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.

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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.

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.

chartered accountant skills

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.

CA in Kolkata

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.

Chartered Accountant

  • 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.

chartered accountant skills

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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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Some Essential Nitty-gritty Related To Tax Planning

If tax planning is your last minute job, it is very likely that your budget and personal finance will be a mess owing to your tax habit. To avoid this, you should start planning for your taxes well in advance. Invest small amount of money in a prominent tax saving instrument on a regular basis throughout the year in lieu of a large, one time investment at the last second.

Importance of Tax Planning

Well there are a number of benefits of planning your tax methodically. Let’s have a look.

  • Saves Your Income – As you already know, tax evasion is a serious crime. But tax avoidance is not. So you can always avoid tax paying by making use of possible tax deduction as well as tax exemption.
  • Ensures Right Investments – Tax planning helps you make the correct investment in different legitimate financial products as well as tax saving instruments. But it all should be done on the basis of your risk profile that saves your income from income tax.
  • Lets the Loan Saves Tax – Taking a home loan helps you significantly save on tax.
    Guarantees peaceful retirement – Your tax planning helps you use tax saving instruments to ensure significant savings. It also lets you invest in financial products that in turn ensure that you have sufficient money for retirement.

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Considerable Factors for Tax Planning

 

Should you buy endowment life insurance plan for getting tax deduction?

An endowment life insurance policy often charges high premium. An endowment plan ensures both insurance and savings. So you have to pay high premium to get the benefits of insurance and savings. And this ensures that you will be benefited financially on survival and your successors at your death. With such a plan you can expect to get a meager 5% to 7% while most of the premium amount is swallowed as the charge for the plan. On the other hand, if you buy a term life plan that is available against a lower premium in comparison to an endowment plan, you won’t get any benefit on survival. Both the plans offer tax benefits under section 80C. For getting tax benefits, online tax consultant Kolkata suggests that you go for low premium term life plan at an early age and make necessary financial arrangements for your family in case you die untimely.

Is it required to invest in tax saving instruments as per your risk profile?

Your risk profile plays the most important role as it comes to making investments in tax saving instruments. Both ELSS (Equity Linked Savings Scheme) and PPF (Public Provident Fund) give you tax benefit under Section 80C. If you want to keep your primary investment save while earning interest on it, you can invest in a PPF or a 5-year tax saving FD (Fixed Deposit). But if you invest in an ELSS, you should be prepared for taking of risk of stock market crash or down. Though it ensures high return on investment, it involves tremendous risk.

These are just a few important things you should know about tax planning in India. If you want to keep yourself financially stable, you should plan your tax in advance.

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!

income tax consultant

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!

Double Taxation Agreement With Maldives

double taxation treaties

SM Gupta & Co, a tax consulting firm helps you in saving your taxes and provides you new scheme if any.

An agreement provides for relief from double taxation for airline enterprises of India & Maldives by way of exemption of income derived by the enterprise of India from the operation of aircraft in international traffic from Maldivian tax and vice versa.

Tax Benefit/Incentive on Various Digital Payment of Government Taxes:

Govt. of India’s Cabinet of ministers has decided to give incentives on payment through debit card, credit card and online banking. It has approved digital payment being keen to move from a cash dominated payment ecosystem to cash less one, to eradicate the black money menace from the country. The cabinet approved several short term measures to be implemented within a year and medium term measures to be implemented within two years by the govt.

It has also taken steps ,

  1. For withdrawal of surcharge or service charge or convenience fee on card & digital payment.
  2. Rationalization of telecom service charges for digital transaction.
  3. Promotion of mobile banking.
  4. Creation of necessary assurance mechanism for quick resolution of fraudulent transactions.
  5. Promotion of digital payment will reduce tax evasion and tax avoidance.

No taxes on digital payment

The cabinet has approved no tax on ATAL innovation scheme and ATAL pension scheme. Self employment and talent utilization schemes for focusing on innovation & entrepreneurship.

Wealth Is The Outcome Of Arduous Labour Of A Personality

Money is the most vital means of living. No money means no life. To secure this money one needs assistance so as to save the maximum of his hard work earnings. No one can be a better option than a tax consultant or chartered accountant in this field. They with their utmost knowledge tries to save most of your money and live up to your expectations.

online tax consultantIn this world of amplifying economy common people struggle to feed daily bread and butter to their children and family .In India daily the prices are getting higher and with that is mounting the complexities of the middle class and below poverty line families. They earn to save for their future necessities but 90% of their savings is added to the government. Tax has become a kind of curse for the people. However rich or poor a person may be having to pay taxes like income, sales corporate etc.

Aid of a tariff advisor is unsurpassed

The people who are unknown of the payment method pays the entire amount of taxes whereas there are some people who takes the advice of their lawyers and accountants to pay tax. This is the best method to pay as the consultants are the educated and knowledgeable person .They know far better than the common people. They hold high level degrees and are quite an expertise in their work. They assist you in saving your taxes. It’s very easy to look for these people as in this modern era with the help of modern technology you can consult them through internet online. No one can be a better choice than online tax consultant in Kolkata in this regard. This organization offers you various services of your benefit. They would also help you in paying your taxes on time and would keep a detail of all your money matters. They help in all types of tax return and drafting documents, accounting and many more. Their charges are very low and are easily payable by common people too.Chartered accountants

Auditors retain attribute of endurance

The work of an auditor is to hear or listen. This people look after your financial matters and help you feel free and relax. Moreover while choosing an auditor you need to be very conscious. Before recruiting any auditor you must make sure that the particular firm or individual can fulfil all your requirements of taxes and accounting and that they have enough of a qualification. You can also search online and check the reviews of different auditors and select the best among them. Frankly speaking no one can be a better professional than the auditor in Kolkata. They are reliable, trustworthy and satisfy all your demands.

Chartered accountants tremendously proficient and painstaking

Chartered accountant assists folks in their account management. There are mixtures of good and bad skilled people in the market you need to choose the best among them. The best firm would help you gain more profit. They are devoted to their work and are extremely qualified. They hold degrees from the best institution of India.

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.