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Income Tax Returns Income Tax Consultant Tax Consultants

Methods To Save Tax While Filing Income Tax Returns

In India, many business owners encounter specific challenges when filing income tax returns. It involves regulatory challenges, operational issues, technical hurdles, and financial constraints. Henceforth, the owners consider it a complex tax. To boost savings and decrease the tax liability burden, a strategic plan for tax-saving opportunities is mandatory. To retain a significant portion of your money, it is necessary to save on taxes when filing your income tax return. Many
businesses save tax while filing income tax returns in Kolkata.

How to save tax while filing income tax returns?

Mentioned below are the methods to save tax while filing tax returns:

Implement Section 80 C deduction

To deduct 1.5 lakh from a huge sum of investment, it is better to implement Section 80C of the Income Tax Act. To implement this section, you can rely upon the public provident fund, life
insurance premium, national savings certificate and equity-linked savings scheme. It is one of the finest methods to save tax while minimising your tax liability.

Employer contribution to NPS u/s 80CCD(2)

Certainly, only the salaried individuals can apply Section 80CCD(2). An employer makes a huge sum of contribution than a particular employee. Under this section, the deduction is available in
addition to the deduction allowed under Section 80C. Moreover, the income tax department also suggests this approach to the business owners.

Transport allowance and conveyance allowance

For covering travel expenses between home and office, the employee is eligible for a transport allowance provided by the employer. For physically challenged employees, an exemption amount is available. A few expenses are incurred while performing office duties. To meet those expenses, a conveyance allowance is an appropriate option.

Exceptions eligible under Section 10

A new regime has been introduced, under which a voluntary retirement scheme is exempt. Government employees receive a gratuity that is exempt from taxation. According to the Payment of Gratuity Act, the exemption of the private employees’ gratuity depends on special
coverage. Even during the time of resignation or retirement, there is a leave encashment.

Rebate under Section 87A

If the taxable income is less than a certain amount, the taxpayers are eligible for a rebate. This rebate policy has been launched under the new tax regime. If the taxpayer's income is 12 lakh, then there is a chance of zero tax liability. Nowadays, majority of the companies are opting for rebates under Section 87A.

Voluntary retirement scheme

The employers offer a retirement scheme to employees nearing retirement. It indicates that the employee can opt for a voluntary retirement. Rs. 5 lakh is the exemption amount under this section. It is the easiest method to save tax while filing an income tax return. Hence, the business owners need to opt for this approach.

If you are looking to file your income tax returns, contact S.M. Gupta & Co. We have experts who can assist you with filing your tax returns. For several years, we have been serving our clients. Partner with us today. Our team will give you the appropriate tax solution.

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auditing service in kolkata Auditor in Kolkata

Role Of Auditors In Identifying Frauds And Decreasing Fraud Risks

Auditor in Kolkata
Auditor in Kolkata

In today’s business scenario, many companies face severe pressure from management. With these pressures, there are significant chances of fraudulent activities. Hence, it is better to avail of auditing services that have a higher chance of detecting and minimising these risks. The auditors analyse personalised audit approaches and assess fraud risk. An auditor in Kolkata can identify fraud risks and salvage the business.

How can auditors identify frauds and decrease their risks?

These are the approaches made by the auditor to identify frauds and decrease their risks:

Assessing risks

A few assessments are conducted to determine the areas where the company might be associated with fraudulent activities. The assessments can address activities and step them up before any major falter takes place. To pinpoint the necessary risks, the auditors examine the business operations, internal controls and financial reporting process. By prioritising high-risk areas, the auditors draft an audit plan. With this plan, they can easily assess risks.

Testing

To confirm the preciseness and completeness a testing is being conducted. Some audit reports are tested. The reports include account balances and financial transactions. Invoices, bank statements and contracts are used as the supporting documents. This is how it is ensured that the transactions are legal and recorded on the books. Additionally, they observe physical inventory counts at year-end, check for ongoing legal issues, and verify accounts receivable. Finding any anomalies or disparities that might point to fraudulent activity requires the use of these testing techniques.

Recognition of warning signs

Auditors are adept at identifying possible signs of fraud, including anomalous transactions, differences in financial records, and deviations from standard operating procedures. To determine whether any fraudulent activity has occurred, auditors may ask questions, conduct further testing, and thorough investigations. These steps take place only after spotting warnings.

Monitor compliance

Numerous laws and regulations about corporate governance, taxation and financial reporting must be adhered to by businesses. Auditors assess if these regulations are being followed and may find instances of noncompliance, indicating possible fraud.

