What are the Roles and Responsibilities of a Chartered Accountant?

 

The career of chartered accountancy is one of the most preferred In our country. Becoming a successful CA is tough; however, it is not impossible. It needs 4.5 years of dedicated studying and training in this course. The roles and responsibilities are huge, but every task requires expertise. If you are looking to hire professionals for your business, you should go for the best chartered accountant in Kolkata. They are trained to work for individual as well as corporate clients.  

What does a CA Professional do? 

Audit and Accountancy 

Accountancy is one of the main streams of work for CA experts. They perform this prominent function with high levels of knowledge and capability. Their role involves bookkeeping, doing complex financial scrutiny, writing up the accounts, making financial statements etc. Chartered accountants act as auditors with the potential to assess the business’s financial condition. They handle all risks and identify scopes of improvement. Auditing also entails reviewing business financial data, checking document validation etc. 

Taxation 

Determine the Firm’s Financial Status  

Taxation is another important task performed by CA experts. They furnish returns, manage different kinds of tax assessments etc. They are also responsible for assessing the financial liabilities on behalf of the business. The CA provide general advice to the owners/clients dealing with taxation issues. They seal the cost of production that is involved in a project. Besides, they guide you with cost management, cost control, price setting etc.  

CA professionals examine the financial documents of the company and determine its financial status. They conduct a thorough analysis to conclude if the business is going through gains or losses. You can seek essential guidance from them related to market risk management. This way, the companies can improve service efficiency and increase their profits.  

Strategic Advisor 

 When you hire chartered accountants for your business, they will assist you with effective corporate strategies. As a business leader, you can gather advice about cutting costs and making the business financially efficient. This will help you improve the bottom line after mitigating all risks. CA experts have knowledge in financial reporting, budgeting and governance. With their help, you can meet the financial objectives of your company.  

Since you know about a CA expert’s vital roles and responsibilities, you can hire the best ones for your business.

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Know The Impact Of COVID-19 On Taxation In India

Though our government has extended the deadline for ITR (Income Tax Return) till 30^th 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.

Lower Interest Rates

Not only did our Finance Minister extend the last date to file income tax returns from March 31^st to June 30^th 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 30^th.

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

 

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 31^st, 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.

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.

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.

Know The Various Types Of Accountants Before Approaching One

If you are looking for a professional who can advice you on your tax affairs, it’s time you start looking for an accountant in your city. Not only will they help you to make your financial things run smoothly but also spot potential issues and solve them. If you think that you need them only for tax filing, it’s high time you debunk the myth. Approach the right professional and they can provide a host of services.

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!

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!

Why Choosing A CA In Kolkata From A Right Firm Is Effective?

“If you choose to not deal with an issue, then you give up your right of control over the issue and it will select the path of least resistance.”
― Susan Del Gatto

Are you an entrepreneur or have a well-grown business organization? Are you in search of a recognized chartered accountant firm in Kolkata or thinking about changing the old accountant? Well, let me tell you, a group of CAs is there in the business industry as its one of the broadest professional need.

If you take my opinion, I will suggest to look for a CA firm than an individual as hiring an organization is more reliable. Since you need some legal as well as financial helps, an individual accountant can prove the best in the time of hiring. On the other hand, selecting a firm can be more effective for your organization as they help you by sending the right financial person according to your choice and need.

Aspect That You Need To Consider Before Hiring A CA Firms In Kolkata:

1.Fix The Goal:
Before looking for some outsider searching, you need to be clear about your requirement. The very first step should be deciding the types of CA that you need. A grown up business production always need a knowledgeable Bookkeeper who has gathered his/her experience working with the most reputed companies. Of course they charge higher than those who are working with the small enterprises. Ask the firms your requirements as they provide different bookkeepers from different agencies.

2.Create A Short List:
Finding out the firms, according to your wish list is the second step to be taken. Thouh it is really an invalid fact to suggest the place where one will get the best bookkeeper firms India as well as the Kolkata, let me know you all preferred and plausible firms are maintaining their official websites. So, choose them form the internet according to their rates and comments (on the social media) of their previous or existing customers.

3.Ask The Local Businessmen And Friends For approval:
A friend, who is associated with a CA firm like a bank manager, a company owner or a member of a top notch company are able to suggest you the best CA In Kolkata. Approaching the firm directly after getting the referral is a big no-no. Ask for the performances and other related questions that a friend as well as a previous client of a accountant can answer.

4.Verify The Credentials:
Don’t jump the gun just after getting the referral. Are the firm has registered certificate from The Institute of Chartered Accountants of India or from ISO? Every registered firm mentions their registration numbers on their official papers or websites. Choosing a non-registered firm is a big no-no.

5.After Meeting The Bookkeeper:
Your selected firm has sent the man (CA)? Well, ask him these questions:

• What do you know about my business enterprise?
• What direct activities do you have with my business activity?
• Are you a full time employee of your firm?
• From when you are associated with this job?
• Are you permanent employee or contractual?
• And the answers will pave you the way easily.

These were the 5 facts that help you choose a reliable CA firm in your city. Choose them wisely and be more prosperous in your sector.

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.

In 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.

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.

Tax Services: Fill and Be Happy in Life

Filing Your Tax Returns is one amongst the foremost in style booklets among the tax payers. This page primarily deals with the procedure for filing of the tax returns.

It is mandatory for each company to furnish come back of financial gain. every one, apart from an organization, whose total financial gain from all sources of financial gain exceeds the utmost quantity that isn’t indictable to taxation in any previous year ending on thirty first March, is vulnerable to file the Income-tax come back.

E-filing of tax services in Kolkata is a simple, 15-minute employment. And it’s doubtless sander compared to finding a account adviser, talks for the proper value and so hanging around endlessly to urge him for the duty at his whim.

How to apply: Easy steps in details

•          Navigate to the web site with board of tax, India, and register all by yourself, that’s if you are not registered already. As you register, you would like to feature your Pot range and alternative details therefore on set your login and Arcanum.

•          Once you’re finished registration, record out also as log in once more along with your Baking pan range seeing that user Identity and therefore the contemporary Arcanum you’ve set antecedent. Transfer the e-filing kind for Man or girls, HUF (HUF stands for Hindu undivided friends and family)

•          The kind comes within the nothing record. put it aside to your computer and build the Shine in life file ancient looking had to AN innovative folder.

•          Fill in points like whole, Address, Location, State, and Pin Code within the sheet concerning financial gain Particulars; fill in a personality’s PAN quantity where necessary and so add.

•          Your next sheet on the file is TDS. Fill within the details for just about no twenty three on condition that you just have earnings solely by earnings.

•          Make out details of earnings charged beneath salaries, discount from Step VI-A, tax due and additionally tax commenced.

•          Upcoming sheet is really taxes paid back and proof. Fill in details of name, dads name, spot, date and additionally PAN range beneath the Confirmation section displayed in Pink. Click verify yet again.

•          Mouse clicks on Generate XML also as raise you to save lots of you the file. Once reclaimed, return to computing device and be part of (if you’re logged out) in your user whole and code. On the quit facet, click on submit profit with 2010-11 whereas assessment year. Transfer ones generated XML on the positioning. E-filing for income tax returns Kolkata residence is done.

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

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 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 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 Consultant

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 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.