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Akash Janrao and Associates

We use accounting assurance services to help our clients grow and reach their aspirations. This is more than just preparing financial statements and tax returns. We are constantly developing new services while looking for new efficiencies in core disciplines.

We at AJA provide the following Business Process Outsourcing services :

  • Book keeping and preparation of Financial statement as per the requirements of applicable laws in force using softwares like Quick Books, Xero, Tally 9 ERP etc.

  • Payroll Processing

  • Invoicing

  • Receivable and Payable Accounts Reconcilation.

  • Preparation of reports for management information systems

  • Filing of various tax returns applicable under various laws in force like:

    • TDS i.e. Withholding Tax Returns,

    • Profession Tax Returns,

    • RBI – F.L.A. i.e. Foreign Liabilities and Asset Returns etc.

Bookkeeping services are also known as accounting services that help the organization to deal with the complex and technical aspects. This is a great way to provide more time and energy to the organization that can be used to develop the business market and also save on the cost factor.

We live in a world that involves globalization and technology developments that will help redefine the overall process of the business. If the organization outsources different such processes, that will make more business sense. AJA, one of the top Accounting Firms in Pune, will help the person with the accounting processes.

Nowadays, the trend is that most large companies and businesses are outsourcing their bookkeeping services and helps their clients to properly manage their finances, cost, resources, and time.

AJA online bookkeeping services use software like Tally 9ERP, Zohobooks, and Quickbooks that will surely suit the requirement of the client.

Professional Accounting / Book Keeping Services:

These are the services that provide all the financial information about business in a much-summarized way and are properly communicated to the authorities of the business. AJA will act as the Accounting Expert and offer a great range of finance and accounting outsourcing solutions along with payroll processing to small or mid organizations of all most all the sectors.

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All the information related to overall operations is provided so that better decisions are taken to make it more efficient. The team of AJA will provide all the accounting requirements to their clients that will surely help them in their growth.

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Nowadays, the facility of outsourcing Bookkeeping services has become a magic word all around the world. Here both the accounting service providers and service takers are benefited in their way. So it is very important for the Service provides to maintain consistency and quality in their work so that their clients will be able to completely concentrate on full-on their competencies. There will be no other tedious, time-consuming, and ancillary process. Even when the company hires the accounting outsource services; it gets a team of experts that are ready to provide the best services in the best concern of the business. They have full knowledge to understand how changes can be made in a better way to improve the productivity and profitability of the company. No matter what the size of the business is, the advantages of outsourcing accounting services will be the same and help in faster growth and better efficiency and profitability.

"We use accounting assurance services to help our clients grow and reach their aspirations. This is more than just preparing financial statements and tax returns. We are constantly developing new services while looking for new efficiencies in core disciplines."

Different Accounting Outsourcing Solutions offered by AJA:

  • Proper designing, implementing and reviewing of accounting manuals

  • Advice on the different accounting issues related to the Indian Accounting Standards.

  • Payroll Processing

  • Accounting Systems Setup

  • Bank reconciliation and payment processing services

  • Monthly Management Reporting

  • Formulation of different accounting systems and procedures

  • Helps in preparation of periodic Financial Statements and Analysis of Profit and Loss Account

Payroll:

  • Helps in preparation of the monthly payroll statements with the payslips of every employee based on their inputs received by the organization.

  • It also helps ensure the deduction of the relevant amount account to the statutory laws like Provident Fund, Professional Tax, Income Tax, etc.

  • Helps in the preparation of Form 16 for the employees and also files the Qtly. Even the experts at AJA help in filing returns for e-TDS with Income Tax Authorities.

  • Help in solving the issues raised by any of the employees.

  • Statutory deductions and Reconciliation of payments with account books every quarter.

AJA Work Methodology:

The work methodology of AJA is to understand the client's core business and processes and then start using the learning to work with the business as their strategic business partners, not as external consultants. AJA has a team of experts that provides the business with the insights of working and discusses different issues before recommending a proper solution. The client can easily accept the solutions without the need for additional advice from any other external consultants.

Process:

  • First of all, the team of AJA understands the unique requirement of their client by providing a free consultation conference call.

  • An in-depth analysis of the business issues needs to be done, and accordingly, a solution is recommended to the clients with transparent service costs.

  • Helps in assisting the clients in the decision-making process and gives them the law extracts and research documents that address all the concerns. This is how proper help is provided to the client in making an informed decision.

