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.

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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.

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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.

The Benefits of Tax Service In Kolkata

If you are thinking about handing over your tax filing work to a professional it’s the best time to do it. Tax filing has become a complicated process and there are many tax services who have the necessary expertise to file your returns on time.

So, it’s time to handover your most important documents to a filing company but there are certain things you should keep in mind. You should fact find about the reputation of the company and the clients it has served over the years before handing out your all important documents. There are certain benefits of these services which you will be looking at this article.

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Saves You Money

You might need to pay some upfront fees for availing the services of professional agencies but they will actually save your money in the long run. A tax professional can identify all the important deductions for you and save you money by availing of the exemptions. So, you can see that paying your taxes actually saves you money. A tax professional is able to clearly understand and identify tax credits on your behalf.

Gives You Accurate Returns

Tax professionals can reduce the fallacies on your returns and lessens your audits. These are expert bodies and work professionally, so you can rest easy by knowing that all your common errors will be addressed. So, you will be able to reduce your errors drastically with the help of tax professionals.

Help In Your Audits

Audits are quite rare and no one wants to think about the dreadful day. When you have a professional agency managing your returns and they are conversant with all your financial information. This piece of mind is one of the reasons why people opt for professional services with for their tax returns.

Saves You Time

Completing your tax returns all by yourself is a time consuming process and takes an average of sixteen hours. You need to keep your own records, organize your stuff and file your returns on your own. You also need to submit your own documents. Your estimated filing time reduces drastically, when you employ a professional agency to file returns on your behalf.

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Ensure Deductions in Fees

List down all your deductions and use a tax professional for your returns. You will see that you have been able to deduct some of your expenses including postage charges, software and other resources. The main criteria are to itemize your returns before filing.

Tax filing is an important part of your professional life and you need to stay on top of your game. So, it is important to get hold of the best tax services  and file your returns on time.

How to choose the best institute for pursing CA in Kolkata?

Chartered Accountants are professionals who are employed by organizations to audit and maintain the accounting systems. These professionals either work as employees inside a company or gives professional advice for a onetime fee. There are many professional coaching centers for chartered accountant where you can enroll and get tuition to clear this difficult exam.

There are some prerequisites you should keep in mind while selecting the institute of your choice. This article will navigate you through the criteria’s you should keep in mind while embarking on the endeavor to find the perfect professional help to clear the CA hurdles.

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Do Your Research

Searching online is considered the best bait these days as you will get a lot of institute names in your area. Also, these institutes will be ranked according to their performances and there will be reviews accompanying them. It will be healthy for you to assess and come with the best institute of your choice. It is always better not to leave your judgment on the internet alone as all institutes these days have marketing wings to promote themselves.

Corroborate Your Facts

Before making your selection, it’s always wise to call up the institute and clear your doubts. Seek out ex students from the institutes and learn from their engagements with the coaching center. Verify all the credentials, certificate and services offered by them before making your final choice.

Timely Course Completion

This is one of the most important criteria while choosing an institute. Coaching classes have a tendency to drag their classes well after the stipulated completion date. You should make sure that they complete all their courses and assignments at least two months before the exams. It will give you the much needed time to revise your papers.

Checkout the Faculty

Faculty of an institute should be your first criteria for choosing the institute of your choice. Checkout whether the faculty has the required years of experience for training students in CA.You should judge the quality of the teachers, the method of teaching and strategies employed by them while conducting classes.

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Compare the Fee Structure

Exercise your judgment before getting lured by the discounts offered by the institutes. Scrutinize the normal fees taken by the institute as you can’t discontinue midsession.

A good institute can make your career, while a bad one can ruin it. The best institutes will not only train you but will also make sure that you become a well groomed professional. So, it is imperative to make your choice and this article will definitely make your search much easier than ever.

Signs You Need To Hire Income Tax Consultants For Tax Return

Though you can try a DIY for simple tax situations, preparing your tax return is not advisable under a few circumstances. Some financial situations are quite complicated and you can have complete peace of mind only if you hire an income tax consultant to do the return for you. Not only will they help you save time by preparing the tax return but also ensure that you don’t end up paying more than necessary. Though there are numerous of them scattered all over Kolkata, make sure that the one you are hiring is popular among clients for providing on-time and accurate information.

4 Warning Signs Indicating That You Shouldn’t Prepare Your Tax Return

  • You Have A Rental Property

The tax code based on which rental properties are taxed is indeed quite complicated. No wonder, homeowners have a tough time following the rules which will help them determine how much tax they have to pay for a rental property. The situation can become more complicated if you have lived in that property during that year or suffered losses due to an accident. Experienced income tax consultants undergo training at fixed intervals to keep themselves updated with the latest rules on how and how much rental properties should be taxed.

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  • Your Life Has Undergone Some Major Changes

Not everyone preparing their tax return is aware of the fact that the process through which taxes are filed changes after you have some important changes in your life like buying your first home, getting married or become parents. This is why hiring tax experts to do the next return is advisable every time your life goes through some vital changes. You can later use the return prepared by professionals as a template to check the credits you are qualified to claim. Those you had a baby recently are eligible for new-parent tax breaks.

  • You Have Started A Home Business

Irrespective of the size of your home business, it can make your tax return process complicated. This is why you should start looking for a reliable income tax consultant if you have started a side business recently. The professionals know that a business owner has to take care of hundreds of documents and fill out forms irrespective of it being a gruesome failure or a wild success. Let them prepare your income tax return so that you can utilise your time with other business-related activities.

