Outsourcing Services

Advantages

• Name in itself
  • Outsourcing is a great option for them to make the work process easier to handle. Those working in a local company may choose to outsource work so that they can continue to focus on the core business processes. Small tasks can be easily passed on to outsourcing companies;
• Cost-effective
  • Work that's been outsourced usually ends up in developing countries with a highly educated population. These outsourced employees usually cost less than their developed world counterparts, making them an interesting option to look into. Rates are usually paid by the hour or by the task, depending on the agreed conditions;
• Timeliness
  • With a high-speed internet and the number of programs and software available, telecommuting is easier than ever. Becoming connected allowed those working from one part of the world to communicate with someone on a separate hemisphere. Some outsourcing companies even work during the same hours as your office does to ensure that the work is done in a timely manner. Often, people working in an outsourced company can deliver your goods within record time, giving you a better chance to focus on the things that matter to your business.
• A Change in Operations
  • Change is always a good thing and for companies who spend too much time doing a certain task that isn't at all important. Outsourcing is a great option for them to make the work process easier to handle. Those working in a local company may choose to outsource work so that they can continue to focus on the core business processes. Small tasks can be easily passed on to outsourcing companies.

Outsourcing Strategies

Outsourcing provides access to a highly skilled global workforce, which can supply a wide array of services. To leverage these services effectively and benefit from lower operational costs and higher service levels, there are several business models to choose from. These are -

• Staff augmentation
  This model provides specialized resources, cost flexibility and satisfies short-term timeto- market demands.
• Out-tasking
  This model is suitable for short-term business needs, to fill skill gaps. However the integration of different out-tasked outcomes may not be a seamless one.
• Project-based outsourcing
  Vendors and clients share risks and rewards through this collaborative model. This model has high client benefits as it holds the vendor accountable for an entire project, and allows the application of industry best practices in the outsourcing process. On the other hand, working from project-to-project is a piecemeal approach to outsourcing. A more consolidated view of the outsourcing initiative is required, within a unified governance framework. This is provided by the multi-year managed services model.
• Managed services model
  This model fosters the development of long-term, multi-year, SLA-based relationships to provide integrated solutions across the enterprise. The service provider takes responsibility and accountability for agreed- upon strategic business outcomes. Projects typically have a large scope and scale and the knowledge gained by the vendor is invested back into the system so that the client's benefits increase year on year. These partnerships allow the sharing of risks and rewards, encourage innovation, embrace business change and contribute significantly to the strategic goals of both partners. Making complex decisions to obtain desired business outcomes requires a high level of sourcing maturity. It involves an understanding of factors that influence who should outsource, to whom, why, where and when.

Services provided:

Indian Income Tax Returns

• Indian income tax returns involves the filing of return of income as per the
• standards set forth by the Income Tax Laws;
• The laws framed varies from person to person on the status that it owns namely
• Individual / Company / AOP / BOI / LLP / Partnership Firm etc.

Indian TDS Returns

• TDS stands for tax deducted at source. As per the Income Tax Act, any company
• or person making a payment is required to deduct tax at source if the payment
• exceeds certain threshold limits. TDS has to be deducted at the rates prescribed
• by the tax department.
• Return filing is a process where a deductor has to deposit the deducted TDS to
• the government and the details of the same have to be filed in the form of a TDS
• return. A TDS return has to be filed quarterly. Different types of TDS deductions
• have to be filed using different TDS return forms.

Indian GST Returns

• Goods & Services Tax Law in India is a comprehensive, multi-stage, destinationbased
• tax that is levied on every value addition.
• In simple words, Goods and Service Tax is an indirect tax levied on the supply of
• goods and services. GST Law has replaced many indirect tax laws that previously
• existed in India.
• GST is one indirect tax for the entire country.
• Filing GST return under the GST regime is crucial as non-compliance and delay
• will result in penalties and affect your compliance rating and timely refunds.
• In the GST regime, any regular business has to file three monthly returns and
• one annual return. This amounts to 37 returns in a year.
• This cumbersome process is tackled by our GST Team in a very specialized
• manned to ease the process streamline and adher to the dead lines promptly.

