture firm i.e. in financial association with an Indian company/business in India, which is an Indian Firm with an independent legal recognition, different from the parent foreign business.

A foreign company setting up any type of office as discussed above on behalf of the parent company or overseas trading companies in India for marketing of exports from India have to get a previous approval of the Reserve Bank by submitting an application in the suggested form to the Central Office of Reserve Bank. On approval of such cases, consent is given at first for a period of 3 years, based on the condition that expenses of such workplace will be fulfilled solely from internal remittances; such workplaces are not allowed to produce any earnings in India.

In this regard many corporate law firms are offering NRI services Bangalore. These firms assist foreign companies to establish their presence in India.

About Balakrishna Consulting

Balakrishna Consulting is a leading corporate law firm of company secretaries, cost accountants, advocates and CA in Bangalore. The company is specialised in providing company incorporation services, company formation, LLP registration, assistance in setting up business in India and NRI services Bangalore. Balakrishna Consulting has been delivering services to around 50 foreign clients from 23 different nations such as France, UK, USA, Spain, Holland, Hungary, Taiwan, China, Singapore, Japan, South Africa and South America. BCL is associated with MSI Global Alliance (MSI), a top ranked global association of independent accountancy and law firms.

Services provided by CPA in India

CPA also known as certified public accountant is a recognized accountant who has successfully completed a set of examinations. Additionally he holds experience which is mandatory for this certification. CPA is a specialization and can be achieved by fulfilling some specific qualifications and on the job experience. One can also get CPA certification by continuing the ongoing professional education and at the same time getting experience in specific areas in finance.

The financial sector in India has seen amazing development over the years and the trend is still upwards. As a result of this, many business around the world are seeking India as the hub of accounting outsourcing services. It is already known that for the development of any type of business organization, it is necessary that the accounts department is well oiled. To make it function much better, accounting outsourcing solutions are hired from India. Because accounting outsourcing in India demands minimum expenditure as costs for the solutions it provides, the majority of the nations choose it over others.

There are different solutions provided by CPA in India and the main service is public bookkeeping or these can be additionally described as financial audit services. Generally these services are called as assurance services.

Certified public accountants attest the adherence to the usually accepted principles of accounting in financial statements. They additionally verify the sagacity or reasonableness of disclosures. An additional significant duty is to accredit the flexibility from misstatement. Most of the cpas are professionals and offer services and expertise in specific areas whereas some of the CPAs that collaborate with small companies are generalists and offer a range of financial services.

Certified public accountants are well aware of the professional requirements of Federal and State Laws which they are expected to follow to maintain independence as and when required to audit and attestation in assessing the monetary methods of the companies. It is commonly observed that Certified public accountants do not work as auditors if their professional job is of a specialist.

The basic practice in small and medium organizations is to employ a Certified Public Accountant for tax objectives and at the same time have an audit division to make sure that the proper practices are followed and independently examined.

With the rise in demand of CPA in India, large number of firms are coming up. Balakrishna Consulting is one such firm of CPA in Bangalore having 20 years of experience in corporate law.

About Balakrishna Consulting

Balakrishna Consulting is leading group of CPA in Bangalore established in the year 1998. The company specialises in offering a range of services such as audit and assurance, entry India services, taxation, corporate advisory services and corporate law and allied services. Balakrishna Consulting has been rendering services to the clients from various industries. The comprehensive solutions provided to the clients assist them in meeting the challenging business goals.