Everything You Need To Know About Hiring GST Consultants In Kolkata

With the Goods and Services Tax (GST) being rolled out on July 1, 2017, are you scouting for reliable consultants who can advise you on the technical aspects of the tax? Do you think it’s high time you gear up and assess the probable impact of the Goods and Services Tax on your business? Read on then to check out everything you need to know about availing services from the specialists!

Businesses of all shapes and sizes are going to be impacted with the implementation of GST, the largest indirect tax reform in India. Taxes like Sales Tax, Central Excise Duty, State VAT, Purchase Tax, Entertainment Tax, Luxury Tax and several other indirect taxes have now been replaced by the GST. While it’s true that the GST aims to simplify the entire indirect taxation process, certain gaps still exist in the procedures. Availing assistance in the preparatory work for GST can thus be a wise decision!

Need For Availing Services From GST Consultants In Kolkata

With the introduction of the Goods and Services Tax, the taxation system in India has now become destination based. This has impacted diverse aspects of businesses like- the supply chain, the cash flow, profitability, sourcing and the enterprise resource planning. Thus, planning in advance can bring forth a good opportunity to the companies for evaluating and realigning their business objectives and models.

By hiring GST consultants in Kolkata who can advise and teach them about the laws and procedures of implementing the Goods and Services Tax, businesses can gain a competitive advantage over their competitors. Moreover, these professionals can even assist you in renewing your IT systems while coping up with the new tax structure.

Benefits Of The Goods And Service Tax To Business And Companies

1. Both state and the central GST will be applicable on the manufacturing cost. Not only will this benefit customers if the prices come down, but it will even lead to more consumption, thus helping companies gain more businesses.
2. As per the Goods and Services Tax system, all taxes levied by the central and state government will be put together and merged into a single taxation system. This will do away with the earlier multiple tax system and bring in the concept of one common market for all.
3. Under the Goods and Services Tax system, the burden of taxes will be divided equally between services and manufacturing through a lower tax rate.
4. The tax will be levied only at the company’s destination unit and not at various points (from the manufacturing units to the retail outlets).
5. With uniformity of tax structures and rates, GST has ensured that indirect tax rates and structures are common across the country. Irrespective of the place where the business is done, tax rates for companies throughout the country is neutral.
6. Relaxation in the transaction expenses of doing business will gradually lead to an improved competitiveness for the company in the industry.
7. With a seamless tax credit system throughout the country, there will be a nominal cascading of taxes. This removal of cascading will reduce the hidden costs of doing any business in India.

So what are you still waiting for? Quickly find a leading consultant and start availing some exemplary services to enjoy the benefits of GST!

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!

5 Vital Duties Every CA in Kolkata Can Offer To Your Business

A Chartered Accountant is not just a strategic financial advisor you need for your business. In today’s rapidly changing world, taking the aid of a CA is a must if you want your business to navigate those uncertainties safely. These professionals have high ethical standards and undergo professional development at frequent intervals to keep themselves updated with the latest issues in the field of accountancy. Recently, there has been an increase in the demand for these professionals. The various roles played by them are regarded to be the main reason behind it.

Few Roles A CA In Kolkata Can Play

Tax Accountant
An issue that arises in various aspects while running a business is tax matters. Whether it is the share scheme or day-to-day VAT, tax related issues are quite common. A CA when working as a Tax Accountant will not only prepare personal or corporate income tax statements but also formulate various functional tax strategies. These issues generally involve financial choices, the ideal time to expense items, deferral of taxes, and how to treat an acquisition or merger, among others.

Management Accountant
Gone are the days when CAs working as management accountants was known as ‘bean counters’. These days the job profile of management accountants has changed drastically. They collaborate with finance and marketing personnel with the aim of developing new business. They have started working in various companies and take an active part in decision making regarding the line of business analysis and capital budgeting.

Auditor
Every CA working as an auditor shoulders the responsibility of checking financial statements and accounting ledgers for your corporation. The job done by an auditor is supposed to be the base of numerous accounting practices. Since auditing work is nowadays becoming computerised, companies have to depend on complicated sampling methods. When a Chartered Accountant is working as an auditor, they have to work for different sectors and might even have to undertake numerous travels.

Financial Accountant
An experienced CA in Kolkata can also work as a Financial Accountant for your business. Their job profile varies drastically and is dependent on the type of business you are dealing with. They have the skills and experience to participate in vital financial decisions regarding acquisitions and mergers. If required, they also visit suppliers or clients to discuss business or set up a new account. Since a CA have adequate knowledge about both finance and accounting, working as a financial accountant isn’t a daunting task for them.

Budget Analyst
Since it is the responsibility of budget analysts to develop and manage the financial plans of an organisation, a CA can undertake the tasks of a Budget Analyst with ease. The demand for these professionals is quite noteworthy in various government and private industries. Just make sure that the Chartered Accountant you are hiring has superior public relation skills as negotiations are a vital part of their job.

Since the qualifications and skills of a CA make them suitable for all the roles stated above. It’s time you hire a professional and let them excel in those areas.

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!

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.

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!

PAN Made Mandatory For Hotel Bills Above Rs. 50,000

The perils of  black money has posed severe danger for the country, hence the Finance Minister of India has taken a move, aiming at the abolition of the same. Therefore, the government says, showing of the PAN card will be mandatory from the beginning of the 1^st January 2016, especially for cash transactions in luxuries like hotel or foreign travel bills that exceed Rs. 50,000.