  • Provide detailed status reports to the clients on the regular basis

  • Maintain all the professional ethics in all their work to provide the best quality work.

  • There is a continuous commitment to research all the areas of practice and provide proper reports to the clients accordingly.

  • Builds a long-lasting relationship with the clients by providing consistent and quality services.

  • Makes sure that all the client's information is kept confidential and data at all times and a contract of a Non-Disclosure agreement is signed between the two parties.

Benefits of Business Process Outsourcing :

Also We at AJA , offer our professional expertise to domestic and foreign investors & companies for setting up their businesses in India . We not only advise you about the foreign investment policy & procedures of the Government of India but also obtain all the necessary approvals required.

  • How can Accounting Service will help my business?
    A book keeping and accounting service can assist you to keep track of all expenses so that the tax preparer can send over the necessary paperwork. You can get a clear picture of your company's financial health if you hire an efficient accounting service.
  • Is there any option to use it for more than one CA firm?
    As a chartered accountant in practice, you are allowed to join more than one company as a partner. In contrast, a practicing chartered accountant cannot become a partner in other firms or professions other than practice.
  • Where would you find the best Chartered accountants in Pune?
    Their 50-Point Inspection encompasses customer evaluations, history, complaints, ratings, contentment, trust, pricing and overall quality. In this way, you can find the best one!
  • Which 3 accounting items are the most important for a business?
    Many experts believe the top line, or cash, is the most important component on a company's balance sheet. Other important factors to examine include accounts receivable and short-term investments. A balance sheet includes assets, liabilities, and equity.
  • How will outsourcing of Accounting and Finance benefit the business?
    Outsourcing finances and accounting reduce the time and effort required to manage and supervise your in-house accounting personnel. It will allow you to devote more time and resources to the most important aspects of your organization.
  • What is financial accounting and what are its advantages?
    A company's financial transactions are meticulously tracked in financial accounting. This year's revenue and expenditure are shown in a Financial Statement of Accounts, a technical document that records and summarizes all of the business's activities.
  • What are the advantages of accounting services?
    Accounting, when done effectively, provides abundant information on the health of your company's finances. It's easier to make smart business choices if you have a clear view of your money.
  • What is applicability of statutory audit?
    An audit is required if an LLP's yearly income exceeds Rs. 40 lakh or its capital contribution exceeds Rs. 25 lakh. In addition, a tax audit is required of proprietorships and partnerships that surpass a certain sales threshold.
  • What are the important elements to check in the statutory audit of banks?
    The following are critical items to verify during a bank's statutory audit: Procedure for Cash Verification. Tax-Related Purchases. Loan Accounts Verification. Loan Accounts Verification Preliminary Examination. Disbursement. Inspection Following Disbursement.
  • What is the applicability of Section 138 (Internal Audit)?
    Suppose the Board decides to appoint an internal auditor, in that case, it must be a chartered accountant or a cost accountant or such other professional as the Board deems appropriate to undertake an internal audit of the company's duties and operations.
  • Which is the criteria for appointment of an internal auditor?
    The Board of Directors may appoint an internal auditor who is a chartered accountant, cost accountant, or other certified professional. The internal auditor may or may not be an employee. No matter whether you're a Chartered Accountant or not.
  • What is Internal Auditing?
    What is the purpose of an internal audit? –A company's internal controls, such as its corporate governance and accounting systems, are examined during an internal audit. In addition, financial reporting and data gathering is supported by these audits, which assure compliance with applicable legislation.
  • Statutory audit of banks is mandatory?
    Banks are required to undergo a statutory audit. The Reserve Bank of India (RBI) and the Institute of Chartered Accountants of India (ICAI) jointly designate Statutory Auditors. All banks undergo a thorough audit once a year after the conclusion of the preceding fiscal year.
  • What is the Statutory audit?
    Legally mandated audits of financial accounts and records are known as "statutory audits."... Enterprises that must be audited include public companies, banks, brokerage and investment organizations, and insurance firms.
  • What do you mean by 'income earned in India'?
    In India, all wages are considered to have been earned there. Therefore, even if you charge a fee for a service delivered in India, you are still considered to have earned revenue in India.
  • Is Income tax Act applicable only to residents?
