Business Taxation in India
As the year pass by the tax filing deadline too approaches and many of them amongst us are not aware of it and its details. If you too are one amongst them, put a little effort and start working on the returns.
Every one of us wants to save money on their tax bills and the best way to do this is to seek advice from a tax consultant. Tax consultants in India are easily available, and help you in: • Calculating your tax • Saving money on tax bills • Performing all the calculations accurately • Performing all the paperwork • Providing quick and easy explanation of what tax is and how easily can it be paid. Business Taxation in India has three main areas that should be understood so as to determine in which category you and your business falls: • Personnel tax: This is tax for individuals. Their specialisms include estate planning and high net worth individuals. • Corporate tax: This is tax planning for companies and big organisations and here specialisms includes transfer pricing. • Indirect tax: This is tax planning on goods and services that one uses for their benefits. One such example of such type of tax is VAT. Tax advisors are enrolled tax agents and specializes in coding ad de-coding of tax rules, various classes of tax advisors are there from which you can seek taxation advice: • Enrolled agents: These are licensed by the federal government and are approved to represent their clients in front of I. R. S. From them, you can get specialized tax planning advice easily. • Certified public accountants (CPA): These are licensed by the state government and work on variety of business models. If you are looking for tax consultants in Delhi, be careful and follow the mentioned tips before approaching them: • Look for a passionate one: appoint a consultant who has a stringent strategy for their work and performs regular meeting with you to achieve related target and set goals. • Education and experience: education makes a huge difference so go for the one who is certified from a reputed university. Experience also matters a lot, an experienced tax advisor can save huge amounts on tax bills. • Sophisticated accountants: hire the ones who find creative ways to save money on tax and not the ones who advise you to postpone your taxes. You can also find tax advisors in the National Association of Enrolled Agents list, Board of Accountancy online database. • Clear fee structure: also make sure the amount he charges from you, take a look at what others are charging before appointing one. Tax advisors are not only for wealthy, so be alert and careful while choosing a good tax advisor. |