Direct Tax Compliance | Income Tax Return Filling in Gurgaon | Spectra

Spectra provides Income Tax (Direct Tax) Consulting and Compliances services to small, medium and large corporates. Our Income Tax consulting team notify the Income Tax changes from time to time and works closely with customers to implement changes so as make them tax them tax compliant.

We undertake transactional work such calculation of advance tax and corporate tax, validation of TDS liabilities, preparing & filling of TDS returns, filling correction statement, attending TDS queries at department level. We support in Tax Audits, corporate income tax return filling, business return and Individual returns.

We also support our customer in Income Tax Assessment, appeal proceedings, and department enquiries. We prepare notice replies, represent before tax authorities, provide explanations and submit documents etc. on behalf of our customers. Our systematic approach, knowledge of tax law and experience of department procedure gives us an edge to deal the tax authorities in efficient manner. Our Income Tax services Includes

• Advance Tax Calculation,
• Corporate Tax Return filling,
• Individual Tax Return Filling
• TDS Validation on month to month basis
• Preparing and filling of TDS returns
• Analysing GR-Report to identify error in TDS return
• filling correction statement with Traces
• TDS and Tax consultancy

For More Info : Click Here : Payroll Services in Delhi NCR | Recruitment Services Faridabad | Spectra

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Payroll & Labour Compliance Services

Spectra provide end to end payroll and HR ‘Labour Compliances Services to Small and Medium Indian and MNC’S corporates on PAN India basis. Spectra Payroll and compliances team consist of qualified and experienced professionals from varied backgrounds to provide real life solutions. Our methodology is to understand the existing process and fine tune to best suited process. Our SLA (Service Level Agreement) driven approach and our 100% commitment for confidentiality make us preferred and trustworthy service provider amongst our customer.

Spectra Payroll solutions are cost effective and eliminate human dependency to great extent by leveraging technology. Our Payroll and HRMS Solutions are customizable as per customer requirements and have 24×7 access any time anywhere.

The frequent changes in numerous State / Central ‘Labour Laws, government initiative of automation of ‘Labour returns, government focus on 100% compliance and non-tolerance policy on non-compliance have made the entire compliance process a must do actions item for every corporate.

Spectra understands the importance of compliances and leave no scope for non-compliances while working with any existing or potential customer. Spectra provides HR ‘Labour Compliance services on PAN India basis through a wide network of local compliances partners / associates. Our dedicated central compliance team as a single point of contact and font for local compliance partner & company HR team on regular basis as single point of contact to ensure all aspect of compliances.

For More Info : Click Here : Payroll Services in Delhi NCR | Recruitment Services Faridabad | Spectra

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How to Choose the Right Payroll Service for your Company

All businesses with employees have some sort of payroll system in place to get their staff paid. Instead of processing it on their own, many companies opt for an outsourced payroll service to make this process more convenient and simpler. Managing and handling a stack of books is highly screwing! One out of every three businesses get penalised by the IRS for payroll errors.

Choosing the best payroll services for your business can help you reduces the need for bookkeeping and other errors. Even if there are no mistakes, still doing your own payroll costs you! The time and energy spent in figuring out how much money you have to give can actually be spent making money.

A good payroll service will keep checks to the IRS and your employees regularly, taking most of the burden all off your shoulders-but not completely. The pay-checks may be out of your hands, but this sensitive information is immensely important to your company, so it’s critical that you pick the right service for your business. You need to choose a service provider that fits your company needs and culture. The ideal payroll service provider is the one with whom you can trust with your confidential information, rely for support.

Before you go on the hunt for the perfect payroll provider, identify what’s on your company’s payroll checklist. Map your organization’s need first so that you know what questions to ask and which answers to look for. Understand your company first before you try to understand a payroll provider. After you have prepared your own payroll checklist, start your search.

• Get recommendations from your colleagues or friends working in your field
• Study about different payroll service providers on software review websites
• Checkout LinkedIn professionals working with similar company and hear what they have to say about their experiences

Here are some services to consider looking for when selecting a Payroll Service provider:

• Continuous payroll processing: Run payroll automatically and calculate how much each employee earned for the pay period. Access this payroll data at any time.
• Real-time calculations: Know exactly what each employee is doing and how much they’re getting paid for it.
• Versatile Pay rules: Determine pay for overtime and regular hours including location, shift differentials etc
• Paychecks and direct deposits: Many providers will print paychecks, while the right service provider will offer direct deposit services to deposit paychecks right to the employee bank account.
• 401 Plan administration: Track and setup retirement plans.
• Additional adjustments: Manage bonuses, reimbursements, commissions, tips, and other garnishments
• Automated tax table updates:Ensure the accuracy of employee withholdings
• Analysis reports:Get insight and visibility into your organization with dashboards, reports, and support tools.
• PTO requests:Keep track of paid time off and allow for employers to approve or deny employee requests for days off
• Alerts: Know when an employee is approaching benefits eligibility or overtime hours.
• Tax filing services: These services should include withholding employee taxes. This may also include filing quarterly payroll tax reports and paying appropriate state and federal taxes.

