Tax Accounting Services by Leading Tax Accounting Firm

Today's business coupled with tax environment is becoming increasingly complex, there are more and more demands for tax departments, transparency and they are under pressure to be more effective and highly qualified professionals can be hard to obtain.

If you want to respond to these demands, there are chartered accounting firms in Chennai or other cities in the country who provide assistance in three main areas. 

Tax accounting: it supports quarterly and annual tax provision calculations, helps validate tax balance sheet accounts and implements new accounting standards under the IFRS and/or local GAAP

Tax function performance: it helps improve operating strategy and organization design, tax process and controls, along with data and systems effectiveness.

Tax risk: helping in identifying and prioritizing key risks also assisting with controls monitoring and remediation. 

The scope and nature of the services differ as it depends on whether one is an auditor non-audit client. What's comes into the forefront and should act as a ready reckoner is a high-quality service the professionals provide to help address the unique needs, spanning the entire tax life cycle of compliance, planning, provision,  and working with the tax authorities.

Tax accounting services depend on a number of things, such as talented people, consistent global methodologies and other things such as tools and unwavering commitment to quality service. All this will enable you in building strong compliance and reporting foundations, sustainable organizational strategies, also effective risk management protocols, helping your business realize its full potential.

Tax accounting firm such as chartered accountant in Chennai helps clients address the following services, 

• ·         deferred tax validation projects
• ·         remediation and restatement assistance
• ·         tax basis balance sheet support
• ·         issue-specific tax accounting consulting
• ·         financial statement carveout support
• ·         business combinations
• ·         uncertain tax position (FIN 48) consulting
• ·          including valuation allowance assessments
• ·          intraperiod allocations
• ·          accounting for stock-based compensation.

Best Business Growing Ideas from Accounting Firms Based on GST India

The accounting firms who are specialized in taxation can earn a fair amount of money due to the implementation of GST in India if they follow certainly services. 

Software Making Services (Application Service Providers)

ASPs or application service providers can develop an end-to-end solution for consultants, corporates, and taxpayers. Through ASP, all the taxpayers, companies, users, business units can file their taxes or returns. Not only filing taxes, but it can also help in GST Registration, Challan and all the other activities related to GST compliance. It also helps in the sale or purchase of goods and services and GST filing. Third- party- software services as this one will charge an adequate amount of money from the users or taxpayers. Users have to procure the necessary information and taxes that are automatically paid to the Government. It saves time and gives a big fillip to digitalization.

GST Consulting Services

 Before the implementation of GST Indian companies were paying a humongous amount of money to international accounting firms such as Price water house Coopers, Deloitte, KPMG LLP, and so on. Thanks to the introduction of GST, the consulting services has gone through a major boost. Closer home, accounting firms in Chennai and other parts of the country are also spreading knowledge about the same, doling about important information. 

Publishing GST Guides or Books on E-commerce portal

Writing short books on different topics related to GST implementation can be one way of spreading awareness on the same. Tax experts, CA of the accounting firms can share the onus of making people more aware of GST. A few examples of these books are Benefits of GST, Different Tax Slab Rates of Goods or Services and so on. These books are a novel of keeping abreast with GST updates. 

Training Services partnering with the Government

Conducting training sessions, seminars, meetings, conferences across different states across the nation are one way of spreading knowledge on GST,  These training sessions are usually conducted by the tax experts, tax officials, CA of the accounting firms along with seeking approval of the government. This will help the common man, people, companies, business units, about the GST compliance in India. 

Saving Cost with Outsourcing

Outsourcing is one of the better options for the implementation of GST in India as It reduces cost. Under the paradigm of outsourcing, it will help Technical experts or group of people to solve problems and take on questions from users,( basically knowing all the things you ought to know about GST business units, companies, which are related to taxation, GST Registration,  GST implementation and so on. So, you see a big boost in efficiency level,  productivity levels and helps focus on the particular area and it is done internally.

