For budding entrepreneurs starting a company from scratch is certainly a big issue. One has to deal with different structural as well as financial matters. Moreover, laws and litigation makes the endeavor pretty much complicated for few.  However, the good news is comparatively among all states, Hong Kong is a place where investors gain multiple benefits from all the angles especially when it comes to dealing with accounts and audit. In addition, when there is a consulting agency like JV Consultants Limited to assist you in every step, you have to worry about neither annual filing requirements nor other accompanying account and audits. This agency is known for fulfilling all the requirements quite fruitfully. Whether it is about informing the Companies Registry about any registered particulars such as facts about directors, company secretary and shareholders or changing in shared capital, JV Consultants Limited performs the work properly.

Now if it is about holding the general meeting or conducting Hong Kong company account and audit work, you need to make sure that you are having your valid Registration Certificate which you are needed to display at required places. Business registration is something, which is required to be registered every year. Now it may not be possible for you to maintain all business particulars adequately on your own but JV Consultants Limited is there for you to help you maintain the Incorporation Certificate, company seal, Articles of Association, Business Registration Certificate, share certificates, minutes of all meetings of directors and members, updated financial records properly. The agency also makes sure that the business licenses are maintained appropriately.

When a setup is not having its accounting records ready, it is natural that it will lose its ability to decide its assessable profits and so it is mandatory for the setup to maintain Hong Kong company account and audit adequately. Now it may possible that the records are somewhere maintained outside Hong Kong but Hong kong company tax filing returns should be kept in Hong Kong office. Among the business records there are receipts of income and expenditure, payments, details about the assets and liabilities of the business. Additional documents which are required to validate the entries of account, invoices, relevant papers, bank statements, receipts and different other significant documents are needed to be kept. Apart from that, daily record of transaction should be maintained as well.

When it comes to Hong Kong company tax filing, Inland Revenue Department and Companies Registry are the main offices where all sorts of companies whether a registered branch or an incorporated subsidiary are required to submit their tax returns. JV Consultants Limited has ample knowledge and insight regarding all the return documents. This consulting agency has been providing quality assistance for years and today JV Consultants Limited is a name that needs no introduction. Audit, tax accounts these as intricate aspects that often companies fail to sort out in time. If documents are not maintained properly then chances are there, the company starts undergoing tough time right at the initial stage. So its must to work with a promising consulting agency,  and on the site of  JV Consultants Limited you will find the detailed description about their services.

Virtual Bookkeeping Services

Have you ever wondered how having a virtual bookkeeper will benefit your personal or corporate tax system? This system is growing in popularity very rapidly, and for very good reasons. Below we have discussed the key points regarding virtual bookkeepers and how this service can assist your finances.

Benefits of Virtual Bookkeeping Services

There are many benefits that come along with virtual bookkeeping services. If you have been offering the traditional bookkeeping solutions, it’s high time you tried doing it virtually over the internet due to the following benefits:

Cost saving

There are savings made when bookkeeping is done virtually since there won’t be any costs of hiring in-house bookkeepers. Doing it virtually only needs an online account and you can even outsource bookkeeping from clients and do it virtually, thereby earning extra income.

It’s easy and time saving

Virtual bookkeeping services offer the easiest bookkeeping solution ever. Doing it virtually enhances speeds of keeping records and also accessing records in a hassle-free process. The files can be accessed at any time of the day and from anywhere. Thus, doing it virtually gives you an opportunity to work at the comfort of your home. If having huge work load, you can even be able to hire virtual workers from anywhere.

For the business people who travel often, this is the best solution as they can be able to access their files from anywhere at any time. Clients get their files in real time without travelling to the host’s location, thereby saving them time. All that is needed is internet access. The time saved can be utilized in doing other businesses.

No hassle of carrying hardcopies

When bookkeeping is done virtually, all that is required is to scan documents and upload them. Whenever you need them from anywhere, you can always be able to download them in softcopies. This ensures that you do not have to carry huge loads of paperwork and eliminates the hassles of waiting for records to be mailed or faxed. More to that, there won’t be any work duplication of making hardcopies of work no and then whenever you need your files.

