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!

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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.

NOW, REGISTER YOUR COMPANY IN ONEDAY

Ministry of Corporate Affairs has automated incorporation process to improve setting of a business. Now one can register a company in a day. The ministry has signed a contract with Infosys to register a company within a stipulated timeline.It has provided even penalties on delay.

The world bank’s ease of doing business ranking estimated last year at 2-7 days time for name registration, name approval & company registration, which was quiet high compared to the process followed by other countries.The ROC is free from the task of registering companies given that an average of 300 companies register across the country everyday,though  LLPs are still in the jurisdiction of ROC. Even if you have not selected the name you can register and the memorandum will be generated.Now reserve your name in one day, file & receive incorporation certificate in 1 day. By June end this year reserve name and file and receive incorporation in one day. MCA moves to centralized processing of incorporation proposals at a new centre in Manesar(Gurgaon) instead of ROC. MCA will release a new form which will crunch the entire process into one.

Highlights of Union Budget 2016-17

BUDGET SEMINAR ACAE jointly with DTPA –  MARCH 1, 2016

       CUSTOMS  DUTY

Heading	Existing	Proposed
Project Imports for cold storage, cold room (including for farm level pre-cooling) being extended for ‘cold chain including pre-cooling unit, pack houses, sorting and grading lines and ripening chamber’s also.	10%	5%
Refrigerated containers	10%	5%
Imitation Jewellery	10%	15%
Solar Lamp	12.5%	NIL
The duty free import allowance for bona fide gifts imported by post or air by courier service.	Rs. 100000	Rs.20000
Coal; briquettes, ovoid and similar solid fuels manufactured from coal	2.5% / 10%	2.5%
Coal gas, water gas, producer gas and similar gases, other than petroleum gases and other gaseous hydrocarbons	10%	5%
CVD exemption on specified machinery required for construction of roads being withdrawn.	NIL	12.5%
Disposable sterilized dialyzer and micro barrier of artificial kidney being exempted from BCD, Excise duty / CVD and SAD	Applicable BCD, excise/CVD,SAD	Nil BCD NIL excise/ CVD nil SAD

Highlights of Union Budget 2016-17

BUDGET SEMINAR ACAE jointly with DTPA –  MARCH 1, 2016

EXCISE DUTY

Heading	Existing	Proposed
Excise duty on refrigerated containers being reduced	12.5%	6%
Excise duty on parts of railway or tramway locomotives or rolling stock and railway or tramway track fixtures and fittings, railway safety or traffic control equipment, etc. being reduced.	12.5%	6%
Excise duty on branded readymade garments and made up articles of textiles of retail sale price of Rs. 1000 or more being changed.	Nil (Without ITC) or 6% 12.5% (with ITC )	2% (without ITC) or 12.5% (with ITC)
The Tariff value for excise / CVD purposes on readymade garments and made up articles of textiles being changed.	30% of retail sale price	60% of retail sale price
The Tariff value for excise / CVD purpose on readymade garments and made up articles of textiles being changed.	NIL	1% (without ITC ) or 12.5% (ITC)
Excise duty on waters including mineral waters and aerated waters, containing added sugar or other sweetening matter or flavoured being increased	18%	21%
Excise duty on Gutkha, chewing tobacco (including filter Khaini) and jarda scented tobacco being increased	70%	81%
Excise duty on Unmanufactured tobacco being increased	55%	64%

 

Highlights of Union Budget 2016-17

BUDGET SEMINAR ACAE jointly with DTPA –  MARCH 1, 2016

• Abatement rate in respect of construction of residential complex, building is rationalized at 70% w.e.f 01.04.2016.
• Clean Energy Cess on coal increased from Rs. 200 per tonne to Rs. 400 per tonne
• Cess on crude reduced from 4500/MT to 20% ad valorem. Positive for companies like ONGC.
• Proposed to exempt parts of dialysis equipment from basic customs duty.
• Basic custom & excise duty on refrigerated containers reduced to 5%.
• Higher excise duty on readymade garments priced at Rs. 1,000 or more.
• Proposed to raise duty on most tobacco product by 10-15%.
• Infrastructure cess levied on motor vehicles ranging from 1% to 4%
• Number of returns for central excise assassee, above a certain threshold, is being reduced, from 27 to 13, one annual and 12 monthly returns. The annual return will also have to be filed by service tax assesses, above a certain threshold, taking total number of returns to three in a year for them. This will come into effect from 01.04.2016. The facility for revision of return, hitherto available to a services tax assessee only, being extended to manufacturers also.