Accounting Services

• Accounting services involves the robust and detailed recording of the transactions
• of the affairs of the individual / company.
• Indian Investments Consultancy
• Our specialized investment advisory team provides investors with investment
• advice and / or planning. Our team does in-depth work on formulating clients'
• investment strategies, helping them fulfill their needs and reach their financial
• goals.

Payroll Services

• Our payroll services involves automated calculations on how much employees
• should be paid each pay period..
• File and pay payroll taxes : These services can withhold employee taxes, file
• quarterly payroll tax reports and pay tax withholdings to the proper state and
• federal agencies.
• Our specialized team even provides HR related Services on Man Power
• Recruitment on an customized basis.

Bank Account Reconciliations

• In bookkeeping, a bank reconciliation statement is a process that explains the
• difference on a specified date between the bank balance shown in an
• organization's bank statement, as supplied by the bank, and the corresponding
• amount shown in the organization's own accounting records.
• Our specialized team generates day to day reconciliations to ease mange the
• cash flow and consequently fund flow of the organization.

Fixed Asset Management System

• Fixed assets management is an accounting process that seeks to track fixed
• assets for the purposes of financial accounting, preventive maintenance, and
• theft deterrence.
• Organizations face a significant challenge to track the location, quantity,
• condition, and maintenance and depreciation status of their fixed assets.
• Our specialized team manages the fixed asset system by providing a specialized
• report adhering to the standards and rules framed by the government.

MIS Reportings

• A management information system (MIS) is a computerized database of financial
• information organized and programmed in such a way that it produces regular
• reports on operations for every level of management in a company.
• Our specialized team provides customized reports to our clients as per their need
• to ease them adher to their company policies and at the outset concentrate on
• more business generation.

Indian Income Tax Returns

or Non Resident Indians

• Filing of income tax returns is mandatory in India if an individual has income accrued or arrived in India. Generally in case of NRI this filing of return of income process becomes cumbersome. We along with our specialized team of Direct Taxation see that the Return of Income of these NRI Individuals is processed hassle-free in a bear minimum documentation. The process involves online processing of documentation to ease the residents outside India process the things in a faster manner.

For Foreign Citizens

• An expatriate in India is someone who comes to live in India and is not a citizen of India.
• Even though the expatriate is a citizen of a foreign country any income which is earned by him/her in India shall be taxable in India. This income may have been earned by working in India or by providing services in India.
• An income which is earned by an expatriate in India is taxable in India irrespective of the foreign national's citizenship or residential status. This payment may also be subjected to TDS (Tax Deducted at Source) in India.
• Our specialized team takes care of processing of the return of income and sees that the laws framed are properly followed.

Tax Planning

• Tax planning is the analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency, with the elements of the financial plan working together in the most tax-efficient manner possible.

Inheritance Planning

• Inheritance planning involves the management of funds / assets inherited from the ancestors.
• Our specialized team takes care of the laws and the best possible solutions in order to properly plan your inheritance taxation norms.

Tax Related Investments

• Investments which are within and framed by the income tax bylaws are
• suggested to the clients on proper understanding of their case / circumstances.

Capital Gain Calculations

• Computation of Capital Gains.
• Detailed analysis of the case and generation of report for investments that case
• be suggested to negate the taxation compliance.

Funds Repatriation

• Funds repatriation involves consultation on the mode to be opted for transferring
• the funds in / out of India which falls within the norms framed by the government of India.

Forms 15CA / CB

• As per the new norms framed by the Government of India each individual
• remitting funds out of India / to a non resident / foreign company etc need to
• process a declaration of the remittance.
• The said process need consideration of the tax deducted at source if any.
• Our specialized team after analyzing the case facts provides the detailed
• calculations of taxation as required and process the forms.

Forms 26QB -Tax Deduction at Source

• From June 1st 2013, when a buyer buys immovable property (i.e. a building or
• part of a building or any land other than agricultural land) costing more than
• Rs 50lakhs, he has to deduct TDS when he pays the seller.
• Our specialized team sees that the deductions if any are properly processed and
• if not gets the things organized and processes the tasks in faster manner.
• After the forms have been processed an acknowledgement in the form of Form
• 16B is been issued to the builder for ease of claiming the TDS Deduction.