    New provision 6(1A) of the Income-tax Act, 1961. Such a person is considered an Indian resident only if his domicile, residency, or other comparable factors exempt him from taxation in any other nation or jurisdiction.
  • What is Income Tax?
    A direct tax levied by the state on its citizens' income. Income does not merely mean pay. It also covers rental income, corporate earnings, professional gains (such bonuses), capital gains, and "other kinds of income."
  • What does the Income Tax Department consider as income?
    Income tax returns must be filed by everyone who earns any money in a given year. From a wage, firm profits or rental or dividend income to capital gains or interest or any other form of income, all comes under the category person’s income.
  • Who is supposed to pay Income Tax?
    Any Indian citizen under the age of 60 who earns more than Rs 2.5 lakh gets taxed. If a person is above 60 and earns more than Rs. 3 lakhs, they must pay taxes to the Indian government.
  • What is the period for which a person's income is taken into account for purpose of Income tax ?
    A person's annual income is subject to income tax. The year begins on April 1 and ends on March 31 of the following year, which is the tax year.
  • How does the Government collect Income-tax?
    There are three primary methods in which the government collects Income Taxes: Source-Separated Taxes (TDS) Paying Taxes Only Once (TCS) Bank accounts designed for tax-payer contributions.
  • What are revenue and capital receipts?
    Non-operating capital receipts include profits from the sale of long-term assets, capital invested by the owner, and sums received as a loan or from debenture holders. Revenue receipts consist of sales, commissions, and investment interest, all contribute to the company's annual revenue.
  • How would a particular transaction of goods and services be taxed simultaneously under Central GST (CGST) and State GST (SGST)?
    Taxes on all transactions of supply of goods and services will be imposed concurrently by the Central and State governments, save for those transactions that fall below the set threshold limitations.
  • What is GST? How does it work?
    Federal sales tax, the goods and services tax (GST), applies to the price of specified products or services. Upon purchasing a product, a buyer must pay the complete sales price, including GST, which the firm adds.
  • What are the benefits of GST?
    The GST eliminates tax escalation. Composition strategy for a small company A quick and simple internet approach. Less regulations Improvements in logistics efficiency The GST regulates the unorganized sector.
  • Will cross utilization of credits between goods and services be allowed under GST regime?
    It would be able to pay for both products and services using CGST credits if they were earned. Furthermore, in the case of SGST, the possibility of credit cross-utilization would be available.
  • What are the major chronological events that have led to the introduction of GST?
    This timeline summarizes key events in India's GST system. The L K Jha committee introduced VAT in 1974. The MVAT was introduced in 1986. (MODVAT) The Chelliah Committee advocated VAT in 1991. (GST)
  • What about the Registration Process?
    Form 32 - Details about the director, manager, and secretary. An Incorporation Certificate will be issued after the Form is completed and the Corporate Identity is created. eForm 19 requires the prospectus (Schedule II). OBTAIN A CORPORATION CERTIFICATE
  • Which taxes at the Centre and State level are being subsumed into GST?
    The following taxes have been combined at the state level: state value-added tax, sales tax, entertainment tax, central sales tax, Octroi and Entry tax, purchase tax, and excise tax are all examples of taxes
  • Who and when an entity has to register?
    Companies Act, 2013 defines 5 kinds of entities that may be registered when beginning a new business: Sole Proprietorship. LLP. One Man Band. LLLP. Private Limited. Any association or partnership with over 100 members must be registered as a corporation.
  • What are the benefits to hiring bookkeeping services?
    Mission-critical information is provided. As a result, you might save money on your taxes. You may be able to save money on accounting costs. You will save time. You may even see an increase in revenue.
  • How can having an outsourced accounting department help me manage my business?
    Outsourcing accounting is typically cheaper than hiring a full-time person. Help in key activities of the company. The finest software is used. Get accurate information Stricter controls and less fraud
  • Which are the best companies for outsourcing bookkeeping and accounting services?
    Akash Janrao & Associates is one if the best companies for outsourcing bookkeeping and accounting services.
  • What are outsourced online bookkeeping services?
    Typically, a virtual accounting firm is responsible for capturing and summarising your financial information. If your CPA has access to this data, they can help you with your taxes and financial planning going forward.
  • Why should large financial companies prefer to outsource bookkeeping or accounting services?
    Streamlines the Hiring Process and Save Money Save time and effort. Professional Bookkeepers and CPAs Intuitive Scaling of Accounting Automated systems
  • Why should outsource bookkeeping, payroll or accounting services?
