Know The Impact Of COVID-19 On Taxation In India

Though our government has extended the deadline for ITR (Income Tax Return) till 30th June, 2020, start looking for a professional offering tax services instead of waiting for the deadline. The impact of coronavirus on income tax deadlines and penalties for taxpayers has been quite drastic. Our government has offered numerous relaxations under the Income Tax Act. The objective was to help taxpayers and ease their financial burden during the coronavirus pandemic.

They now have more time to file income tax returns. During a recent press meet in New Delhi, our finance minister Nirmala Sitharaman has reduced penalties and delayed the due dates for numerous direct taxes. The novel coronavirus outbreak has not only been declared as a pandemic but has already infected thousands of Indians in the last few weeks. The lockdown imposed by our Government has shut down numerous businesses temporarily all over India.

chartered accountant Kolkata

Lower Interest Rates

Not only did our Finance Minister extend the last date to file income tax returns from March 31st to June 30th but even the interest rate you have to pay for delaying advanced taxes payment has been lowered. Other types of taxes where the interest rates have been lowered are tax collected at source, tax deducted at source and equalisation levy. Earlier, the interest rates were between 12 to 18 percent. It has now been reduced to 9 percent.

How Did The Extension Help?

The extension of the deadline and decrease in interest rates have become a blessing in disguise for thousands of taxpayers during the pandemic. Tax experts and professionals offering tax services in Kolkata feel that the reduction in interest will help taxpayers preserve their liquidity during the economic crisis. The last day for linking Aadhaar with PAN card was extended from March 31 to June 30th.

Changes In The ‘Vivaad Se Vishwas’ Scheme

Earlier, a taxpayer had to pay 10% interest if he made payment under the tax dispute resolution mechanism after 31st March. Since India is under complete lockdown till 30th April, our Finance Minister has declared that taxpayers don’t have to pay any additional interest if they made the payment till 30th June. The relaxation and extension of the ‘Vivaad Se Vishwas’ scheme with benefit businesses with past liabilities, especially those with high-interest liabilities.

accounting_audit

 

COVID-19 has disrupted almost every business operations with decrease in cash flows. If you are also one of those business owners who could not make the payment till March 31st, get in touch with an experienced professional offering tax services and he will let you know what you should do next to prevent fines.

Time Limit Extension Under Direct Tax Statuses

Few events for which the Indian Government has extended the due dates are intimation to the tax department, issue of notice, returns under various direct tax statutes and filing of appeals, among others. The time limit has been extended for other direct tax statues as well, get in touch with a tax expert to know more. The announcement made by our financial ministry will be implemented by making some necessary amendments and issuing circulars.

Know Why A Chartered Accountant In Kolkata Is A Blessing In Disguise!

Do you think you need help in your company’s financial matters? Looking for skilled professionals who can help you in your taxation and other financial issues? Trust us; hiring a well-qualified chartered accountant (CA) can undoubtedly be one of your best business decisions then!

Hiring a well-qualified CA for your business can be more than just getting maximum returns. Be it your need of advisory services and taxation issues or consultancy and financial advice, recruiting an accountant can indeed be a wise decision. Further, what makes appointing a CA more viable option as compared to other financial professionals is the number of benefits that they offer to their clients!

chartered accountant in Kolkata

Take a look below to know the reasons which make a CA more beneficial than other professionals!

Top Reasons To Hire A Qualified Chartered Accountant In Kolkata

1.Well-Educated Professionals With The Right Experience

A CA is more skilled and knowledgeable than the professionals who play other CA-related roles all around the world. It is only after a student has successfully cleared 3 exams can he become a Chartered Accountant. This total study duration and experience in India is much more than any other CA related course conducted in UK, America, Canada and Australia.

2.Handles Several Projects At A Time

What makes a skilled chartered accountant in Kolkata more preferable as compared to other professionals is his exceptional ability to handle several financial projects at a time. From carefully evaluating a business’ financial status to helping them in various financial matters and offering advisory services, these professionals can handle several projects for your business at a time.

