Tax Audit Services 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.

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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