All in all, virtual bookkeeping services are aimed at ensuring that your business grows. In the fast paced world we live in, time is money, and money is (after all) essential Thus, if you haven’t tried these services, waste no time and visit Tax Relax for the best bookkeeping solutions virtually. Their experience and know-how are unparalleled in the South African tax market.

It must be from non-resident Indians looking for a good income and investment opportunities in India pan card to indulge in financial transactions mandatory by the income tax authority of India. Non-resident Indians can apply online for PAN card can also check the status of pan card online. Nationalist card is not something that is mandatory for all Indian citizens. It is mandatory for foreign nationals and foreign companies as well as non-resident Indians have a PAN card and according to the law applicable to certain terms and conditions of the income tax.

Must be from non-resident Indians pan valid card if his / her taxable income in India in any financial year. If you want non-resident Indians to open a bank account in India, it must be needed pan card. According to Article 139 (5B), which is bound by banking institutions in India, in the words of the general certificate of dissolved solids. Non-resident Indians can’t do trading by deposit or broker if he / she does not have a pan card. In accordance with SEBI (Securities and Exchange Board of India) guidelines, and if you want non-resident Indians to own BO (beneficiary ownership) account full power, so they can trade or deal in shares or stock in India. If non-resident Indians are willing to buy land or property in India, he must of a valid pan card in India.

Tips for getting NRI PAN Card:

Following are the some tips for getting PAN Card in India

• One needs to download the application form 49A of the Income Tax UTITSL or India site and fill it in accordance with the instruction contained in the website.
•  It is important to note that non-resident Indians have to mention his residence in a foreign country title, and should not provide any address hometown in India.
• When one in the form of offers, he / she gets the recognition it can be simply printed.
• It is important to note that the signature or thumb impression used in place of the signature on the form must be certified by the official gazette officer with signatory countries, as well as seal.
•  It is important to note that the signature or thumb impression used in place of the signature on the form must be certified by the official gazette officer with signatory countries, as well as seal.
• One can easily check the status of pan card through the website incometaxindia.gov.

 Documents required to be submitted along with NRI PAN Card Application: –

• A Passport Photo for identity proof.
• Addressing proves current residence in a foreign country, such as a copy of the pass-port or a copy of a local bank account of a certified or bank \ bills any other services either Apostille or certified by the Indian consulate.

PAN number helps the Indian tax authorities to track datarelated into account the financial situation of non-resident Indians for the purpose of taxation. There are also private agencies to provide full assistance to non-resident Indians is ready to be pan-India card. And it can easily communicate with the agency and that it will be implemented in the whole process the request on behalf of non-resident Indians provider. One can easily check the pan applied by the agency using the card acknowledgment slip. These agencies to facilitate non-resident Indians for the Indian pan card without any hassles and in the shortest period of time.

Why Is Bookkeeping So Important?

Bookkeeping is significant in any business small or large in size. It is sad to say, this procedure is often unkempt which has a straight adversative effect on the business. In fact, conferring to CPA South Africa, some businesses flop due to financial negligence while other has feeble or no accounting records or books on hand.

Now What Did You Say Bookkeeping Is?

Bookkeeping is the procedure of recording your or a business’s financial transactions and the first basic step of the accounting process. The accounting process includes classifying, reporting and analysing of data and none of it can take place if there is no organised and accurate bookkeeping. The significance of bookkeeping cannot be stressed enough, but here are top reasons why this is vital to the wellbeing and life of your business. Here are few reasons why you should ensure your tax is handled correctly:

Improved business analysis and management

Cash flow organisation is one of the most imperative things you need to focus on. Irrespective of the fact that you are busy, as soon as your accounts are delayed, no follow-ups on customer payments and dropping out on a supplier’s list of customers will ultimately crash your business down. Bookkeeping can organise it up from up-to-date follow-ups, billing and on-time payment for suppliers.

