The Indian Taxation system is a well organized yet broad system. Understanding all the finer nuances of the various taxes levied at different stages can be a little daunting for a layman. That is why hiring a well qualified chartered accountant firm to plan your taxes and manage your finances can be a real time saver and the most efficient way to manage your wealth. The Indian taxation system comprises of a three-tiered arrangement. Different kinds of taxes are levied by the central government, state governments and the local bodies of the rural or urban sectors. This multitude of taxes and the different levels of governance levying them make Indian Taxation a long process that’s time consuming.
Major Constituent Parts of Indian Taxation
It is mandatory for every individual, organization as well as private business to pay their taxes and file income tax returns every year. The various kinds of taxes levied by the central government are Income Tax, Customs and Excise duties, Service Tax and Sales Tax. In addition, the state government also levies taxes such as sales tax, land revenue, stamp duty and entertainment tax etc. There are other taxes such as tax on property and utilities such as water supply and sewage etc. which are usually levied by local bodies.
Let Professionals Handle Your Indian Taxation Worries
As you can see, these are just way too many taxes to understand and account for. If you own a company or private business, you probably have enough work on your hands already and cannot spend a lot of time planning your finances and calculating all the taxes of the Indian taxation system. This is where your chartered accountants come in to help you. Chartered accountants are professionals who help you plan your taxes and pay them on time. They also help you file your income tax return and manage the deductions and exemptions on your investments and tax saving policies.
Chartered accountants undergo a rigorous training process during which they study the detailed nuances of commerce and accounting. They are constantly aware of the changing tax laws and policies. They can help you procure the various forms necessary such as the income tax return form. Chartered accountants help you throughout the lengthy process of Indian taxation that includes company auditing, assurance, accounting, tax planning and management and preparing and filing the income tax returns. Calculating your total income for the assessment year and deducing the net taxable income from that is also done effectively by these professionals.
There are a number of different investments and savings you can make that are exempted from taxation. The charted accountants can help you with these investments so you can have more savings on your income. So as you can see, having a professional group of chartered accountants plan your taxes can help you effectively tackle the Indian Taxation system.
For your year-end tax planning and preparation you need the services of the best chartered accountants to help you with Indian Taxation. Please visit Website.
