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Indo-US Taxation & DTAA

DTAA stands for Double Taxation Avoidance Agreement. India and the US are parties to a Double Taxation Avoidance Agreement. Under the rules of this agreement any Indian/US citizen working in the other country (Indian citizen in USA or US Citizen in India) may not be taxed in both countries on the same income. To explain further, a taxpayer cannot be taxed on his salary both in India and the US since he is citizen of one country and working in the other. DTAA rules therefore provide that a taxpayer can claim a credit in the country where he files as resident for any tax paid to a country where he files as non-resident. (Country here refers to only India and USA).

DTAA seeks to provide relief against double taxation. The Provisions of DTAA override the general provisions of taxing statute of a particular country.

For any further queries, please mail us to taxhelp@gkmmail.com


How do I deal with any changes required without losing time?

We can implement any changes that you require of us without losing much time. We are in the process of setting up a system to ensure that you will be able to monitor the process

How do I keep track of information sent and ensure the quality of the return?

  • The information we receive from you is sent electronically and the hard copy of files stays in your office.
  • Once we complete the returns and transmit it to you, we will not retain any information sent unless specifically told by you to do so.
  • You will review and approve the returns prior to e-filing / sending the prepared returns to your client.

How do we send the source documents & information to GKM?

All you need to do is to scan the requisite documents, save it and then send it to us through e-mail or put it up on our server. The process is simple and does not require employing technical staff.

How is my client’s personal data secured?

  • GKM values and respects the privacy and confidentiality of all information transmitted.
  • The information transmitted is always encrypted and then sent through secure channels on the internet.
  • Please refer our security section for exact details of our security practices.

What are the benefits of outsourcing certain finance functions of your clients?

Outsourcing will assist you in

  • Obtaining timely and accurate information
  • Getting the best of the latest technology
  • Reducing costs
  • Focusing on your core competencies and freeing resources to concentrate investment in core areas.
  • Obtaining access to a larger number of skilled personnel at reduced cost

What are the key benefits of associating with GKM?

  • We offer you Cost Savings with the same level of quality. Your costs will reduce by 40% to 60%.  It allows you to reduce seasonal hiring and training of personnel.
  • We offer a fast turnaround time due to time zone differences.
  • We ensure security of data and offer you the advantages of the latest simplified web based technology.
  • Our services allow you to process a larger number of returns in lesser time.
  • Our services ensure that your professionals are freed up to devote their time and creative energy to other strategic areas of your business.
  • Our public accounting experience coupled with our BPO unit provides us the right background to acquire/tap the pool of resources abundantly available here.
  • Our services help you set up a system of checks and balances, which might not have been possible in-house.

What is the final product that GKM will transmit back to us?

  • GKM will use the source documents sent by you to prepare a federal and state tax return.
  • Once the return is completed, we will send you an e-mail and you may download the files and the returns after decrypting the same. More information on the security protocol is available on request.
  • In the case of tax returns, we would be sending you Form 1040 and State return with the relevant schedules and work papers showing our calculation.
  • In case of bookkeeping all the information that comes to us is posted to the general ledger and matched against the number of entries sent by you.

What is the Response time per return?

GKM’s average turn around time is two to three business days.

What is the training mechanism in place?

GKM has CPAs, Chartered Accountants and MBAs who are trained in depth in US tax laws. GKM has continuous learning and upgrading programs and CPAs from the US are assigned to regularly train our preparers located offshore, using case studies and other developmental tools.

Would I need technical staff to carry out this process?

The whole purpose of outsourcing is to save cost.  All that is required is to use an administrative person to scan documents, save it and then send the saved file to us in an e mail or put it up on our server.  We process the information for you and send it across to you.  We will provide requisite technical assistance to help facilitate the process.


Book Keeping

How do GKM bookkeepers access the accounting data?

GKM bookkeepers can work two ways – one by logging on to your system and completing the work there or two, by downloading work to GKM server, completing it and uploading it back to your server. GKM would provide you with a login to the GKM server to enable uploads and downloads via our secured website. This site is secured by SSL – 128 bit encryption.

How does GKM ensure preparer expertise?

  • GKM realizes that the process of quality service delivery depends on the caliber of people involved. GKM trains its bookkeepers with utmost care and ensures that they have requisite knowledge of US processes and laws. Bookkeepers are constantly updated on the same through regular training sessions. Reviewers are qualified chartered accountants and MBAs.
  • We also develop checklists and documentation based on the work done and feedback received to ensure continuity in process and prevent personnel dependencies.

How does GKM’s bookkeeping service work?

GKM offers you ½ time or full time bookkeepers depending upon your requirement. A half time employee would be available to you for 4 hours a day, while a full time employee would work on your files for 8 hours.

Specifically what are the bookkeeping capabilities, GKM specializes in?

GKM’s functional capability in bookkeeping includes

    1. Chart of Accounts design
    2. Document Management
    3. Preparation of Financial Statements
    4. Audit support procedures
    5. Business Plans, projections, cash flow and liquidity analysis
    6. Expertise on various software like Quickbooks, Creative solutions, Accountants Relief, Client Ledger Systems etc.

We charge our clients based on time and would need to know time taken on each task. Would this be possible?

GKM would send a weekly log and status report to you describing the work done and the time taken to complete each task. This log can be suitably modified to meet your internal time management practices. For example, if you use software such as Practice CS or Timeslips, GKM staff would use the same.

What are the advantages of sourcing bookkeeping input to GKM?

  • We takeover training requirements and thus relieve you of training hassles.
  • Our processes are visible and transparent to CPAs.
  • Conference calls are initiated through out the first month of the engagement so that the CPA can talk directly to the person managing his account.
  • Phone numbers are also provided so that the CPA may contact GKM at any time.
  • Data security is of paramount importance to GKM. GKM ensures stringent security policies at our off shore work facility. Please refer our detailed information on security aspects of our service.
  • Communication protocols are established at the very beginning of the engagement.
  • GKM has a policy of immediately responding by mail to any query received from a client.
  • We ensure that we are always open and available to our clients.

What are the bookkeeping deliverables GKM will send at the end of an assignment?

Typical accounting deliverables would be a set of financial statements comprising of

  • Balance Sheet
  • Statement of Income/Loss
  • Accounts Receivable
  • Accounts Payable
  • Depreciation Report
  • Bank Reconciliation Report
  • Payroll Reports for the Period
  • Exception Reports: Specially generated manual reports in case of deviations from stated norms.

What sets GKM apart from other service sourcing firms?

  • GKM is promoted by Chartered Accountants and CPAs who have public accounting experience of more than two decades.
  • We understand your requirements and expectations better than anyone else.
  • Our USP is two fold: Help clients cut costs and improve bottom lines. Lighten their low value work load so that they can put more efforts into high value added work. This would translate into growth and stability in the long run both for us and for our clients.
  • Our bookkeeper’s training and performance is our responsibility. We can also, when necessary, provide additional resources at short notice. No two practices are alike. While the client base might be uniform, each CPA has his or her own unique way of doing things and achieving goals. We at GKM adapt to these expectations through training and documentation. The “one size fits all” rule cannot be applied to this business – accounting principles may be the same the world over but the way things are done differ and our success can be attributed to our ability to adapt to this requirement.