Tax Obligation Fulfilment

Bookkeeping keeps track on any info and papers in order to achieve annual taxes. You do not have to rush any longer to find all those bills or try memorising expenses when tax time comes. Tax revenues are also made stress-free with a prepared Balance Sheet, Cash Flow and Profit & Loss, your tax consultant will dedicate time in giving you complete tax advice instead of modifying entries in the financial statements.

Reporting to Investors

The procedure of reporting to your investors on critical information about the financial status of the company is no longer a concern. From charts, graphs to lists of information offered to the investors are all assimilated from the book of account.

To achieve all these, you can lease a bookkeeper or accountant to do it and keep your financial facet together and organized. Bookkeeping can spell the variance between success and bankruptcy and can also factually mean thousands of dollars for your business. So please take a look at C-Tax for all your bookkeeping requirements, whether it be a large business or even a small one C-Tax sees the importance of your business’ financial side.

    Taxes are generally an involuntary fee levied on individuals or corporations that is enforced by a government entity, whether local, national or regional in order to finance government activities. In economics, taxes fall on whoever pays the burden of the tax, whether this is the entity being taxed, like a business, or the end consumers of the business’s goods. Bookkeeping Services helps to manage business taxes puts impact on the profitability of businesses and investment. Taxation is a very important factor in the financial investment and decision-making process for business growth. It is very important for every citizen to pay tax to the government for betterment of the country.

 The different types of taxes are:

• Income Tax: It is one of the common types of tax. This tax is deducted directly from your income if your are liable to pay this tax if your income exceeds the certain limit.

• Professional Tax: If you are working in a private firm or organization, you have to pay this tax and it gets deducted from your salary. The rate of this tax may change as per government rules.

• Capital Gains Tax: It is charged if you sell your property, bonds, shares, jewelry that gives you profit. The profit can be calculated by deducting the total amount you collected from selling your asset and the amount you paid for it.

• Securities Transactions Tax: When you buy or sell a stock in the share market, you have to pay securities transaction tax. It is imposed by the Government because people often do not declare the profit and assets earned from the stock market. They avoid paying capital gain tax, as the government can levy tax only on the profits they earn if these are not declared. The securities transactions tax is levied on derivative instruments, equity shares, equity oriented mutual funds.

• Perquisite Tax: Perquisite Tax is levied on employees for the non-monetary benefits given to their employers. The taxable value of perquisites in the hands of the employees is its cost to the employer.

• Corporate Tax: These taxes are paid by the companies to the government and it is levied on the income of the corporate.

• Sales Tax: When you purchase any commodity, you have to pay its cost price plus the sales tax extra. The manufacturer then pays it to the Government. The Sales Tax is levied only on the intra-sale of commodities.

• Service Tax: When you avail services you have to pay tax on it and this is called Service Tax. It is applicable to every type of services and products. Some of the services include advertising, healthcare, financial services.

• Stamp Duty and Registration: When you purchase a property, you have to pay this tax as per cost fixed by the seller, and if you want to have the property transferred to your name.

• Customs Duty and Octroi: This tax is levied on the goods imported into the country as well as the goods that are exported to any other foreign country. It is charged on airport, docks, railway stations. The Octroi Tax is levied on goods that are transported from one municipality to another.

• Excise Duty: The Excise Tax is levied on the goods that are produced within the country. There are a number of rules which keep on changing as per government discretion.

 If one is the resident of Ipswich then get the best services choosing one among the bookkeeping services in Ipswich provides expert services that save your valuable time and money.

Old practice of Government-High Court Decision undone!!

An article by: CA Pradeep Jain,

CA Neetu Sukhwani &

Bharat Rathore

Introduction:- It is a very old tactic followed by the government that when the interpretation taken by High Court or Supreme Court on an issue is consistently held against the revenue, the best solution lies with amending the statutory provision or adding explanations to it. This is the strategy that the Modi’s government has adopted in this Budget also. All the propaganda regarding ‘non-adversial and stable tax environment’ with doing away the practice of retrospective amendments were only made to lure the public to give votes. The amendment made by the government in Rule 5 of the Cenvat Credit Rules, 2004 by the notification no. 06/2015-CE (N.T.) dated 01.03.2015 is yet another example of the practice of the government to override and nullify the judicial pronouncements.

