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.

online tax consultant

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.

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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!

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.

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.

Tips To Locate The Best Tax Consultant or Chartered Accountant In Kolkata

Tax Consultant If you aspire to invest and grow in business and churn a greater amount of profit, the first thing that you must do is to hire a finance professional. If you reside in the City Of Joy, finding a good chartered accountant in Kolkata is not a big headache. However, there are certain search criteria that you need to abide by when you are looking for finance professionals with whom your money is completely secured.

The first among these criteria is to inquire about the lawyers’ certification whom you are deciding to hire for managing your tax and finance related matter. You may ask your friends and associates for reference of some law professional or a legal conglomerate whose service they can guarantee upon. If you are going online with your search ensure that you read the websites thoroughly to know about the credentials and certification of the advocate in details.

When it comes to hiring lawyers, especially those who deal in finances, it is important that you choose a professional or a firm who quote an affordable price. There are some reputed firms that provide their clients with online tax consultant Kolkata to help them resolute their tax problems and manage their investments. Seeking the services of these online tax professionals can Chartered Accountant help you save a lot of money that you might have to invest if you hire a personal chartered accountant for handling the entire taxation procedure.

The next important thing is the level of experience. This is one of most vital criteria when it comes to hiring a professional in any domain. A novice tax lawyer or a new group that has emerged into the field recently may not be able to come up with right solutions that an experience tax lawyer of financial firm is able to provide their clients. Hence, when you go through the website of a lawyer make sure they are optimally experienced in handling all the finance related matters for their clients.

Abiding by these search terms will help you guide towards the best finance lawyers and tax professionals in Kolkata who can come up with perfect financial solutions to boost up you and your business.