Foreign subsidiaries are compulsory to maintain compliance in accordance with the Income Tax Act, Company Act, Transfer Pricing Guidelines and FEMA Guidelines. Therefore, in order to maintain compliance with a foreign subsidiary, filing income tax returns with the Income Tax Department, annual returns with the Ministry of Corporate Affairs and other filings will be accompanied by the authority like the Reserve Bank of India or the Indian Securities and Exchange Board (SEBI). . . Finally, like all companies, foreign subsidiaries will also have to comply with Indian tax rules like TDS Rules, GST Regulations, VAT / CST Regulations, Service Tax Regulations, ESI Regulations and others. Compliance requirement for a foreign subsidiary will vary depending on the industry, incorporation status, number of employees and sales turnover.
eMindsCA.com is the largest professional service platform in India, offering various services like foreign subsidiaries compliance, foreign subsidiary incorporation, trademark registration, GST registration, income tax filing and more. eMindsCA.com can help you to maintain compliance with your foreign subsidiary. Receive a free consultation for overseas assistant compliance maintenance through eMindsCA.com by scheduling an appointment with eMindsCA.com Advisor.
Major complaints for a Foreign Subsidiary
Income Tax and Annual Returns
Income tax filing and annual return filing should be completed by September 30 of each financial year by all the individuals.
Under the proposed GST regime in 2017, a person with GST registration will need to file monthly, quarterly and annual GST returns.
Quarterly TDS returns should be filed by one individual company who has a tan and it is necessary to deduct tax on the source according to TDS rules.
ESI return must be filed by all the persons with an ESI registration. ESI registration is required after employing more than 10 employees of a person company.
Service Tax or VAT
If a person has a service tax or VAT registration in a company, then he has to file a relevant return. Service tax return is payable in half yearly form, while the state has a change in the date of VAT refund in the state.
How do we help in complying with a Foreign Subsidiary
eMindsCA.com can help you compile annual yearly returns for your company and maintain annual compliance with the Ministry of Corporate Affairs.
Got the question Request a call from eMindsCA.com Business Advisor.
Preparation of Annual Return
eMindsCA.com Compliance Specialist will prepare annual returns on your financial and performance basis during the last financial year for your company.
Annual Return Verification
Once the annual returns are ready in the expected format, then the client’s finance team can verify the prepared annual returns and confirm the digital signature.
After annual returns have been prepared and verified, the annual returns can be filed with the necessary attachment with the Ministry of Corporate Affairs.
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Frequently Asked Questions
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Bookkeeping & Accounting
AR follow-up – Aging analysis and reports
Bank/credit card reconciliations
P&L, Balance sheet and other regular reports
Preparation of Tax returns
Insurance Accounting Services