CA in kolkata

3.Single-Handedly Manage Multiple Finance Related Tasks

A CA can take care of various financial matters for your business. From filing your taxes and handling all paperwork to evaluating your business and offering advices, he ensures that you and your company remain safe from all unwanted legal hassles. Be it a large MNC, a medium sized business or a start-up, he can manage finance related tasks for all businesses.

4.Expert Advisory Services

A CA can even help you in planning investments. Such sound is his knowledge about corporate laws that he can carry out investigative audits, review your system and file petitions to the company law board. Further, with his skills and knowledge, they can even clear all your doubts and queries which are related to finances.

Now, don’t you think that appointing a CA can indeed be a wise business decision? Quickly find a reputed chartered accountant and start availing some exceptional solutions!

Auditors who Have a Big Role in the Success of Your Company

‘Tax’ is a word which everyone is familiar with. It is a compulsory financial charge or any other kind of levy in form of monetary contribution which is imposed by the Government on various financial activities, investment and expenditure of individuals as well as various business organizations.

auditing services in Kolkata

Tax services fall into a system by which Governments demand an amount on people’s financial income. To regulate the system properly, there are also variegated rules. Tax and auditing are actually interrelated to each other. Every business entity and individual has to give a proof in the form of income tax return each year to ensure that they don’t owe any taxes to the Govt.

Tax too has a small history behind it:

tax auditiorTax was first introduced in America when people were fighting the war of 1812. Its main purpose was to fulfill the huge debt that was caused due to the massive war. After that the system of giving tax became mandatory in the early 20th century.

The role of the auditors:

Audit and taxation is related to each other by their unbiased nature. An tax auditor is mainly appointed to take care of the fact that the concerned business organization is maintaining all the financial records of the company honestly. They are mainly of two types, independent auditors who are not under the jurisdiction of the audited company and public officials who are generally elected. It’s not that auditors are only found in public sector. Private companies are also seen to hire them. The internal and external auditors out there generally work on contract basis. They are employed to document and evaluate the whole function without being biased and also, they are known to examine any business entity’s financial activity thoroughly.

Now, if you are in search of auditing services in Kolkata, it’s time for you to know that there are numbers of firms that offer impeccable auditing services and all you need to do is find out a perfect venture hat has all the potential to meet your requirements.

Tax Services Kolkata Specialists of Hazardless Taxation and Audit

Tax consultants are also referred as tax advisers. They are trained in tax law services. They are experts and specialists to make common people and business professionals understand about the tax regulations. They always try to advice their clients to follow the government regulated tax rules and norms accurately and timely.

tax services Continue reading

TAX – Something we cannot avoid!

Though the idea of giving tax is always not soothing, but still it’s only because of the system where people have to give tax in a certain rate, the whole country survives. In other way, the country’s economy is indirectly related to taxation.

tax services‘Tax’ is a word which everyone is familiar with. It’s known to all that a certain amount of money is deducted from our salary as income tax. It is normally the main source of fund using which the Government serves the public, the whole country. It is a compulsory financial charge or any other kind of levy in form of monetary contribution which is imposed by the Government on various financial activities, investment and expenditure of individuals and various business organizations.

The mandatory amount you are bound to pay

Tax services fall into a system by which Governments demand an amount on people’s financial income. To regulate the system properly there are also variegated rules. Every business entity and individual have to give a proof in the form of income tax return each year to ensure that they don’t owe any taxes to the Govt.

Tax too has a small history behind it

  • Tax was first introduced in America when people were fighting the war of 1812.
  • Its main purpose was to fulfill the huge debt that was caused due to the massive war.

After that the system of giving tax became permanent in the early 20th century.

auditorAudit and taxation are related to each other by their unbiased nature. An auditor is mainly appointed to take care of the fact that the concerned business organization is maintaining all the financial records of the company honestly. They are mainly of two types, independent auditors those who are not under the jurisdiction of the audited company and public officials those who are generally elected. It’s not that auditors are only found in the public sector. Private companies are also seen to hire them. The internal and external auditors out there generally work on contract basis. They are employed to document and evaluate the whole function without being biased and to examine any business entity’s financial activity thoroughly.

