Importance of a tax consultant for your Business | Tax Academy

Have you thought of starting any business but are not able to take the initiative to start because you are not able to understand how to manage the business. If you are not able to face the difficulties and problems in business or are facing ITR or tax-related issues even before starting your business. So you can consult a tax advisor/ tax expert. A tax expert is a tax consultant who specializes in tax planning, tax law, and compliance. Tax advisors are on hand regarding changes in tax law. Therefore, those taxpayers. 

A tax consultant helps taxpayers prepare tax returns and work closely with them during the year to help reduce tax liability. A tax advisor is available to all, not just rich people. So before starting any business, you should know the importance of a Tax consultant for your business and must consult him once.

How to file income tax

Meaning of ITR- ITR i.e. ‘Income Tax Return’ is a form to be filled out to give the details of your previous financial year to the government. ITR means a legal document, in which a citizen gives complete details of his income to the government, from which sources he earned money, how much he invested, how much he saved, and how much tax he paid. ITR can be filled both offline and online. However, for taxpayers who need to fill in more data, offline mode is the only option. Actually, only 40 minutes are available to file ITR in one go. It is okay for common taxpayers to file ITR online.

Procedure to file ITR step by step

· First of all login to https://www.incometax.gov.in/iec/foportal. Here go to e-File>Income Tax Returns>File Income Tax Return.

· After that choose assessment year, filing type, and status.

· Click on Proceed.

· Select ITR and select the reason for filing it. If the payment is made by filling in the required information, then pay it.

· Submit the return by clicking on the preview.

· Click on proceed for verification.

· Click on Verification Mode.

· E-verify ITR by filling EVC/OTP. A signed copy of ITR-V sends CPC for verification.

After filing ITR, keep the necessary documents with you, and do not forget to verify. The most important thing is that taxpayers filing Income Tax Return (ITR) without digital signature i.e. without e-verification through electronic mode have to verify it within 120 days of ITR uploading, remember not to file ITR-V within 120 days. But the return can be declared as ‘not filled’ i.e. invalid.

Income tax consultants in a very short period of time

While starting a new business a tax as a consultant is very important. A tax advisor or tax specialist will help tell you what’s really going on in your bank books and how you need to manage your accounts and taxes. It is important to hire an experienced Income tax advisor who will advise you in the field of taxes and can take all your stress and advice on your finance. An inexperienced income tax consultant may give you the wrong advice which can lead to a legal dispute. Something that can have a negative impact not only on your business’s finances but also on your reputation.

Conclusion- if you are one of the businessmen who wants a One who wants to grow in his business or take it to the top of the heights, either you have started the business. But are not able to plan it or are unable to manage the business. So we can suggest you contact an income tax consultant in Delhi. An income tax company will provide you tax advisor who will suggest to you how you can manage your business and run it smoothly. With the help of an income tax advisor, your business will touch heights and help you to protect yourself from business losses.