Book Your Calendar for the Last Date for Filing GST Annual Return - December 31

Ever since the GST law has been implemented on 1st July 2017 and business owners have faced difficulties while filing GST returns.

GST has brought a huge transformation where all the indirect taxes were blended into one single law. At first, a few hiccups were expected. Going by all the problems that businesses were having to put up with, the government keep pushing the due dates further or keeps on 

So keeping in mind all the problems businesses were facing, the government keeps extending the due dates or keeps on holding onto some of the return filling (FORM GSTR-2 and 3).

The Finance Ministry on Tuesday conceptualized the format for filing annual Goods and Services Tax (GST) returns. Thankfully, this stops the uncertainty over filing the return and now assessees will have to hurry up and file the first GST annual return dueby December 31.

You’ll find that there are two sets of forms, one fit for normal assessees and other one is for composition scheme assessees (that is one with an annual turnover with more than ₹1 crore). In the aforementioned notification, the Government has changed things to make things simpler, unlike the draft which was way bulkier and complicated. It has also formed all-new formulae for calculating the turnover that is similar to the former regime. Tax officials had a feeling that the new forms are practical and concise. At the same time, this will also help in conducting business.

GST annual returns actually comprise two types of return one areperiodic and the other is annual returns. Periodic returns are based on the monthly or quarterly returns for reporting transactions at the time of month or quarter, while the annual return is primarily for reporting the summary of the periodic returns that is filed during a financial year. As the annual return is primarilythe last return of the year, it forms a very special significance.

Who are all the people who should file GSTR-9?

The answer is simple, all the registered taxable persons falling under the GST must file GSTR 9 even if they have not filed returns during the course of the year. However, there are people who are not required to file GSTR 9, they are the following, 

Non-resident taxable persons

Input service distributors

Casual Taxable Person

Persons who are paying TDS falling under the section 51 of GST Act.

Accounting Mistakes by Small Business Owners - Top 4 Points

Small business owners are faced by a number of challenges on a day to day basis. and it is their entrepreneurial strength that bails them through. Unfortunately, messing up on the accounting functions can lead you to the failure of a business.  So what are the top 5 accounting mistakes that small business owners tend to make?  and how can you avoid them? Find out here, 

1.       Not keeping a tab on receivables 

You need to stay on top of your receivables as it ensures a good cash flow is healthy and helps you to figure out where you stand financially each month. You can browse through software options available for freelancers to painlessly manage this part of their business. Freelancers should take help from cloud accounting tools that will allow you to send invoices and update payments from just about anywhere. Software like Fresh Books is one of the few examples, that helps send out late payment reminders and urges the clients to pay online.

2.       Not maintaining expense receipts 

Sometimes it is difficult to figure out the sudden charges slapped by banks. If you do not accurately report your expenses, you may end up paying costly penalties.

3.       Mixing personal/business finances 

When you start your own business, you should open a separate bank account where you deposit your income and from there you can pay your business account. Use a credit card will help use it for business purpose, only. Mixing your business will also make it harder to know how much money you are making so you may end up running up debt or losing track of project profit margins. 

4.       Not hiring a professional to handle taxes

Freelancers are sometimes tempted to handle taxes themselves but hiring professional benefits you in numerous ways. First, your accountant can comply with up-to-date tax laws and benefit from all the deductions you qualify for. 

Secondly, professionals such as tax consultants in Chennai or any other city can resolve discrepancies or confusions that come from guesswork ( such as incorrect tax categories, deductions) that may lead to an audit, saving the incidence of avoiding penalties.

It’s important that when you are unable to understand the nitty-gritty of a financial plan, you ask your accountant so they explain it all to you in simple language. If you continue to find this difficult to manage tricky get in touch with an accounting firm in Chennai or an accountant who is on the same wavelength and communicates in a way that works suits you best. There are now more free-lancer friendly accountants than ever was.