Choosing the right payroll provider can seem like a daunting task. Spectra payroll outsourcing services constantly strive for 100% customer delight and employee friendly inter-phase (ESS) with help of latest technology and by offering personalized payroll services and customizable payroll reporting. Contact us to avail our top-notch payroll solutions.

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GST Compliances

Govt. of India introduced Goods & Service Tax on 1 July 2017, with a vision of One India One Tax. Initially it was a matter of debate amongst different political parties, finance & tax professionals, Scholars and Industrialist, whether GST will be a game changer or game spoiler. The idea behind was to bring India on a Global platform by simplifying Indirect Tax Laws by merging central and state taxes so as give equal business opportunity to every Indian state.

The Govt. thrust while implementing GST (Goods & Service Tax) relied more on technology so as to make the process secure, smarter and faster. It helped small & medium entrepreneurs, business houses and industrialist to transform traditional tax reporting / tax filling into electronic filing (e-filing) by way of filing monthly state-wise returns, transaction-level data upload, revenue reconciliation, reconciliation with vendor, GSTN invoice matching etc.

In the initial phase of implementation, every law has to undergo some changes, likewise GST is also not untouched with this evolutions. The frequent changes in GST laws, rules & procedures in the initial phase resulted due to varied Industry representations at GST council which has forced the Law makers to embed changes in GST Laws to stabilise business and Industry. This process is still on and will be continue till GST stabilises. It is very difficult for small and medium entrepreneurs to keep abreast with such changes on regular basis due to lack of proper professional support and process expertise. Spectra sensed & realised there is a definite need of strong compliance partner who can help them to run through the process and implement the procedural and technology changes for managing the GST compliances.

Foreseeing the technology is inevitable for managing compliances under GST, therefore, Spectra joined hands with technology company, Minerva Technologies Ltd. (An IT Partner of Spectra) who has successfully developed and implemented GST Compliance Solutions which are customizable as per requirements.

Spectra manages GST compliances in a very simplified manner and owns the end to end responsibility for GST Compliances. Our methodology is take the relevant ledger dumps and process the input and output liability by reconciling the books of accounts on monthly basis. We prepare periodic customer and supplier reconciliations and report the gaps to accounting team for follow-ups and reconciliations. We handhold our customer for procedural GST changes and assure our customer from all GST compliances.

We notify our customer from time to time about the recent changes in GST Laws. Our GST Advisory and consulting team interact with customer on regular basis to resolve their queries on GST. Apart from GST Advisory services, we undertake GST procedural activities such as;

• GST Registration
• GST Registration Amendments
• Apply and Generating way bills
• Applying LUT (Letter of Undertaking)
• Calculation of Monthly / Quarterly Tax Liabilities
• Input Reconciliation on monthly basis FORM 2A
• Preparing and filling of monthly GST /quarterly return & provide data for Annual Audit
• GST Consultancy and Tax Planning
• Departmental Lesioning& representation in assessment / appeal proceedings

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Benefits of Outsourced Accounting Services

As a business owner, you’re always busy in maximizing your production and performance. Certain aspects of running a business needs real time and cost constraints that can keep you away from focusing on your core business needs. One of the areas that require your full attention is your finance department. The more profit you pull in, the more invoices and account receivables you have to handle and more complicated every bit of financial management becomes.

Hiring a Finance and Accounting management requires the utilization of specific technologies that will save the firm’s money.

Outsourcing Accounting Services is an excellent way to grow your business without running into financial problems. Here are 5 reasons why you need to outsource your financial management.

1. Controlling Overall Costs: Even in accounting, little costs add up! You are not going to have as much profitability and productivity if you aren’t tracking your costs, invoices and other costs. Outsourcing financial services will help smooth out your cash flow.

2. Creating a Financial Management System: If you don’t have a solid financial management system in place, then you cannot grow properly. An outsourced financial service takes a critical look at your accounts, files, current third party systems in place and provides a foundation for future growth.

3. Integrating Accounting Solutions to your existing infrastructure: You won’t require the complete accounting service, if you already have a solid financial infrastructure in place. The outsourced financial management services know what technology systems to put in to supplement the existing system.