CHANGES IN TAX TARES IN MAJOR CASES

SERVICE TAX

Heading	Existing	Proposed
Services provided by National Centre for Cold Chain Development of Agriculture, Cooperation and Farmer’s welfare, Government of India, by way of knowledge dissemination with effect from 01.04.2016	14%	NIL
Exemption on services provided by, -( i ) a senior advocate to an advocate or partnership firm of advocates providing legal Service; and (ii) a person represented on an arbitral tribunal to an arbitral tribunal, being withdrawn and service tax being levied under forward charge, with effect from 01.04.2016	NIL	14%
Services of transport of passengers, by ropeway, cable car or aerial tramway being withdrawn, with effect from 01.04.2016	NIL	14%
Negative List entry that covers ‘service of transportation of passengers, with or without accompanied belongings, by a stage carriage’ being omitted and tax proposed to be levied on service of transportation of passengers by air conditioned stage carriage, at the abatement of 60% without input tax credit, with effect from 01.04.2016	NIL	5.6%
Abatement on shifting of used household goods by a Goods Transport Agency is being rationalized at the rate of 60% without input tax credit, with effect from 01.04.2016	4.2%	5.6%
Service Tax on service of life insurance business provided by way of annuity under National Pension System regulated by Pension Fund Regulatory and Development Authority (PFEDA) w.e.f 01.04.16	3.5%	NIL
Service tax provided by Employee’ Provident Fund Organization (EPFO) to employees, with effect from 01.04.2016	14%	NIL
Composition rate of service tax on single premium annuity (Insurance) policies with effect from 01.04.2016	3.5%
Service tax on services provided by insurance Regulatory and Development Authority of India (IRDA) w.e.f 01.04.2016	14%	NIL
Service tax on the services provided by way of skill / vocational training by training partners under Deen Dayal Upadhyay Grameen Kaushalya Yojana w.e.f 01.04.2016.	14%	NIL
Service tax of assessing bodies empanelled centrally by Directorate General of Training, Ministry of Skill Development & Entrepreneurship w.e.f 01.04.2016.	14%	NIL
Interest rates on delayed payment of duty/tax across all indirect taxes being rationalized at 15%, except in case of service tax collected but not deposited to the exchequer, in which case the rate of interest will be 24% from the date on which the service tax payment became due. For assesses with taxable value during preceding year / years covered by the notice is less than Rs. 60 Lakh, the rate of interest on delayed payment of service tax will be 12%. This will come into effect from date of enforcement of Finance Bill, 2016.	Custom 18% Excise 18% Service tax 18% 24 % 30%	Customs Excise Service tax 15%. 24% in case of tax collected but not deposited
Exemption from service tax being extended to services provided by way of construction, maintenance etc. of canal, dam or other irrigation works provided to bodies set up by Government, during the period from the 1st July, 2012 to 29 th January, 2014	5.6% of total amount	NIL

Highlights of Union Budget 2016-17

BUDGET SEMINAR ACAE jointly with DTPA –  MARCH 1, 2016

        Tax rate for Domestic Companies:

• Where its total turnover or the gross receipt in the previous year 2014-15 does not exceed Rs. 5 crores – 29% of the total income shall be taxable.
• And in all other cases, it will be 30% of the total income.
  

  Surcharge on domestic companies:

• 7% whose taxable income exceeds Rs. 1 crore, but exceeds Rs. 10 crores p.a
• 12% whose taxable income exceeds Rs. 10 crores p.a
  

  Surcharge on other than domestic companies:

• 2% whose taxable income exceeds Rs.1 crore, but does not exceeds Rs. 10 crores p.a
• 5% whose taxable income exceeds Rs.10 crores p.a
  

  Dividend Distribution Tax Increased:

  Additional tax at the rate of 15 per cent on dividends paid to its shareholders by the domestic company. [Section 115 – O]

Key Indirect Tax Proposals 

Krishi Kalyan Cess @ 0.5% on the value of taxable services proposed to be introduced w.e.f 1^st day of June, 2016 to improve agriculture & other purpose relating to it.

Equalisation levy proposed to be charged @6% of the amount of consideration for any specified serviced received or receivable exceeding Rs. 1 lacs in the financial year by a non resident person not having permanent establishment in India from:

1. A resident person carrying on business or profession; or
2. A non- resident having a permanent establishment in India.

• The Indirect Tax Dispute Resolution Scheme, 2016 proposed to come into force on 1^st June, 2016 applicable to the declaration made up to 31^st December, 2016:

A person may make a declaration to the designated authority on or before 31^st Dec, 2016.

The designated authority shall acknowledge the same in such form as maybe prescribed.

The declaring shall pay tax due along with the interest & penalty equivalent to 25% of the penalty imposed in the impugned order within 15 days of the receipt of acknowledgement & intimate the designated authority within 7 days of making such payment giving details of payment made along with the proof. Within 15 days of the receipt of such proofs, the designated authority shall pass an order of discharge of dues.

• No Service tax for houses built under 60 square meters.
• Notification No. 14/2012 – ST, was amended by notification No. 1/2016 – ST so as to, inter alia, allow refund of service tax on services used beyond the factory etc. for the export. This amendment is being made effective from, 1^st July 2012. This will come into effect from the date of enforcement of Finance Bill 2016.
• Quarterly payment of services tax being extended to ‘one Person Company’ (OPC) and HUF also, with effect from 01.04.2016
• Facility of payment of service tax being extended on receipt basis to ‘One Person Company’ (OPC) also, with effect from 01.04.2016
• 13 cesses levied by other Ministries/Departments and administered by the Department of Revenue, where the revenue collection from each of them is less than Rs. 50 crore in a year being abolished.
• CENVAT Credit Rules, 2004 being amended, to improve credit flow, reduce the compliance cost and litigation, particularly those relating to apportionment of credit between exempted and non-exempted final products/ services. Changes are also being made in the provisions relating to input services credit to outsourced manufacturers, under certain circumstances. Amendments will also enable manufactures with multiple manufacturing units to maintain a commom warehouse for inputs and distribute inputs with credits to the individual manufacturing units. This will come into effect from 01.04.2016
• The monetary limit for launching prosecution being increased to Rs. 2 crore of services tax evasion and the power to arrest being restricted only to situations where the tax payer has collected the tax but no deposited in to the exchequer above a certain threshold of Rs. 2 crore. This will come into effect from date of enforcement of Finance Bill 2016.
• Notification No. 27/2012 – C.E. (N.T.) being amended so as to provided that time limit for filling application for refund of Cenvat Credit, in case of export of services, is 1 year from the spevified date, with effect from 01.03.2016.
• Period of limitation in respect of levy/payment/refund of service tax due to some error, is increased to 30 months from 18 months.

Fuel cost to be included for availing abatement on services by renting of motor cab from 01.04.2016.