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Category: Taxation Course in Ahmedabad

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How To Become A Tax Expert

Every person who dreams to earn millions faces taxes, companies plan elaborately to handle…

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Every person who dreams to earn millions faces taxes, companies plan elaborately to handle taxes, a common person goes through millions of web pages to understand taxes, but even after all of this, Tax is an elusive topic. For some taxes are a necessary evil for others a sign of equal treatment, but what is important is understanding taxes. These are the reasons why being a tax expert is so sought after.

Having the skills to understand an elusive topic like taxes, can take you to higher places in life. From small businesses to large MNCs, everybody is filing taxes. As a tax expert, your role will be to hold your client’s hands and teach them to maneuver the “tax world”.

You will also play a middle man role between tax authorities and your client when they prepare their tax papers. Being proficient in the tax laws of your country is essential to succeeding in this role. You will be studying lots of calculations, various rules and regulations, and the various schemes the country offers to taxpayers. Your primary task will be to measure taxes, inform your client of rules and regulations and coordinate with tax authorities.

Like any other profession, becoming a tax expert is not the result of reading a few blogs, but a quest for understanding. You will have to pursue professional courses from a recognized University along with nurturing a few key skills that we shall discuss later.

Courses To Swear By!

Ideally after your higher secondary your quest to become a tax expert starts. You will have to complete your undergraduate first and then pursue a post-graduation in taxation. There is a second path too that can be pursued after graduation. Let us have a closer look at what you should be doing;

  • Under Graduation
    Once you have completed your higher secondary, look for undergraduate programs related to taxation. Finding a bachelor’s course that offers specialization in taxation might be difficult. You can go for other related fields that you will need to become a successful tax expert, like taxation courses in Ahmedabad.

    Pursuing your bachelor’s from a reputed institute is also preferable. Choose carefully the institute to pursue a bachelor’s degree, as it will be the base to you becoming a good tax expert. Exposure and quality are the important factors while choosing an institute and not an advertisement.
  • Post Graduation
    The ideal choice after graduation is to pursue post-graduation. In this step, you set yourself for success as a tax expert. Your post-graduation should be in taxation. It will give you all the information you need on how the tax world functions. Keep in mind to get as much exposure to the real-world scenario as possible. An internship under a tax expert will set you up perfectly for your tax expert journey. Again, a reputed institute is advisable, but exposure and quality of education are key factors.
  • Chartered Accountant
    If you want to become a tax expert. Chartered accountancy course is most preferable course in India. The course includes in-depth knowledge of direct as well as indirect taxation. The course offers you to become expert in the field of taxation.

    There is also compulsory internship requirement.  You have to undergo with 3 yeas training under qualified chartered accountant so that you will get the practical exposure to the taxation and accounting. If you are not getting the work related to taxation in the internship you can also prefer to join taxation course in Ahmedabad.

Additional Skills To Add On!

So you have the required qualifications, but without skills, you will not be able to find employers. Let us see some essential skills that a tax expert must possess to become successful.

  1. Leadership
    As a tax expert, you will be in charge of the entire taxes of a huge MNC or a billionaire client. You must have the leadership skills to maneuver challenges and issues that your clients face during their filing of taxes. You might also be required to lead other departments and guide them through the process of tax filings. Thus, a tax expert who can lead from the front and find solutions to problems is bound to succeed.
  2. Up to Date
    The Legislature is always alive coming up with new tax regimes to better fit the society. A tax expert must have the skills to keep up to date with all these changes. A habit of reading newspapers, participating in discussions, seminars, etc. are a few ways to develop these skills. The client is only as aware as the tax expert handling them. Being up to date is crucial for a tax expert to make sure their clients can steer clear of fines and sanctions.
  3. Technical expertise and exposure
    As a tax expert, if you have early exposure to the tax world you will benefit a lot. An internship or a project that you were a part of during your education can help build the expertise needed to succeed. The world of taxes can get complicated with different sectors of the market subject to variable tax regulations. Technical proficiency is a must to understand and find out faulty metrics and partially informed tax filings. Having said that, there are many elite coaching institutes that provide taxation training in Ahmedabad that you could benefit from. Consider checking them out. 

