With the introduction of GST, chartered accountants are being compelled to expand their range of services and comply with the new regulatory compliances. Top tax consultancy services are aware of the sudden shift in the business marketplace. They can provide the necessary information on tax exemptions policies associated with the expenses of expanding your practice.
Here are a few reasons why you should refer to the best tax consultancy services for GST related tasks of your business or even for your personal needs.
Record keeping for tax purposes
Given enough time, it can become challenging to keep track of various documents associated with Income Tax reports.
The income tax department, according to section 149, can issue taxpayers a notice asking them to verify claims in their ITR. The notice can be issued within 4 years from the end of the financial year in which the claims were made.
Consequently, it is advised that professionals should seek the assistance of experienced tax consultants. Not only will it help with keeping track of expenses but also enable them to keep their ITR in proper order. In case they are having difficulties financing a consultant and managing new infrastructures of their CA practice, they can fund it with a loan for chartered accountants.
Role of tax consultancy services in preparing and filing taxes
Preparing and filing for income taxes is a lengthy process often requiring the assistance of experienced tax consultants. There are a lot of forms to consider –
– Form 16- Provided by an employer stating deductions from salary.
– Form 26AS- Contains tax deductions from your income for an entire fiscal year.
– GST returns or IT returns.
– Exemptions and deductions.
It can become difficult to finance your practice/business and the expansions on your infrastructure simultaneously. An experienced consultant could assist you in keeping track of your investments while helping you maximize your returns. Not only can this help you earn more profits but possibly provide the opportunity to practice your tax consultancy services as well, worth considering for an aspiring CA.
Offering financial advice
Besides the ideal qualities that an ideal accountant must have, here are a few advisory roles you should look for in a tax consultant especially to businesses –
- Tax advice
An expert tax consultant should be well-versed in associated tax procedures other than central and state tax regulations. They can help reduce tax liabilities and suggest financial investments that are beneficial for tax savings.
- Financial management
This includes the development and execution of strategies to reduce taxes while abiding by the legal compliances.
Consultants with enough experience can also act as an auditor and the accountant for the client. Not only can they provide professional guidance for property, wealth, and asset management, but they can also help file IT returns.
- Taxation software
CAs invest in standard GST accounting software India to create audit reports and balance sheets. Such software programmes are vital to help them better execute their overall services.
Tax specialists with years of experience in specific branches of taxation are considered invaluable in case of tax assessments. Their role as an advisor is indispensable and can substantially assist with income tax exemptions.
Representation in case of an audit
Irrespective of the type of your practice, you have to undergo an audit if the annual turnover exceeds Rs.50 lakh in case you are a professional and Rs.1 crore if you own a firm.
There are no specific rules for tax audits if you are working professional. Consequently, if you own a CA firm, then according to the Companies Act, 2013, companies irrespective of their turnover or nature of business must have their accounts audited at the end of each financial year.
An expert tax consultant can not only provide with valuable advice but can also represent you or your firm in case of an audit.
Financing audits can be expensive, especially considering the expenses required to conduct market research and hiring staff who are experienced in the regulatory guidelines of the present market.
Other than audits, there are numerous other expenses which a CA may need to meet for better prospects, both professionally and personally.
They can consider availing loans for chartered accountants to finance such requirements. Bajaj Finserv offers such loans with extensive repayment-friendly benefits and at competitive interest rates.
It is advised that to hire tax consultancy services to make the best of the benefits offered by GST or the government via the IT act.
For CAs, the post-GST and fast digitizing Indian business sector provides ample opportunities. Refer to loans for CAs and go ahead with an inaugural CA firm to make the most of the current scenario.