4. Creating Expense Policies: Another area that an outsourced financial management takes care of is your financial policy. A solid expense and a proper funding policy can provide complete detailed information on how the funds can be used, instead of letting the employees and departments spend the funds randomly.

5. Going through accounting backlog: If you have paperwork and file-work mess and you don’t know where to start, an outsourced financial service provides you with the manpower to get your books in order.

10 Benefits of Outsourced Accounting Services:

• Save time money and minimize overhead costs
• Get access to expert accounting services
• Be assured your finances are in order
• Get access to financial data and records in real time
• Reduce the risk factor
• Keep your finances private and confidential
• Automate and go green since everything is on software
• Ensure payroll and tax liabilities are done timely
• Accurate reporting of your income and expenses
• Become proactive and scale your business

Spectra, leading provider of Accounting Services in Delhi NCR has a strong team of accounting professionals with core competencies in setting up of centralized accounting processes & its management thereof. We develop tailor made accounting processes, systems and controls based on the Client requirements.

Get in touch with us for all your accounting needs!

Benefits of Outsourcing Human Resource Services

Human resources is the backbone of many small businesses, but it becomes a heavy burden when it comes to managing it! This side of the business becomes ignorant especially when things are running smoothly. Employee payroll, tax filing, administering health benefits, and ensuring a productive and effective office environment, recruiting and managing employees are all critical for business owners to ensure their business runs effectively and efficiently.

One of the challenges in front of small businesses is to reduce the human resource costs & optimize the utilization of its resources to maximize profits. It takes significant amount of time and resources to execute the human resource operations in-house. This may also hinder the other core activities, be it bringing business into the organization, effective client communication or delivering products. Most businesses prefer to outsource their HR services as they are of the opinion that HR functions are too complex to be dealt in-house.

Here are the 5 key advantages of entailing this practice:

1. Cost Effective Services: A proper functioning HR department requires qualified well trained staff and additional office space. Small businesses prefer to outsource HR services to avoid the overhead costs of additional space and hiring professionals.

2. Easy Risk Management: Most of the laws and services are updated regularly and it becomes difficult for companies to stay up-to-date with the latest methodologies. Outsourcing services keep themselves updated about the latest laws and services which in turn reduce the business risks.

3. Increases Efficiency: Outsourcing HR services streamlines the human resource activities such as tax filing, payroll and employee administration etc. This way the companies get more time to focus on profits and other core business activities.

4. Management of Employee Performance and Organizational Development: The overall development of the organizations directly affects the employee growth. The quality and time to deliver improves when you have in-house HR services. The outsourcing firms monitor the employee performance timely and helps them provide trainings.

5. Flexibility: One of the key reasons to outsource HR services is to ensure smooth functioning of the human resource department. It also avoids penalties from non compliance. Outsourcing HR services also streamlines the hiring process.

We at Spectra believe in delivering effective services with our highest competency and efficiency. To know about us, we are one of the fastest growing companies in the outsourcing industry offers a wide range of HR Audit Service Providers. We provide tailor made solutions through specialized team of expert having comprehensive understanding of clients business needs to deliver unparalleled quality resource and services.

Write us at https://sos.net.in/get-in-touch/ to get the complete outsourcing solution.

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Finance Processing Outsourcing

Spectra possess all the necessary, relevant and updated resources to provide cost effective and high quality accounting and business process outsourcing services.

We provide assistance for a wide range of finance and accounts processes from book keeping to accounts statements and finalization, from payroll processing to taxation compliance management etc.

When you outsource you FAO process to Spectra, you shall be rest assured of high level of confidentiality, integrity, accuracy and timely results. 

AR / AP Services

Accounts Receivable

To manage cash flow for meeting the company’s working capital requirements is always prime focus for very organization to ensure seamless finance operations. To forecast the future working cash flow, it is important to know at any given point of time the status of receivables and payable along-with the time lag. Most of the time the reason for negative cash flow is due to unsystematic coordination and non-understanding customer process of Invoice processing.

Spectra manages your AR process (Accounts Receivable process) effectively through dedicated process experts who works in close coordination with the client’s payable team by creating a SOPs for each customer so as to minimize time taking in resolving queries at very first level . A full-fledged AR process cycle and related subset of processes help easy work flow and improved core functional assistance.

Accounts Payable

In every company vendor Invoice processing process / Accounts payable process has to pass through various stakeholders for approvals before it is finally paid. In the entire process vendor has no visibility of the status of outstanding invoices. In the whole process vendor and company both spend a lot of energy in follow-up / explaining the exact status of invoice and payment schedule.