Backdrop of the issue under consideration:- Rule 5 of the Cenvat Credit Rules, 2004 pertains to the refund of accumulated cenvat credit available to the exporters. The Rule (1) states that:-

RULE 5 Refund of CENVAT Credit. – (1) A manufacturer who clears a final product or a intermediate product for export without payment of duty under bond or letter of Undertaking , or a service provider who provides an output service which is exported without payment of service tax, shall be allowed refund of CENVAT credit as determined by the following formula subject to procedure, safe guards, conditions and limitations, as may be specified by the Board by notification in the Official Gazette.

It is worth noting that Explanation no. 1 (1) to this Rule states that for the purpose of this rule,- “export service” means a service which is provided as per Rule 6A of the Service Tax Rules, 1994. However, there is no clarification for the “export of goods”. Consequently, the issue that arose was whether clearances by a manufacturer to 100% EOU would be eligible for the refund of accumulated credit under Rule 5 or the refund is to be granted only for the physical exports made without payment of duty under ‘bond or letter of undertaking’. It was contended by the assessees that clearance to 100% EOUs are effected against CT-3 that is issued by debiting the requisite amount from the bond executed by 100% EOUs and consequently, such clearances are also to be considered at par with export under bond. Moreover, the Hon’ble Gujarat High Court has held in the case of Commr of C.Ex. Vs Shilpa Copper Wire Industries [2011(269) E.L.T. 17 (Guj.)] that refund of unutilised cenvat credit in case of deemed exports is also admissible and while pronouncing this reliance has been placed on Apex Court decision. Not only this, similar view was taken by the Hon’ble Gujarat High Court in the case of Commr of C.Ex. & Customs Vs NBM Industries [2012 (276) E.L.T. 9 (Guj.)] wherein it was also concluded that refund under Rule 5 cannot be denied on the ground that it is available for physical exports only and not admissible for deemed exports. In this case, the decision was delivered by placing reliance on another Apex Court decision given in the case of Virlon Textile Mills Ltd. Vs Commr of C.Ex., Mumbai [2007(211) E.L.T. 353 (S.C.)]. It is also worth observing that recently, the same Gujarat High Court in the case of E I Dupont India Pvt. Ltd. Vs Union of India [2014(305) E.L.T. 282 (Guj.)] has confirmed the fact that even deemed exports are eligible for refund under Rule 5 of the Cenvat Credit Rules, 2004 and even proposed to issue strictures against the adjudicating authority which ignored the binding precedents laid by the High Court and Supreme Court. In pursuant to the above decision, the Board also issued Instruction no.F. No. 201/01/2014-CX.6 dated 26.06.2014wherein it has been strictly instructed to follow the judicial discipline by the adjudicating authorities when the issue is covered by decisions of High courts or Supreme court. This instruction also clearly states that if there exists any precedent judgement which has been decided against the revenue then the officers shall be bound by it. Moreover, even if the appeal has been filed against the precedent judgment by the revenue department, still the same is required to be followed for deciding the issue in case of other assessees in view of the decision given by the Supreme Court in the case of Kamalakshi Corporation Ltd.

Inspite of the above cited decisions pronounced by the High Court, the assessees claiming refund under Rule 5 for deemed exports were harassed by taking contention that the revenue department has filed Special Leave Petition against the decision given by the Hon’ble Gujarat High Court in the case of E I Dupont India Pvt. Ltd. Vs Union of India [2014(305) E.L.T. 282 (Guj.)] . It is also worth mentioning here that the stay application filed by the revenue department was heard on 28.11.2014 wherein no stay was granted by the Apex Court and the matter was posted for final hearing on 24.02.2015 and the final outcome is still pending in this case.