Conclusion

Taxes are a tool deployed by the government to support the development of the country. As a tax expert, you have to make sure that your client pays their taxes without any hassle. You will essentially be the bridge between the government and the client. People might say that taxes are unnecessary, but you must know better. You will also have to be clear and educative with clients and help them better understand the tax regime. A tax expert must be abreast of all the changes in the tax regimes. They must also have the proficiency to deal with mishaps and the composure to work with teams. At the end of the day, a tax expert has to be the one who can see right through the elusiveness of the “Tax World”

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Knowledge Of Insurance For Tax Professionals

Varsha who works at a media office in Ahmedabad met with an accident on…

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Varsha who works at a media office in Ahmedabad met with an accident on her way to work. She was rushed to the hospital where she was treated for four days before being discharged. The hospital bill amounted to about Rs.60,000.

Fortunately, she had a health insurance cover of Rs.3,00,000. The hospitalization and treatment charges were taken care of by the insurer. Had there been no insurance coverage, she would have had to pay the entire amount out of her own pocket.

Insurance is your cushion against unexpected financial losses or damages. An insurance policy is what Varsha signed with the insurance company which was a legal statement of her agreement with the company, which agreed to cover costs in case of a damage, in exchange for a periodic premium paid by her.

Here, the company is the ‘insurer’ while Varsha is the ‘policyholder’ as well as the ‘insured’. A policyholder is not always the same as the ‘insured’. Such cases will be explained further in this read.

Insurance is not only procured by individuals but also by businesses to insure against specific types of risks. Premium, Deductible and the Policy Limit are three essential components of an insurance policy. A good understanding of what all an insurance policy entails can be gathered by enrolling in the taxation course in Ahmedabad.

Components Of An Insurance Policy

  • Premium – A premium is a regular payment – annual, semi-annual or monthly —made by the policyholder to the insurance company for purchasing a policy. The amount of the premium depends on factors like the type of coverage (business-specific, medical insurance, home insurance etc.), the amount of total coverage, an individual’s insurance history (to determine risk factors), as well as competition in the insurance industry. Higher the risk factors, more the amount of premium you have to pay.
  • Deductible – It is the amount that a policyholder has to pay on her own while the insurer pays a claim. Deductibles are meant to work as disincentives against minor or insignificant claims. The policyholder usually has the choice to decide their deductible. As a general rule, higher the deductible, lower is the premium and vice versa. 
    Policy Limit – It is the maximum amount the insurance company will pay for a covered claim. These maximum amounts can be determined per-damage, per-time-period or over a policy’s lifetime. Higher policy limits have higher premiums.

Policy limits can vary within a policy according to various aspects of the damage. To delve into understanding these, one may consider taking the tax practitioner course in Ahmedabad.

Types Of Insurance Policies

Life Insurance or Term Plan

It is particularly an essential coverage in cases where the beneficiaries are heavily dependent on the insured person. Life insurance policies promise to compensate the beneficiaries of the insured person, in case they expire during the policy term, or after a set period. The payment made for life insurance is deductible under section 80C of Income Tax Act,1961. To know details about how much you can save as tax you can learn by taxation course in Ahmedabad.

Health Insurance 

For medical emergencies, health insurance covers the costs of treatment, hospitalization and medication. Health insurance plans in India also come with tax benefits on premiums as mentioned in section 80D of Income Tax Act, 1961. Types of Health insurance plans include 

  • Individual plans
  • Family plans
  • Senior Citizen plans
  • Critical Illness plans
  • Maternity plans
  • Group plans
  • Unit Linked health plans
  • Coronavirus plans

Employees these days are mostly covered under Group insurance plans by employers, who pay the premium instead of the employees.The same is allowable expense for the company. Though the amount is usually not great, yet it is advisable to be covered under such plans since some benefits still count against zero-premium paid.

Vehicle Insurance 

It ensures monetary compensation in case of any accidents that may have led to the damage of the motor vehicle. A four-wheeler insurance policy is mandatory in India as per the Motor Vehicle Act 1988.