Compilation of Statement of Affairs

• This task is a specialized task that we offer.
• Here we see to it that the individual along with regular processing of return of
• income gets a summary of affairs of itself.
• This summary is termed as statement of affairs where in an individual with a
• single look can understand its own capital invested / funds allocated and investments made.
• This processing makes an individual understand at a glance its own progress and can set future targets to accomplish.

Compilation of Returns

• Compilation of returns is a process where all the accumulated documents /
• information are collated and reported.
• This involves use of our expertise staff on the basis of which the calculations for
• furnishing the return of income are processed.

eFiling of Returns

• Efiling of Income Tax Returns – Resident Indians
• Efiling of Income Tax Returns – Non Resident Indians
• Efiling of Income Tax Returns – Foreign Nationals
• Efiling of Income Tax Returns – Company / LLP / AOP/ BOI
• Efiling of TDS Returns
• Efiling of GST Returns
• Efiling of Profession Tax Returns

Refund followup

• There is a general notion that the work gets over after the Return of Income is being processed.
• But in actuals there is a process called after service which involves refund followup.
• Out specialized team of people sees to it that if any return of income has been
• processed with a refund the same is being processed within time along with
• interest to the recipients account.
• This process involves interactions / follow-up with the authorities.

Representations to Income Tax Authorities

• Representations under Scrutiny Assessments
• Representations under Appeal Proceedings
• Representations under GST Assessments

Payables Processing

• The accounts payable process or function is immensely important since it involves nearly all of a company's payments outside of payroll.

Regardless of the company's size, the mission of accounts payable is to pay only the company's bills and invoices that are legitimate and accurate. This means that before a vendor's invoice is entered into the accounting records and scheduled for payment, the invoice must reflect:

what the company had ordered

• what the company has received
• The proper unit costs, calculations, totals, terms, etc.

To safeguard a company's cash and other assets, the accounts payable process should have internal controls. A few reasons for internal controls are to:

• prevent paying a fraudulent invoice
• prevent paying an inaccurate invoice
• prevent paying a vendor invoice twice
• be certain that all vendor invoices are accounted for

Periodically companies should seek professional assistance to improve its internal controls. Here is the point where we and our specialized team come into picture. We have a very specialized team to take care of the payable processing as the accounts payable process must be efficient and accurate enough in order for the company's financial statements to be accurate and complete

Employee Claims Processing

• Facilitate Expense Management
  Help staff manage their expenses centrally and without hassle. With TAMSPL, they can easily submit, reconcile, see the status of and reclaim their expense claims and imbursements. Managers view all expenses pending their approval on their own dashboards, at one place.
• Track every expense
  TAMSPL tracks your workforce's expenses. All expenses incurred can be filtered and arranged – by date, value, employee, department, expense type, location, etc., giving you transparent, holistic insights into the expenses incurred. 12 Outsourcing Services - 3201 Page 9 of 9
• Minimize Search and Maximize Action
  TAMSPL is designed to highlight actionable data quickly and with the least amount of effort. Managers spend far less time tracking down expense data they need to act upon, while customizable search parameters ensure your organization's specific taxonomy and data structure is taken into consideration.
• Use in-built and customized reports to analyze and frame business policies
  TAMSPL allows you to generate a number of reports that enable stakeholders to carry out trend analysis and financial planning/ budgeting. New report formats tailored to your needs can also be created. TAMSPL also enables you to fix baseline metrics and monitor compliance and spending trends in your organization.
• Single Point, Secure System
  TAMSPL acts as a central point of access and can be accessed remotely, all while keeping all relevant information and data secure. Your company's spending policies and claim processes are available for employee's to view and refer to in an easily accessible centralized place.
• More Benefits
  
  • Get total visibility of claims settled in various sectors of the organization
  • Better control and vigilance
  • Eligibility-wise distribution and control of costs
  • Eliminate manual data consolidation processes