Auditors role in promoting ethical behaviour within an organisation

The involvement of auditors is crucial for the establishment of ethical standards in organisations. They examine the ethics policies, code of conduct and whistleblower mechanisms of the company to ensure that they are designed effectively and executed correctly. Furthermore, auditors can offer training and consultations about ethical issues. This is how the workers appreciate the significance of trustworthiness and accountable actions in the office.

If you are looking for auditors, consult S.M.Gupta & Co. We take pride in calling ourselves the best auditing service in Kolkata. The experience and expertise of our audit and taxation professionals maintain our standard as one of the best auditing companies. They apply the worldwide auditing standards to maintain integrity and openness in every procedure. You can always ask for the help of our expert advisors. Moreover, we offer live updates on your VAT, income tax, and general accounting status to keep you totally aware. Visit our website to book an appointment with us.

 

 

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auditing service in kolkata Auditor in Kolkata Income Tax Consultant Income Tax Returns Tax Consultants Tax Services

Tips To File Your Income Tax Return Before The Last Date

income tax returns kolkata
income tax returns kolkata

To display the gross taxable income for a particular fiscal year, an income tax return form is essential. Taxpayers use these forms to report their income, claim exemptions and deductions, and pay their taxes. However, everyone should file their income tax return before the deadline.

The income tax department of India collects this form and inspects it to ensure there are no errors. Taxpayers filing income tax returns in Kolkata submit the appropriate documents to the department. There are various categories under which your income will fall. These include income through salary, house properties, business, capital gains or other sources.

Important points to consider while filing the income tax return

Depend upon a professional

People think that it’s easy to file taxes on their own, especially if the income source is single. It takes at least 15 minutes to get access to the income tax website. In this situation, the best course of action is to hire experts. Hire a chartered accountant to make the filing process easier.
If you file before the last date, the chartered accountants will ensure that you do not miss any deductions. They examine the whole detail and ensure that there are no problems.

Never bypass the deduction

Section 80C states that you can deduct at least Rs 1.5 lakh from the total taxable income. Hence, you must follow the standards outlined in Section 80C. You can claim this deduction for various expenditures and income. There are life insurance premiums, provident fund
contributions and tuition fees. Coincidentally, if you have any deductions beyond this section, you cannot bypass them. It includes calculating the applicable house rent by not having the house rent allowance. Additionally, including spending a certain amount of money on treating specific diseases.

Filling the appropriate ITR form

You need to fill out the form according to your needs and requirements. It will depend on the your income source or if you’re an entrepreneur running a business. For the salaried employees, ITR-1 is the suitable option. On the other hand, the ITR-2 is required for income generated from a foreign country and capital gains made through investments. ITR 2 is also an option for carrying forward the loss you need to report. The ITR 3 and 4 are for freelancers and
entrepreneurs.

Never forget to refer to Form 26AS

The form states the tax that you need to pay. The income tax department provides this form online. After you log in to the TRACES portal, the form becomes accessible. Here, you’ll find the details of TDS and advance tax paid from various sources of income.

Never forget the verification after completing

If you forget to verify, then the income tax return filing process can be wasted. To complete the process you need to complete the verification. A verification notification appears, helping you complete the entire process.

To file for a tax return, you can hire our chartered accountants at S.M.Gupta & Co. Our experts ensure that your income tax return process in Kolkata gets easier. The services we offer include taxation, advisory services, and law firm & consultants. Visit our website and book an
appointment today. We’re ready to partner with you.

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auditing service in kolkata Auditor in Kolkata

Smooth Sailing Through Your Financial Audit: Key Tips You Need

Auditor in Kolkata
Auditor in Kolkata

Auditing of the finances is a crucial component in any business for maintaining accuracy and precision. Although the process may sound daunting, with the right preparation, it can be done easily with little or no stress. Your initial audit or a regular visit audit can be the easiest if you are prepared, which could mean saving precious time, minimising mistakes, and establishing confidence in stakeholders. Ensure you rely on a professional auditor in Kolkata for a more effective approach.

What are the Essential Tips for an Efficient Financial Audit?

Here we will offer practical, easy-to-follow tips to help you prepare for your next financial audit with confidence and clarity, making the entire process efficient and hassle-free.

Organise Financial Documents Early

The foremost and most essential factor is to compile all the necessary financial documents well in advance of your appointment at the IRS office. These include bank statements, tax returns, purchasing records, payroll records, invoices, and check receipts. Ensure these documents are filed properly and retrievable. A well-documented record system not only saves time, but also reduces the possibility of missing information.