With this rule, the Finance Ministry also notified that PAN will be compulsory even for the purchase of jewelry that bills above Rs. 2 lakh. The payment mode can be anything including cash payment or via card; one will have to show his or her PAN card from January 1^st, 2016 for any purchase meeting the above criteria.

The addition to the new rule is that PAN card will also be an obligatory document if one purchases any immovable property that has a value over Rs 10 lakh. But, it can serve as a relief to the small home buyers who would like to buy properties of lesser value. The government previously had set the margin for showing the PAN in case of purchases of over Rs. 5 lakh, but however, it was canceled and the margin was extended.

Even in case of bank deposits, over Rs. 50,000 at once or counting over Rs. 5 lakh in a year, one will have to show one’s Permanent Account Number (PAN) to the banks or the Post Offices or to the NBFCs.

If one acquires shares of any unlisted company worth Rs. 1 lakh and above then one needs to show one’s Permanent Account Number to the government. The notification by the Finance Ministry also said that PAN would be compulsory for payments of Rs. 50,000 via cash cards or prepaid instruments.

And it is also stated that showing your PAN has been made mandatory in case of opening all bank accounts, with the exception of Pradhan Mantri Jan Dhan Yojana accounts.

India Signs New Tax Pact with Japan

On the 11^th of December, 2015, a new double taxation avoidance deal was signed between India and Japan. With this, an older convention was updated, which was earlier signed in the year 1989. The new convention exempts the government and financial institutions under it from paying tax on the interest income on loans.

The convention comes with new features. It has specified a clause, which is going to assist in the clearance of decks for Japan, so that loans summing up to almost 2 lakh crores can be offered for the purpose of planned high-speed train network and futuristic roadways infrastructure.

As decided during the deal, business entities from Japan will now be able to pay tax on the interest income which they earn from the loans acquired for the projects. Citizens can pay the levy either in Japan or in India, but not in both the countries.

This apart, the pact has also made room for international standards for the purpose of information exchange on matters associated with taxation and banking. That is, the financial information related to the Indian residents from Japan can now be shared with the law enforcement agencies when authorised by Japan. The vice versa is possible, too.

This pact between the two countries was signed by the revenue secretary of India, Hasmukh Adhia, and the Japanese ambassador, Kenji Hiramatsu, only a few hours prior to the arrival of the Prime Minister of Japan, Shinzo Abe on his three-day visit to the country.

An additional agreement on building a network of high-speed train has been decided in this deal of Rs. 90,000 crore, which is due to be settled on Abe’s trip New Delhi and Varanasi. According to the officials, a sum of Rs. 1 lakh crore has already been offered for highway construction.

Moreover, Japan has also made an offer to provide funds for the Mumbai-Ahmedabad high-speed rail corridor. These loans will cover almost 90% of the cost, and bear an interest rate of less than 1%. This report was revealed by the railway ministry of India.

Good News For Foreign Funds Stuck With Tax Tiff

Today, the Income Tax department stated that incomplete/deficient returns filed by foreign portfolio investors will now be not considered as “defective”, provided the entities have been registered under SEBI and do not own a permanent base in India. This has brought relief to over 500 FIIs.
Earlier, the Income Tax department had slammed a number of foreign institutional investors and foreign portfolio investors (FIIS and FPIs) for not presenting the balance sheets and profit-and-loss accounts while filing the return of income.
According to PWC, the number of FIIs/FPIs who were issued the notice was over 500. These investors were not supposed to maintain book of accounts and also lacked a permanent base in India. In an attempt to overcome this issue, the department has revealed this facility, clarifying that such returns will no more be considered as defective if the aforementioned criteria are fulfilled, some basic information is provided, and there is an apparent business earning.
Mr. Suresh Swamy, partner at Price Waterhouse Coopers and posted under financial services, tax and regulatory designation, stated that the notices of the defective returns were sent to the 500 and over corporate FPIs for multiple times in the past.

He further added that this is going to be a welcome clarification from the Central Board of Direct Taxes (CBDT) and will settle a matter which has long been troublesome for the corporate FPIs filing tax returns in India. The CBDT has also commented that the assessment of returns for the year 2015-2016 where the FIIs/FPIs have provided the SEBI registration numbers have been taken up for the processing at Cost Per Click (CPC) Bangalore.
In case of the previous assessment years for which, the details are unavailable in the Income Tax return, FIIs/FPIs can now specify the details to the earlier issued notice in their response online on the e-filing portal – http://www.incometaxindiaefiling.gov.in to the issued notice previously.
For further checking on whether the FPI has a place of business in the country, Swamy has further revealed that the Return of income (ROI) forms will now have to undergo amendment. He has also that said for the details of the earlier years, fresh details like the SEBI registration number and confirmation of no permanent base of establishment or business must now be mentioned in the IT e-filing portal.
Earlier, during the 2015-16 budget, Finance Minister Arun Jaitley had excused the FIIs from the payment of the Minimum Alternate Tax (MAT) which was to be effective from the 1st of April 1, this year.
To add to this, an amendment has also been proposed, which will be performed in the Income Tax Act so that FIIs can be exempted from MAT on capital gains. As of now, foreign investors have already put in a sum of Rs. 15,519 crore in equities and Rs. 50, 116 crore in debt markets. This indeed, is big news.