What does ProLead do every month?
A foreign-owned subsidiary needs a reliable monthly close so the parent can consolidate. ProLead’s finance services cover:
- Bookkeeping and reconciliation: bank, ledger and intercompany reconciliations.
- Month-end close: journals, accruals and a review pack for the parent.
- Accounts payable and receivable: vendor bills, payment runs, invoicing and collections follow-up.
- TDS compliance: withholding tax deduction, deposit and quarterly return filing.
- GST compliance: registration and periodic returns where applicable.
- PF and ESI compliance: monthly contributions and returns once the subsidiary has employees.
- Ongoing transaction advisory: day-to-day accounting and tax queries as they come up, not just the periodic filings.
- Payroll processing: see payroll and Employer of Record.
- Financial and statutory reporting: management accounts, and the statements the Companies Act requires. ProLead has extensive experience in US GAAP and IFRS reporting, so it can prepare US GAAP or IFRS reports from the Indian subsidiary if your parent company needs them.
Chartered accountants review the work. ProLead’s leadership holds FCA (India), CPA (USA), ACCA (UK), Chartered Accountant (Singapore), CIA, CFE, DISA and CertIFRS credentials.
Which accounting platform does it run on?
ProLead is a Zoho Authorised Consulting Partner, a QuickBooks ProAdvisor Platinum and a Xero Authorised Partner. QuickBooks and Xero do not have local India tax filing workflows, so if your parent does not already run a separate ERP such as SAP, Oracle or NetSuite for the Indian operations, ProLead recommends Zoho. If you do run one of those, ProLead works with it.
What tax compliance does a foreign-owned subsidiary face?
The Income-tax Act, 2025 replaced the 1961 Act from 1 April 2026, and periods from FY 2026-27 are called a tax year. Old section and form numbers no longer apply to these periods. The recurring items are:
- Corporate income tax: an annual return and tax payments, including the choice of tax regime. The concessional regime under section 200 of the 2025 Act cannot be withdrawn once chosen, so the decision is taken with you at the start.
- TDS: the company deducts tax on salary and other specified payments, deposits it and files quarterly returns.
- GST: registration and returns where applicable. Whether reverse charge applies to services imported from your group is checked case by case.
- Transfer pricing: the accountant’s report is Form 48, due one month before the return due date. Read the transfer-pricing basics.
- Payments to the parent: dividends, royalties and fees may attract withholding, and treaty relief needs supporting documents from the non-resident. Rates and thresholds sit under the Income-tax Act, 2025; see the by-country pages for treaty-specific rates.
What corporate and secretarial duties apply?
Corporate and secretarial support covers board and shareholder meetings, statutory registers and Registrar filings. The table shows fixed periods; the annual compliance calendar sets them against dates.
| Obligation | Timing |
|---|---|
| First board meeting | Within 30 days of incorporation |
| First auditor appointed by the board | Within 30 days of registration, and the appointment is filed with the Registrar |
| Commencement declaration (INC-20A) | Within 180 days of incorporation |
| First annual general meeting | Within 9 months of the end of the first financial year |
| Later annual general meetings | Within 6 months of year end, no more than 15 months apart |
| Annual foreign liabilities and assets return | By 15 July each year |
| Director KYC (DIR-3 KYC) | By 30 June, once every three financial years from 31 March 2026 |
The annual financial statements (AOC-4) follow within 30 days of the AGM and the annual return (MGT-7) within 60 days of the AGM. Foreign-investment reports such as FC-GPR are covered in the FEMA filings guide.
How does ProLead support the audit?
The company must appoint an independent auditor. ProLead coordinates with an independent audit firm rather than acting as statutory auditor itself, prepares the ledgers, reconciliations and schedules the auditor asks for, and manages queries through the audit.
Who should use this service?
It suits a foreign company that wants Indian books and filings kept to its group standards without hiring a finance team in India. If you already have an experienced in-house Indian finance team, you may need only the corporate and secretarial calendar or transfer-pricing support. Book a free consultation to scope it.
Note: Rules and forms change often. This page is general information, not legal or tax advice. Check the current position with a practising Chartered Accountant or Company Secretary before you act.
Frequently asked questions
Which accounting software does ProLead work with?
Who prepares the transfer-pricing report for an Indian subsidiary?
Do you file the annual foreign liabilities and assets return?
Sources
General information only, not legal or tax advice. Rules and forms change, so confirm the current position with a practising Chartered Accountant or Company Secretary before you act. See our disclaimer.