Review Internal Controls

Internal controls defines the processes and procedures designed to prevent and detect fraud and errors. Before the audit, spend some time surveying and evaluating such controls. Ensure a clear separation of responsibilities, that approvals are processed appropriately, and that transactions are recorded accurately. If you identify weaknesses, they should be addressed before they become concerns during the audit.

Reconcile Accounts

Accounts should be reconciled in all books before the auditor arrives in Kolkata, including the bank, payroll, and the inventory. Compare internal records with the outside statement to ensure that everything meets the same standard. This process can help identify any discrepancies and assist you in resolving them before they occur, resulting in a cleaner and more reliable financial statement.

Conduct a Pre-Audit Review

Preparing a self-review or unofficial audit before an official one can help identify potential issues. Look into data entry errors, unaccounted and missing documents, and policy violations. You may also want to consult with your accountant to conduct a mock audit. It allows you to take advantage of some time to address issues and present your records in the best possible way.

Communicate with Your Team

You need to communicate effectively with your staff. Inform the departments that may be concerned with the audit what is expected of them, and when the audit will take place. Assign duties, ensure the key personalities are present to clarify questions, and make it enjoyable through cooperation.

S.M. Gupta & Co. offers professional guidance to ensure your financial records are audit-ready. With a team of experienced professionals, we help you stay compliant, organised, and stress-free with flawless auditing service in Kolkata.

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Income Tax Consultant Income Tax Returns Tax Consultants Tax Services

Why Should You Hire An Accountant For A Tax Audit?

Tax Audit Services in Kolkata
Tax Audit Services in Kolkata

Tax audit is one of the most essential elements of your firm. Majority of the taxpayers need to undergo the process of auditing. Undoubtedly, it determines the amount of tax your firm incurred in a particular financial year. To achieve what you need, you should hire an accountant. Once you hire an accountant, you will get to know the financial position of your firm. Consult a tax auditor in Kolkata who gives you the appropriate solutions for taxation.

Reasons to hire accountants for a tax audit

Skills for handling tax audit

Various tax issues are present in the business that cannot be overlooked. Payroll tax fraud is a prevalent issue in the business. As an owner, if you are charged with this, you will be held accountable. Hire the accountants as they’ll present you with a list of everything. Here, you will learn how much tax is due and how much you need to pay. Before you’re held accountable for fraudsters, hire an accountant immediately.

Stop violating laws

Businesses often become confused about sales tax laws. This is the only reason why they are unable to determine what they’ll pay. Companies often tamper with the technology and dodge the taxes that they’re supposed to pay. In this case, the accountant employs techniques that ensure compliance with the laws. They assess everything in detail and contact the higher authority to remind you about tax payment.

Documents required during auditing

Certainly, you may get confused about the documents required during the auditing process. When paying taxes, it is essential to be prepared with the necessary documents. Undoubtedly, accountants are aware of them, and as a result, you are not negatively impacted by the tax auditing process. They will keep the detailed records of your financial transactions. Once the document is finalised, you’ll get to know the amount of tax you need to pay.

Resolving offshore problem

The Internal Revenue Service is interested in offshore accounts. Before you receive auditing information, please note that a program like Streamlined Foreign Disclosure is no longer valid. Consult with the accountants, as they’ll inform you about the requirements for offshore account disclosure related to foreign investments. If there is a requirement, they can file the paperwork properly. Ultimately, they can resolve the offshore problems.

Solve everything without any hassle

You may be stressed about the tax deals. Therefore, the accountant will consult with the Internal Revenue Service and provide details about taxation. This is how you’ll know the amount you have to pay. You may not speak directly to the Internal Revenue Service. However, there is a stipulated amount of time during which they will offer you this. Within that period, you need to complete the payment.

For tax auditing services in Kolkata, you can consult SM Gupta & Co. We’re here to provide solutions for taxation problems. Hire our accountants and they can ease the process. Hence, visit our website and book an appointment as soon as possible. There’s nothing to worry about when our accountants are here to give the right solution.

 

 

 

 

 

 

 

 

 

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Blog

Everything You Should Know about the Goods and Services Tax in India

GST Consultants in Kolkata

One of the largest changes in indirect taxation is the Goods and Services Tax (GST) in India. It revolves around the idea of destination-based consumer taxation and became applicable across all of India on July 1, 2017.

GST History in India

In order to establish a uniform tax system throughout the nation, the Indian government established the Goods and Services Tax Council or the GST Council. The Union Finance Minister, the Minister of State for Revenue and the State Finance Ministers make up the GST Council. This council makes decisions regarding the GST rate, exemptions, thresholds, subsuming taxes and other issues.