    Outsourcing is helpful for budgeting. You may choose the payment plans that work best for you and your company without hiring full-time staff. This allows you to compare your alternatives and pick the best value for money.
  • Why need outsource bookkeeping services?
    Payments may be managed more efficiently and more quickly using the newest cloud-based solutions available via outsourcing. For less than the cost of your firm's outdated equipment, an experienced finance and accounting outsourcing company will be able to deliver modern technology.
  • Do Startups Have to Pay GST?
    Numerous startups are in the service business, which means they are subject to service tax. They may offset the VAT paid on purchases (say, office supplies) against the service tax on their sales under the GST scheme, something they cannot do under the existing structure. As a result, it will significantly boost the startup business, which is mainly focused on offering services. It will result in cost savings, hence improving working capital for cash-strapped firms.
  • Is There a Tax Credit for Starting Your Own Business?
    This plan was open to startups that were established between April 1, 2016, and March 31, 2021. Starting in the first year, such companies would be entitled to a tax credit of 100 percent on profits for three years in a block of seven years, provided that their annual turnover does not exceed Rs. 25 crores in any financial year.
  • Are LLC Startup Costs Tax Deductible?
    The expenditures associated with forming an LLC are tax-deductible, but you must be aware of critical limitations, exclusions, and guidelines in order to deduct these costs legitimately. The Internal Revenue Service (IRS) imposes restrictions on the number of deductions available for LLC starting fees. If your beginning expenditures are less than 50,000, you may deduct up to 5,000 for initial organizational costs.
  • Do startups pay taxes?
    The government has waived the tax that would have been paid on investments in qualifying startups that were more than their fair market value. ... Additionally, investments made by incubators in excess of fair market value are excluded from taxation. Income Tax is levied on the income as per the below-mentioned schedule of Taxes. Type of Business Entity Income and its Tax applicable Proprietorship/ Individual As per Income Tax Slab Rates Partnership/ LLP Firm - 30% of Income Indian Company - 25% of Income
  • How to Get Tax Exemption in India for Startups?
    Exemptions from SECTION – IAC- Eligible startups may claim up to 100% of profits and gains for three consecutive years during a 10-year period, provided that the company's annual revenue does not exceed 100 crores in any of the prior financial years. This tax is referred to as the Angel tax. However, the government has exempted all government-recognized companies from the Angel tax with the latest announcement. Entrepreneurs may now save money on taxes and use it for funding by using this area.
  • How do startups get tax benefits?
    The qualifying period has been extended until the end of March 2022, thanks to Budget 2021. Startups in this category would be entitled to a tax credit of 100 percent on profits for three years in a block of seven years, provided that their annual revenue does not exceed Rs. 25 crores in any one financial year during that time. Only if a startup meets the requirements of an "Eligible Startup" can it use all of the tax incentives available to it.
  • How can NRI save tax in India?
    Non-resident Indians do not have access to several key deductions that are available to residents. A PAN Card is needed to do this. Retain your non-resident Indian status. Use what you have. Interest on a Home Loan
  • Who is NRI as per Income Tax Act?
    Currently, Indian citizens who work or do business outside of India are considered non-residents under the country's tax laws. However, if an NRI spends more than 182 days in India in a financial year, he is considered a "resident" of India.
  • Do NRIs have to pay tax?
    Anyone earning more than Rs 2,50,000 per year, NRI or not, must file a tax return. NRIs are solely taxed on income earned or received in India.
  • Is NRI income taxable in India?
    If they are residents in India, all of their worldwide income is subject to taxation. In the case of NRIs, any income generated or accumulated in India is subject to Indian taxation.
  • Is Income Tax Return need to file compulsory Online for NRI for AY 2021-22?
    If your taxable income exceeds the basic exemption level, you must file an ITR (i.e. Rs 2.50 Lacs in the case of individuals). ITR filing isn't required if your total taxable income falls under the exemption level (section 139 of the Income Tax Act).
  • How much do NRI save?
    Your monthly savings of 75% (from 4.5 lakh) amount to 3.375 lakh rupees, which may be invested in one of the following ways: Equity Mutual Funds INR 1,68,750 lakh/month, or 50 percent of the entire investment.
  • How can you tell if an individual is NRI?
    A resident who spends more than 182 days outside India becomes an NRI. A "resident" is someone who has spent more than 60 days in India in the last year and 365 days in the previous four years.
  • Can NRI claim TDS refund?
    NRIs who file ITRs after the end of India's financial year are entitled to TDS refunds. To get a refund on the bank's TDS, an NRI must assess their own income and tax responsibilities.
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