Vehicle insurance includes all expenses in case of death and damage suffered due to collisions or natural calamities, hospitalization expenses in the event of an accident, legal/financial damages due to third party liability, as well as rider benefits like roadside assistance. Major types of car insurance plans available in India are –

  • Comprehensive car insurance: Insures car damages and third-party liability cover 
  • Third-Party car insurance: Only third-party legal liability cover
  • Pay as you drive insurance: Insurance premiums are decided by the kilometres driven (suitable for people who own more than one car, and each of the vehicles is not used very frequently)

The taxation training in Ahmedabad is a good option to consider if one wants to learn about new policy developments like the ‘Pay as you drive insurance’, that are created as a response to changing lifestyles and newer needs.

Education Insurance 

Securing their child’s future is the biggest concern of a parent. Education insurance policies aid in the same by providing an amount of education cost when the child is ready to indulge in higher education; 18 years of age and above. This is the kind of policy where the ‘policyholder’ is not the same as the ‘insured’. Here, the parent/guardian is the policyholder while the child is the insured. 

Home Insurance 

It covers all expenses in case of damages incurred to a house due to any sort of physical damage caused either due to human-caused accidents or natural calamities. Home insurance covers not only the building or structure but also the contents of the house and any other detached structures that may be a part of it. Home insurances are aimed at providing indemnities for a variety of damages and include- 

  • Fire and Special perils
  • Public Liability cover
  • Building structure insurance
  • Burglary or Theft
  • Personal accident
  • Contents insurance
  • Landlord insurance
  • Tenant insurance

Professional Liability Insurance 

It ensures professionals like lawyers, trainers, tax preparers, accountants, doctors, beauticians and so on, against claims of damage made by clients. It indemnifies professional liability for the policy period only. The cover is provided mainly on a claims-made basis.

The aspect of a retroactive date is also available in the case of Professional Liability Insurance, which means that damages caused before the beginning of the policy period, which is being claimed during the policy period, are also covered.

Knowledge about insurance and its acute parts and mechanisms can be expanded by enrolling in the best tax course provider in Ahmedabad. A deeper understanding will help one to better analyze and choose the perfect insurance needed for a specific case and time. Knowledge so gathered will assist in making wiser decisions when choosing financial safety nets for oneself or clients.  

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All About PAN And TAN For Bcom Students

To collect and manage tax from various incomes, the Income-tax department issues various unique…

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To collect and manage tax from various incomes, the Income-tax department issues various unique identification numbers. While PAN (Permanent account number) is a 10 digit identity number allotted to taxpayers, TAN  is a 10 digit number allocated to Tax deductors.

PAN: Permanent Account Number
PAN is an identification number that is mandated by the Income Tax Department for any individual who carries out financial transactions or pays the income tax.

PAN Card For Students
A PAN card is issued by the NSDL and UTI on behalf of the government, to all the individuals. It is generally adults over the age of 18 who apply for a PAN card. However, a student can also apply for a PAN card.

The government of India has made it mandatory for all the individuals who has taxable income to possess a PAN card, including a PAN card for students as well. Since PAN card is an official document for identity proof in India, it should be used by all income earning individuals and non-individuals.  For students, a PAN card can act as an alternate identity for a school ID card.

Benefits Of Having A PAN Card
A PAN card comes into a student’s life with numerous benefits, keeping all the prospects in mind. Students should apply for a PAN card as early as possible since  it comes with numerous perks like:

  • Proof Of Identity: It will serve as one of the major sources of identification proofs in both governments as well as private institutions. It is one of the Indian documents that is accepted universally. Any student who wishes to go abroad for further studies should apply for a PAN card making the entire journey hassle-free.
  • Applying For Student Loans: A PAN is a must for getting loans from the bank. If a student going through a crisis, wishes to apply for a bank loan for further studies, they should apply for a PAN card first.
  • Life-Long Validity: Once applied, the PAN card doesn’t require any further replacements. This document will link all your lifelong financial transactions through one single identity card.
  • IT Returns Filing: Let’s admit, all of us have to start paying taxes one day, all individuals who are eligible for IT are expected to file for their IT returns. A PAN card is necessary for filing IT returns, hence it would be advisable to get familiar will the IT culture beforehand and be well equipped rather than applying for a PAN card at the heat of the moment.
  • Starting A Business: If you are a young budding entrepreneur who is fascinated by the start-up culture in India, you have to know that to start a company it is mandatory to have a PAN Registered on its name. The earlier you start to learn about taxes and banking, the more beneficial it is, here is the link of a verified tax practitioner course in Ahmedabad that will give you a better perspective about taxes and transactions.