For any finance department, tracking each and every vendor invoice status on real time is difficult because it travels through different departments in the company for approvals. To overcome this challenge, Spectra has developed a mechanism with the help of technology, process mapping and manual interface to track down or monitor the invoice status through Vendor Help Desk services.

Initiation regarding receipt of Invoices through Centralized Vendor Help Desk by electronic mode.

• Forward Invoice to respective department or departments for approval as per the approval hierarchy.
• Inform invoice related discrepancies to vendor and seek clarification.
• Forward vendor clarification and resolve query with concerned department.
• Ask vendor to re-submit the discrepant invoice.
• Forward approved invoice to finance department for cheque preparation / online transfer.
• Inform vendor about payment schedule.
• Monitor turnaround time for payment as per SLA.
• Keep record of correspondence with vendors.
• MIS reporting at regular intervals.

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Accounting Services

Spectra has a strong team of accounting professionals with core competencies in setting up of centralized accounting processes & its management thereof. We develop tailor made accounting processes, systems and controls based on the Client requirements. Our business approach is to create a satisfied customer by delivering set accounting processes.  It is often seen small and medium companies do not have skilled resource and requisite expertise to manage accounting processes in systematic way. Spectra understand the constraints of small and medium companies to mange accounting internally, therefore, Spectra come up with accounting / book keeping end to end solutions for small and medium companies. Spectra methodology is first to migrate the existing accounting date to off site location and deploy a  dedicated team of qualified and experienced accounting professional for future operation so as to deliver accounting services such as MIS reporting on payable, receivable, billing expense etc. on real time basis. Spectra accounting / book keeping services are cost effective and gives value to the customer  in term of cost, quality, effectiveness and efficiency. 

Setting up of Accounting System and Management

• Bills payable, processing & disbursement.
• Reimbursements Expense, processing disbursement.
• General Ledger Accounting & MIS
• AR Reconciliation and Collection from Clients

Accounting Outsourcing of your non-core business functions to third party experts can be an effective strategy to preserve limited capital and scarce management time. Factors driving the decision to outsource Accounting / Book keeping are as follows;

• Reducing overhead and personnel costs
• Controlling capital expenditures
• Engaging experts with specialized skills

Benefits of Accounting Outsourcing

• More time for your Core Business
• Cost savings
• Access to accounting experts
• Timely and accurate reports
• Satisfaction Guaranteed 

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HR Manual & Policy formations

To run an organisation whether it is for profit or non-profit or social or any other purpose, it necessarily requires definite policies, process and bylaws which shall be in line with existing geographical, social, legal framework and economic factors. To run an organisation HR polices, process and bylaws are not only mandatory but also plays a vital role in decision making in a given situation. These frameworks are back bone of any organisation and without having these in place organisation can not last long.

Spectra helps organisations to build their HR policy manual by adopting a systematic approach. Our HR drafting experts first holds personal decision with decision makers and understand the vision, mission of busKnow more...

iness and map with these with similar industries and identify what are common amongst similar industries, suggest management for adoptions with minor changes and also suggest where re-draft / reframing is needed. We adopt clear approach to avoid any interpretation issues while drafting a HR policy and also adopt flexible approach for further addition / amendment/ deletion / induction as per company needs. Our Policy Frame work majorly covers the following:

HR Audit

In today’s competitive business world, stringent regulatory framework and the crunch of retaining skill manpower has really become a challenge for every organisation. To counter these challenges it is important for every organisation to have its HR policies, process, HR initiative and regulatory framework should be at par with industry.

To abreast with latest development in HR World, now every HR Head is focusing on HR Audit (Human Resource Audit ) to review its current policies, practices and processes to find out gaps so as to take corrective measures.

Our HR Audit team specialist, conduct Human Resources Audit (or HR Audit) by using scientific auditing technique and systematic approach by reviewing existing human resources policies, procedures, documentation and systems to identify gaps and suggest improvement and enhancement in human resource functions and also assess and determine compliance risk associated with ever-changing rules and regulations.

Spectra HR Audit process begin with preliminary discussion with functional head to understand the area needs to be focus for HR Audit followed by sharing of Audit schedule. We use artificial intelligence chat bot tool for employee survey to get overall feel about the organisation. Our HR Audit methodology is to identify company’s weaknesses and strengths so that an organisation can take timely corrective actions. Spectra HR Audit Outsourcing Services have an edge in many ways:

• Identification of System, departmental, process gaps
• Evaluating Strength and weaknesses
• Cost saving & performance efficiency
• Unbiased Reporting
• Scale up of core operations
• Industry specific benchmarking
• Risk assessment and Counter measures

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