One of the solution to the above query is finding the right professional for managing your accounts. One, who has complete knowledge about the changing tax scenarios and who can give a tailor made solution to your requirements. We have listed out a few tips, to find a good professional for handling your accounts :
- Different CAs specialize in different areas. So choose a CA who will satisfy your needs.
For instance, there are CAs who specialize in individual taxation, some for NRIs, some in service tax, some specifically in procedural matters and others who blend taxation and investment advice and so on.
- Choose early
It is important to choose an accountant early on in your career and build a relationship with him. There are a number of advantages to that.
- More than just tax returns
Ask your CA what services he will provide you. Ideally a CA prepares your tax returns, files the same, pays taxes on your behalf and maintains all records.
However, a CA who also provides advisory services, such as how to save taxes and how to make the best investments, will be a bonus.Most of the time, your tax needs and investment needs are interconnected. Hence, a multi-faceted CA will help rather than having many consultants for different needs.
- Provides Business Plan
A brilliant business plan supported with a cost-effective tax plan will provide a platform to a company on which a business can be started and it can be ensured that there is no unexpected cost around the corner.
Conclusion:
Professional CA firms can also help you deal with the complicated tax compliances, which may lead to huge penalties if ignored. Also, they represent your case in front of the tax officers and tribunals on your behalf. They can also inform you about anything that you need to know about such paperwork and documentation. Moreover, they assist you in various other business aspects like getting Digital signature, guide you while external audit of your company, raising a red flag before any discrepancy caught by the auditor or tax officer, Subsidies and penalties issued by the Government, etc.
In nutshell, a CA can lead to the growth of your business, consulting him should be inevitable for the long term benefit of you company.
Note : Amount quoted in the image is for representation purpose only.