  • You Have Previously Failed To File Returns

There are a few taxpayers who purposely skip filing their tax return just because their tax bill was larger than they expected. Some of them are not even aware of the fact they will have a tough time dealing with the IRIS just because they have failed to file their tax returns. If you don’t have sufficient fund to pay the bill, just file the return. This is always treated as a better option than not filing the return at all. This easiest way to prevent making a tax fraud is by hiring experienced income tax consultants.

Since you are now aware of the warning signs indicating that you shouldn’t prepare your tax return, start looking for an experienced income tax consultant before it is too late.

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Skills Needed to be a Chartered Accountant Professional in Kolkata

Chartered accountants are in high demand in Kolkata and people who have successfully completed the course are among the most celebrated people. Most of them have to go through years and years of studying to get that rare distinction. Even after one has completed the course, there are some intrinsic qualities that every CA must possess to be successful. Discussed below are some of the key requirements.

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What Are The Benefits Of Hiring A Chartered Accountant In Kolkata?

Do you know that chartered accountants (CAs) can be a valuable addition to your finance team? Well, hiring a qualified professional can be the key to your business success. Wondering what makes working with a CA so beneficial? Keep reading to learn the key benefits.

Benefits Of Hiring A Chartered Accountant

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5 Questions To Ask While Hiring An Income Tax Consultant In Kolkata!

Do you face difficulties while filing income tax returns? Are you on the lookout for professionals who can offer effective tax preparation services? Still wondering how to choose a professional who provides the right assistance and support? Fret not. All you need to do is check out few questions which you must ask a professional for making an informed choice!

When it comes to income tax, choosing the right consultant can indeed be an overwhelming task. Be it the aspects which must be taken into consideration or the qualities to look for in a professional, there are several factors which you must consider for taking the right decision. A prior knowledge of the selection process can thus help you in making a well-informed decision!

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Read on then to check out the questions which you must ask a professional before hiring him!

Few Essential Questions To Ask Before Choosing An Income Tax Consultant In Kolkata

1.What Types Of Clients Have You Previously Worked With?
It’s important to ensure that the professional or the firm you are willing to work with, has an understanding of the type of business you are associated with. For instance, a construction company needs to handle issues related to their contractual workers while a restaurant will have policies for wages and tips. Remember; you have to hire a specialist who has previously worked with businesses like yours and even knows the ins and outs of your industry.

2.Who Will Do The Work?
Inquire if the company outsources work to some third party or has its own team of experts to work for you. Since relying on such third parties can be a costly decision, it is always wise to choose a firm which has its own team of financial advisors, tax consultants and auditors. Further, you must ensure if the agency has any certified filing centre of its own.

3.Are You Available Throughout The Year?
Look for a reliable income tax consultant in Kolkata who is available throughout the year. Unlike some firms which keep their doors open only during the tax season, these reputed agencies boast of a diligent team of professionals who can cater to the issues of their clients anytime. From the appropriate arrangement of files to suitable documentation, these accounting firms specialise in offering a range of tax preparation services which are both effective and authorised.

4.How Do You Manage While Working With Multiple Entities?
For business owners who run more than one agency under their name, looking for professionals who have the capability to manage several entities at a time is of paramount importance. You need to remember that these are skills which not every specialist posses. Hiring a firm which can co-ordinate between your entities is important.

5.How Often Do You Communicate With Your Clients?
When it comes to the frequency of communication for planning tax issues, every professional is different. Inquire about the approach of the expert and ensure that you are satisfied with his degree of communication. Remember; you must feel comfortable while discussing your issues with him.

So what are you still waiting for? Quickly find a reputed consultancy agency in your area and start availing exemplary income tax related issues!

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!

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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.

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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!

Enjoy The Benefits of Tax Return on Time Through Tax Services Kolkata

Tax returns are very crucial and cannot be ignored under any circumstances. So, it is better to pay it on time.

In India, the Central Government controls the power to levy tax on any person who is employed and has an income, except the persons who are employed to the agricultural field. The amount or the percentage for this tax payment however varies depending on the amount of income.

income tax returnLike every other country of India, the rules for income tax returns Kolkata are same and mandatory. People, however, consider it unimportant to file the tax returns and as a consequence, end up paying a huge penalty or get wrapped up in some legal difficulties. There are quite some benefits of filing the tax returns in time. They are:

  • File your tax return as soon as possible:

Although the last date for filing the tax return for the previous banking year is July 31, it is always preferable that the taxes are filed before time. It provides the opportunity of not being messed up when the final moment arrives.

  • It is not mandatory to pay the penalty:

Even if the tax payer has failed to file the tax return within the last date that is July 31, he or she is not supposed to pay the penalty. However, for that, the tax payer needs to make sure that he or she does not have any pending liabilities for his or her tax returns. It is most likely that the tax returns are filed as soon as possible even in case the last date goes by.

  • Create a good record:tax services

When the tax payers maintains a good track record of paying the taxes on time, every year, the income tax department keeps the history of the tax payer in their records and it help the tax payers in their later life in case of loans and insurances and also when they apply for VISA.

However, for a detailed assistance in all the tax payment related services, it is very important that they hire tax services Kolkata who have the knowledge and the experience to assist them.