Chartered Accounting Services – Helping your Business Run Smoothly

Accounting services play a vital role in maintaining the record of finances and resources of a company. To run a business properly-whether big or small-precise auditing or bookkeeping is very essential.

INCOME tax

There are a lot of chartered accountants (CA) and CA firms who provide a wide range of financial management services. Selecting the right CA firm results in increased efficiency, plus it saves both your time and money. Thus, it is always suggested to hire services from a professional and reliable auditing firm.

Expert interventions

Appointing an auditor-based on your trade-can greatly assist you in handling and maintaining a record of your financial matters. Industries and companies included in the financial and banking sector, like insurance firms, suggest hiring a professional tax consultant. These profeincome taxssionals guide you and prove to be really helpful in examining decisions as well as shortcomings of the firm. Preparation of tax, income tax return filing, bookkeeping and updating of the records are some of the critical areas that require expert intervention. Auditing helps your business become more transparent and saves your company from incurring huge losses. The incorrect reports and unmaintained records can cause harm to your business. By hiring a professional or a firm your company can maintain a record of different taxes it needs to pay.

Necessities of consultation

Tax laws are changing and evolving every day. This frequent alteration in tax laws makes it difficult to maintain records when you are running a company. Most companies are not cautious about tax preparation and this is one of the key reasons why they require professional services. Hiring the services of a firm or an auditor in Kolkata is necessary due to:

  • The consultation they provide you with your tax planning-both individual and corporate taxes
  • Their consultation with corporate bookkeeping which includes financial and operational audits, credit and treasury services.
  • The help they provide you in managing your financial records, tax exposures, and in gaining tax indemnity
  • The help you get in determining vital profit margins for your firm. They will ensure sound profitability standing of your trade in the future.
  • Their advisory role in determining regulations applicable to your concern at present and in the future.income tax return filing

Therefore the benefits of appointing an auditing firm are manifold as you can find advisors who are well trained and experienced. However the ultimate decision of appointing lies with you and the requirement you have, so choose wisely.

Auditor – The Person To Help With Income Tax Returns

The job of submitting income tax returns and related forms filling is a delicate job and requires help from experts.

In India, filling of return is required every year to mention your tax paid and also to claim the excess tax if any that you have paid. The refund is credited to the account of the taxpayer. The taxpayer must file the return and remain tension free throughout the year.auditor

Doing this entire complicated job requires the help of an auditor in Kolkata.  They will help you in all respects from filling up the forms for filing the return and to even claim your refund. There is various importance of filing a tax return.

  • Federal Crime.

It is a crime not to file income tax returns. The return has to submit by anybody whose yearly income is above a particular limit. So if such a person does not submit his return, then it is an offense. It is also a crime if anyone deliberately does not file an income tax return. Further the return has to fill within the prescribed date as specified by the Government.

  • Punctual filing of return

You must file your return within the prescribed time. If you know that you are going to be delayed you must take permission to file it later. Not submitting the return can draw you to pay a penalty. One can avail of a payment plan where they can pay in installments.Audit

If you are confident that you can pay the entire amount within a fixed time you can file your return with partial payment and make the remaining payment within the time limit.

So we can see that filing of tax return is a way to get back the extra tax paid and not to go into any legal problem of not submitting the return. So one must take care of professional auditors to file your return so that the return is submitted correctly, in time and help you to get the exact refund that is due to you. So we can definitely understand the importance and do the needful to save harassment and penalty if we do not file our return. All must take help of auditors and file their exact return in time.

Income Tax Advisors And Auditors: The Saviours For Business Firms

Running a corporation or business firm is not a mere cake walk. There are various necessities to be fulfilled. Income tax is an unavoidable part of it. So, get the best professional to help you out with such issues.

Income tax returnsIncome tax is the tax levied on an individual or an association’s income. The procedure of taxation is however, different in both the cases. The motive of each business might differ. But irrespective of their status, they need to abide by the rules of income tax as stated by the government. One who neglects it has to face the consequences. If you are facing any problem regarding income tax issues, there are professional advisors who can help you sort out the problem with complete legal proceedings. They not only help you to clear up the taxes, but also ensure a proper return.