 

In India, the following taxes are merged under the GST:

  • Combined Excise Tax
  • Excise duties (Medicinal and Toilet Preparations)
  • Additional Customs obligations (CVD)
  • Customs’ Special Additional Duty (SAD)
  • State Real Property gains Tax and Service Tax (VAT)
  • Tax on Central Sales (CST)
  • Taxes on entry, purchases and luxury
  • Lottery, betting and gambling-related taxes

 

The Organisation of the Indian GST

It is crucial to remember that the GST must benefit both the state and the centre in the Indian context. With this objective in mind, the GSTC developed a dual GST method that gave the centre and the states the authority to charge the tax simultaneously.

 

As a result, the following elements make up the current GST structure:

 

  1. Central GST (CGST)

The Central Indian government imposes CGST on the shipment of goods and services inside individual states. The price paid or payable for the specified supply of goods or services is referred to as the transaction value.

 

  1. State GST (SGST)

The term “SGST” refers to the GST that certain State governments apply on trade, services, and commerce conducted entirely within the State (State-GST). As the transaction took place within the state, the State government here is compensated through SGST.

  1. GST for Union Territory (UGST)

Instead of the State government, the Central government collects the GST in Union territories like Chandigarh, and this tax is known as UGST.

 

  1. Integrated GST (IGST)

The central government would charge IGST on all interstate sales of goods and services. On all interstate exchanges of taxable goods and services, the centre would impose IGST (CGST plus SGST). 

 

SM Gupta & Co. provides GST Consultants in Kolkata. Here, you can get highly skilled GST Consultants who will help you to understand things better. To know more about us, get in touch. 

 

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Look Out for These Important Skills in a Consultant for Start-up

Consultants for Startup Companies Kolkata

A start-up consultant is important in providing professional and financial advice to businesses. It is an important task that is filled with many responsibilities and challenges. The key role of a consultant is to guide a business to the right path to achieve potential growth and overall success.

Why Do You Require a Consultant?

When you plan to start a new business venture, you must not ignore the requirement of a consultant. You may find numerous consultants for start-up companies in Kolkata. However, your task is to scan among the available options. You must look at the vital skills of the consultant to ensure their professional experience and how it can help your business as a whole.

Vital Skills of a Consultant for Startup Companies:

Read this blog to learn about the important skills and abilities that a start-up consultant should possess.

  • Flexibility: The consultant should be well-prepared to handle any situation. They should be well aware of the changes in the requirements and expectations. Several issues may also affect an active project. A consultant should have the finesse and composure to resolve these issues with care.
  • Analytical Skills: Businesses thrive on accurate projections and analyses. So, a start-up needs to look for a professional consultant with proper analytical skills. They should be comfortable handling a large amount of data and keep an eye on the trends and requirements of their client’s industry. Some important analytical skills of a start-up consultant include pattern identification, quick calculations and logical deductions.
  • Creative Thinking: A consultant is not a person who is only filled with jargon and dry numbers. They should have a creative approach to problem-solving abilities. They should possess a fresh thinking pattern that can provide a satisfactory solution to various business crises. A consultant with a creative thinking pattern can get noticed easily and have a high demand around many businesses.
  • Communication Skills: This is a vital soft skill that has immense importance in any field. However, it is an important requirement for a start-up consultant as well. They should possess good verbal and written communication skills and address all shareholders effectively.

When you spot all these vital skills in a start-up consultant, you can remain assured that they will add value to your venture. For quality assistance, you can consult someone like SM Gupta & Co Chartered Accountants. We have highly qualified consultants for start-up companies in Kolkata. For more details, you can visit our website today.

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Different Types of Internal Audits that You Should Know About

auditor in Kolkata

All organisations have to undergo some sort of audit. This is an important requirement that covers all the financial and non-financial aspects of the company. The audit is an important process to exert constructive improvement.

Why are Audits Important?

You can find different types of financial audits. Internal audits hold an important position among these. This audit is an important requirement for all kinds of industries. It plays an important role in monitoring the advisory service and financial activities.

Kind of Internal Audits Performed by the Auditors:

By taking other resources, Internal audit becomes a decision-making tool for the management. Here, you can get more information about the types of internal audits. These are undertaken by the top auditors in Kolkata.

  • Operational Audits:

    In this audit, the auditor analyses the available resources in the institution. Then, they evaluate whether these resources are utilised in an effective way. This helps to determine if the business is being able to reach its goals. This audit may include the elements of compliance audit and financial audit.