Amendment made in Rule 5 vide this Budget:- In this budget, a new clause (1A) has been inserted in the Explanation to Rule 5 which specifies that “export goods” means any goods which are to be taken out of India to a place outside India. This insertion by way of explanation has nullified the ratio of the above cited judicial pronouncements of the Gujarat High Court. This explanation has clearly mentioned that export goods means any goods which are to be taken out of India to a place outside India thereby meaning that the deemed exports will be out of the purview of the provision of Rule 5 of the Cenvat Credit Rules, 2004. Hence, the outcome of the SLP in the case of E I Dupont India Pvt. Ltd. will be of less relevance.

Before Parting:- The above analysis clearly reflects that the government is vested with discretionary powers to undo decisions pronounced against them by amending the statutory provision in their interest. Not only this, the assessees may be prepared to face litigations even for the prior period on the ground that the explanation inserted vide Budget, 2015 is clarificatory in nature and is to be applied retrospectively. Well, all the hapless assessees can do is to face the torture of litigation even on settled issues! 

        Tax liability is the amount of money a person, organization, entity or company owes to the government. For the government, taxes are an important source of revenue.  The government uses the taxes to fund its operations like building the schools, hospitals, road, highways and defending the country. The tax liability is the charge for the services the government provides to its citizens.

         Due to the need for funds to operate the government, paying the correct amount of tax on the right time is moral responsibility of every citizen. If the tax is not paid by the citizen, then the government has the right to take the taxpayer’s property and sell it to pay the tax liability. There are many companies in Ipswich who provide world class solutions and accounting services to all the taxpayers.

         For any business entity that pays taxes and issues financial statements, the entity’s tax liability is often listed in the entity’s balance sheet. To calculate the correct amount of tax, documents and planning must be done by appointing an experienced tax preparer. Many large organizations and big entities have entire departments devoted full time to calculating the company’s tax liability.

        A tax preparer is a professional qualified to calculate, file and the income tax returns on behalf of individuals and businesses. To get accurate results, individuals need to choose which type of tax professional will best suit their organization. It is important to use a preparer who is having good experience in working in the business environment, and can handle any situation while tax preparation. Many companies in Ipswich provides services to pay tax return on time.

       People and companies have to file tax every year. There are various types of tax preparation professionals having expert knowledge and certifications to suit your business needs. These tax preparers check your income, salary slips, documents and financial statements before calculating the tax amount.They are experts in tax planning and the preparation of tax returns. As they specialize in a specific tax area,and keep the updated information about the government changing tax policies. Tax preparation professionals must obtain a Preparer Tax Identification Number (PTIN) and include it on all returns they sign.

       Keep records and well-maintained books of the last year to estimate and verify how much tax you had paid last year. It helps to keep track of documents and you can implement appropriate strategies, contributions, and deductions to minimize your tax liability before the year end. The medical expenses and some work-related expenses may be deducted on your taxes for this year, thereby further minimizing your tax responsibility.

        Filing taxes is an important and time-consuming task. By appointing this task to a trained expert tax preparer you may be saving precious money and time. By maintaining the tax documents it is easy at finding deductions and credits as a professional tax preparer minimize mistakes and errors in the work. The accounts must be audited when you have a professionally prepared tax return that is mistake free.

Before we start to explore about the Toronto patent office, let’s explore what is the patent service. Many might have the idea about patent service but there are yet many who have not got the fainted ideas what the word patent means. Patent, in its simplest answer we can say that, it is a monopoly that the sovereign country grants the inventors and allow exploring or inventing things for a certain period of time. With this permission the government expects a public disclosure of the invented product for free. That is to say that when we are trying to invent something the government is ready to give us the permission and provide us with all the monetary help that we need in exchange with the idea we will disclose the invention for free to the people of the country.