Get the desired tax returns:

If you are worried about your income tax returns, Income tax returns Kolkata can help and assist you to get the desired return. They will not only help you in preparation of the entire tax related paperwork and filing, but also ensure a good return from the payment. There are many people who get stuck up with this. They do not get their return even after years. These companies help people to get their rightful return.

Tax advisors for tax related advices:

The paying of taxes is not an easy job. If you are the owner of a business corporation, your job is even tougher.ID-10049947 Nowadays, the laws and rules are becoming sterner day by day. So, you must not take risks regarding income tax issues. An income tax advisor is a savior in this case. If you are searching for such an advisor Kolkata, Income tax advisor can provide you the right one to solve your problems related to income tax. Even if you are willing to save some money on taxes, they can help you to the maximum possible level. Hence, choose an advisor and free yourself from all the tensions regarding payment of income taxes.

Choose the best auditor for assistance:

Auditing is an indispensable part of running a company or a business. An auditor helps the company to keep a record or manage the finances. Finances are the most important factor for a corporation or a business firm. If you are in search of a qualified auditor in Kolkata, you can find the right one from a consultancy firm. Once you get the right auditor for your company, he or she can help you with all issues regarding finances. Hence, it is important to choose the right one.

Online Tax Consultants- How To Find The Best One?

Are you looking for an online tax consultant? Here’s an overview of the most essential aspects to consider when you are looking for tax consultants.

Hire A Professional Tax Consultant

tax consultantWhen it comes to the job profile of a professional tax consultant, it mainly involves tax preparations. Be it the corporate world or business firms, there is a huge demand of online tax consultants all over the world. This is one of the most popular services among all the businesses all throughout the world.

Remember, if you fail to get the tax work done on time, you may also be charged of a penalty which will definitely involve a good amount of money. Therefore, it’s advisable to look for professional tax penalty consultants who can help you save thousands of dollars by preparing the tax files on time.

Do You Need A Tax Consultant In The Audit Process?

A professional auditor Kolkata is also in demand during the audit procedure. It’s the tax consultant who represents the company or business client during the audit process. This means that it’s the tax consultant who is responsible to answer any of the questions or may act on the behalf of the client.

If the tax officials ask any questions or perhaps they ask for someauditor kind of application, it’s the consultants who will answer all the questions and deal with the case on your behalf. Therefore, you don’t need worry when you have hired an experienced online tax consultant Kolkata

How Can You Find The Best Tax Consultant?

To find the best online tax consultant, you should first speak with people who have prior experience in dealing with such activities . If they are happy with the services offered by the existing tax consultant, you should get the contact details from them. Get an appointment from them and to discuss about your case. Keeping all these tips in mind, you can now choose the best tax consultant.

Online Tax Consultants- How To Find The Best One?

Are you looking for an online tax consultant? Here’s an overview of the most essential aspects to consider when you are looking for tax consultants.

Hire A Professional Tax Consauditorultant

When it comes to the job profile of a professional tax consultant, it mainly involves tax preparations. Be it the corporate world or business firms, there is a huge demand of online tax consultants all over the world. This is one of the most popular services among all the businesses all throughout the world.

Remember, if you fail to get the tax work done on time, you may also be charged of a penalty which will definitely involve a good amount of money. Therefore, it’s advisable to look for professional tax penalty consultants who can help you save thousands of dollars by preparing the tax files on time.

Do You Need A Tax Consultant In The Audit Process?

A professional auditor in Kolkata is also in demand during the audit procedure. It’s the tax consultant who represents the company or business client during the audit process. This means that it’s the tax consultant who is responsible to answer any of the questions or may act on the behalf of the client.

If the tax officials ask any questions or perhaps they ask for some kind of application, it’s the consultants who wiauditorll answer all the questions and deal with the case on your behalf. Therefore, you don’t need worry when you have hired an experienced online tax consultant Kolkata.

How Can You Find The Best Tax Consultant?

To find the best online tax consultant, you should first speak with people who have prior experience in dealing with such activities . If they are happy with the services offered by the existing tax consultant, you should get the contact details from them. Get an appointment from them and to discuss about your case. Keeping all these tips in mind, you can now choose the best tax consultant.