  • Construction Audits:

    The construction audit works with a clear focus on the major capital projects in the system. It ensures whether these activities are functioning properly or not. An element of a construction audit includes the company’s validation of the compliance terms.

  • Integrated Audits:

    As the name suggests, the integrated audit combines financial and control audits of a particular organisation. It can be useful in assessing the efficiency of coordination between the information systems. It can track the subsequent business activities.

If you are looking for internal audit services from trustworthy auditors in Kolkata, you can contact SM Gupta & Co. Chartered Accountants. We are a well-known auditing firm in the city. Our team can perform all kinds of financial audits for your business. For more details, you can visit our website today.

 

 

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Tax Consultants Blog

How Does A Chartered Accountant Add Value To A Business?

CA in Kolkata

An expert business accounting and tax proficiency should be employed during the arranging phases of another investment or business venture. Moreover, there are umpteen reasons to accept this is a demonstrated reality.

  • Setting up the Right Blueprint- Professional chartered accountant can assist you with getting the outline of your field-tested strategies right. So regardless of whether you have had a broad encounter and information in sending off more modest organisations or undertakings, charge CA have a vastly improved handle of all chime monetary – and can fix records or plans that look great presently. However, it can cost you a fortune over the long haul!
  • Monetary Predictions and Result Estimation- The business turnover and groundwork for the monetary expectations isn’t something that each entrepreneur or business visionary is smooth with. The greater part of the chiefs and financial backers are more bustling investigating business extension and promoting systems instead of such negligible subjects (as indicated by them!). An expert tax accountant can save such hardness and guarantee that business accounting and record-keeping combine into a stable monetary expectation for the following quarter or year – alongside the assessed monetary outcomes and cross-checking for something similar.
  • Expense Forms and Savings- Filing your expense forms as an individual may not be troublesome. However, doing likewise in the interest of your SME or undertaking might appear more confusing than you might have considered conceivable to deal with. A contracted accountant is deft at handling such issues and guarantees you save the ideal sum while recording your expense. The last option is the main justification for why you want a London bookkeeper to investigate the assessment forms – for, on the off chance that you are not sufficiently cautious, you could wind up spending a fortune where a fistful of dollars was required!
  • Financial Plan Assessment- Setting your organisation’s financial plan for the ongoing year or the next quarter is one of the major moves toward maintaining an effective business. Miss the point entirely, and you could have obligations to pay off toward the finish of the quarter. A contracted duty accountant is very significant worth here – as they design the entire financial plan and guarantee that there are no overabundance or shortfall diagrams that slice into the entire picture.

SM Gupta is a renowned CA in Kolkata. If you want to grow your business, you can contact us today.

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Blog Income Tax Returns Uncategorized

Few Beneficial Steps to Follow to Choose a Right Startup Consultant

Consultants for Startup Companies Kolkata

In the current times, start-up companies have become an important contributor to the Indian economy. The start-ups have stratified the realms of service and improved the facility in a big way. Now, it is the dream of millions of youths across the country to open a start-up company someday.

Importance of Professionals:

One must take cognisance of many financial decisions before opening a start-up company. The financial aspects of the start-up should be analysed by a financial professional. For better assistance, the founders look for reputable consultants for start-up companies in Kolkata.

How to Find the Right Start-up Consultant?

Selecting a good financial consultant for a start-up can be a challenging task. One can make the process easier by following the tips mentioned in this blog.

  • Take Help from Existing Network:

    Networking can play a major role in finding the right start-up consultant. One should ask for recommendations from colleagues, business partners, friends and family members. It will help them to get to several consultants. All they have to do is to sort them and choose the right match.

  • Explore the Market:

    The financial market is highly stratified, and professionals for various industries. A start-up owner should explore this market of their own to find a consultant that matches their requirement. This is a highly beneficial step that can help one to get a professional without extending their existing budget.

  • Interview the Consultant:

    This is an important stage where one should ask several service-related questions to the professional. They should be able to answer about the processes and pathways to assist the start-up company positively. One should also learn about the method of work of the consultant. They should be focused more on devising the long-term goals rather than providing insights about the short-term effects.

  • Check the Track Record:

    The start-up needs guidance from an expert professional who has impeccable success in financial consulting services. So, a start-up owner should check the current track record of the consultant before hiring them. A helpful tip would be to ask for their portfolio. This will show the number of companies that have been benefitted from the consultant’s services.

These are some steps that a start-up owner may follow to find the right professional for consultancy. One can contact a highly reputable firm like SM Gupta & Co. for better assistance. We have a team of qualified consultants for start-up companies in Kolkata. They can help with various financial insights and services. One can visit our website to know more.

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