Patents are usually required while the country is in need of some medicine or technological up lifting. The Government make makes sure that they hire an expert who can in turn make the difference for them. We will have to make sure that if the Government is in need of the update we are in need to explore and invent. Therefore, it is always a give and take policy for both the inventor and the government. When we are working as the best inventor we will have to make sure that we make the most of the patent amount that is being delivered by the Government. Making sure if there fact that we have an idea as to what we really want to do. Where Toronto patent office is concerned there are ample offices that can guarantee a balanced offer so as to suffice the research and even if we are in need of money in the middle of the research they will even provide with that. We will have to make sure that we have the proof of all the expenses that we have made in the process of inventing something.

In order to confirm that we get the patent we will have to hire a good lawyer who can take care of the transactions that has to be made to get the patent. Getting the patent for any invention is no wonder a hassled work and we will have to make sure that we are dealing with the best lawyer in order to get the money in the proper time. For the seamless patent services we will have to find the best Toronto patent office so that we can get the patent service as soon as possible.

When it comes to patent services we will have to make it a point that we are taking the right step. This is mainly because we need to have the Government is directly related to this and therefore, we will have to make sure that any set that we take are actually worth the spending. For the systematic approach we will have to first plan the estimated amount of money that may be required to make the invention successful. We need to jot down the valuation of the invention and that we need to make sure that the patent lawyer works closely with us to prove that to the government and are successful making the transaction possible.

The Kuhler Tax Credit team has been spending time in DC tracking the “tax extender package” activity. The “tax extenders”, which includes the Research and Development Tax Credit, is a tax relief package that helps companies reduce their tax liabilities from different investments incurred throughout the calendar year. Once passed, the package will extend or make permanent approximately 50 temporary tax breaks that have or will expire.
Kuhler Tax Credits is known for our expert monitoring of R&D and tax code legislative changes, ensuring our clients receive maximum benefits year after year.To learn more about the advantages of the Research and Development Tax Credit, visit the Kuhler Tax Credits website www.kuhler.com or email us at info@kuhler.com.
About Kuhler Tax Credits: Based out of San Francisco and Orange County, Kuhler Tax Credits is a full-service Research & Development Tax Credit provider that significantly reduces federal and state tax liabilities. Whether a company is profitable or not, this service ultimately increases market value, acquisition potential and bottom line—ultimately adding cash back into the business and guaranteeing its place in the competitive marketplace.

Technological in nature

The research and activities must be based on one or more of the following sciences:
Engineering: Architecture, Defense Contracting, Engineering (All Disciplines), Telecommunications, and Aerospace.
Software: IT/Software Development, Startups, Website Advertising and Marketing, and Internet Applications.

Manufacturing and Design: Apparel & Textiles, Brewing, Distillery, Winemaking, Consumer Food and Beverage, Foundry/Metals/Mining, Manufacturing, Oil and Gas, and Semiconductors.
Environmental & Life Sciences: Agriculture/Farming, Life Sciences, Medical Devices, Pharmaceutical, Waste Management, and Recycling.
Intended to eliminate uncertainty
The QRAs must intend to eliminate uncertainties concerning the development or improvement of a product, process, technique, invention, formulation, or software. In our experience, any of the following uncertainties qualify:
Capability Uncertainty: Can we do it?
Methodology Uncertainty: How can we do it?
Design Uncertainty: What is the correct design to achieve the goal?
Process of Experimentation
The process of experimentation is identifying and evaluating alternatives, performing trial and error experiments, and testing results. The IRS also considers “process of experimentation” when a candidate creates prototypes, models and simulations. Any failed projects, technological in nature, are also considered part of the process of experimentation.
If your company fulfills all of the “Four-Part Test” criteria visit the Kuhler Tax Credits website www.kuhler.com or email us at info@kuhler.com for more information on how we can increase your company’s market value and boost its bottom line through the Research and Development Tax Credit.

The governmental officials to avoid tax thefts conduct external official tax audits, which is happening in massive amounts already, since ages now all across the world. There are millions of people that try to evade taxes all the while during all the ages. Governments have strict norms to catch hold of the tax thefts and lay more penalties to these people that try to cut corners. To avoid such things to happen in your business organization or even if you are an individual that owns properties, then you have to make sure that you deal with the perfectly experienced, and certified Personal Tax companies crew to serve you.

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