Linking Of PAN With Aadhar
Being a responsible citizen one should link their PAN card with their Aadhaar to help our nation avoid the problem of issuing numerous PAN cards under a single name. Government has mandated to have aadhar card and linking of the same with PAN. No New PAN can be issued without Aadhar card. Even issued PAN has to be linked with Addhar, Your PAN will be cancelled if it will be not linked to Addhar in near future.

How Can One Apply For A PAN Card?

PAN card is issued by the IT Department of India under the supervision of the Central Board of Direct Tax. There are different steps to apply for a PAN card online and offline.

  • For the online process of PAN Card UTIITSL, NSDL is the most authentic platforms for students to apply.
  • If an applicant is from India they should pay Rs.110 as the application fee.
  • A 49A form has to be filled for both online or offline proceeding of the application.
  • One has to carry 2 latest passport size photographs, and a copy of Aadhar Card required as address and identity proofs. If Aadhar card don’t have date of birth then birth proof is required to be attached.
  • TAN: Tax Deduction And Collection Account Number: While filing for Tax deducted at source (TDS) or Tax Collected at Source (TCS), quoting TAN is a prerequisite. As a 10- digit alphanumeric identifier for individuals or entities that deduct or collect tax at source, TAN helps streamlining or collection of tax at source.

Do Students Need TAN?
As TAN Furnishes details about Tax deducted at source and is used for Filing TDS return it is not required by students as they are not. Tax Deductor or TDS return filer.

However, students should have a brief idea about Taxes as it is not taught in educational institutions and can be quite a tedious task once they start adulting. Understanding taxes can be quite arduous at times, here is a link to one of the best tax courses in Ahmedabad that will help you learn better.

Is PAN Compulsory For A TAN Application?
The Central Board of Direct taxes is considering making PAN mandatory as a requirement for allotting  Tax Deduction Account Numbers (TAN) to companies that deduct tax at source.

Can PAN Replace TAN?
PAN should never be quoted in the field where TAN is required to be quoted. However, a person required to deduct tax under section 194-1A can use PAN in place of TAN as such a person is not required to obtain Tan.

Procedure To Apply For TAN
Just like PAN a person has the choice to apply for TAN either through online or offline methods.

  • One has to fill a TAN Application form 49B to avail a new Tax Deduction and Collection Number.
  • While applying for TAN the applicants are not required to submit any documents, they only have to submit an acknowledgment slip if they apply for a new TAN.

As we grow older Taxes become an essential part of our life, PAN card will become a core part of our identity, due to their lack of knowledge a lot of people get cheated in the beginning process of their tax filings. Here is a link to a taxation training course in Ahmedabad, that will save you on a rainy day.

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Professional Etiquettes For Tax Professionals

How you conduct yourself speaks volumes about you. The way you act and communicate…

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How you conduct yourself speaks volumes about you. The way you act and communicate with people around you becomes your hallmark, especially in professional settings. 

In a professional setting, you would come across a lot of people, including your seniors, your subordinates and your clientele. To leave a positive impression on them and to earn their trust and respect, you must abide by some unwritten codes of conduct. Simply put, professional etiquettes are what define you in a professional setting. 

Tax professionals to need to abide by a set of professional etiquettes, to succeed. You can consider taking the course on taxation training in Ahmedabad if you want expert advice on this matter.

Why Tax Professionals Must Act According To Professional Etiquettes
If you are an aspiring tax professional, you must understand a simple fact. While dealing with your clientele, you must win them over with your manners. Your courteous demeanour will help you forge good relationships with your clients.

Even your chances of being recommended to other potential clients would improve to a great extent. If you opt for a tax practitioner course in Ahmedabad, you will surely receive proper guidance about professional etiquettes that you must observe.

Etiquettes Which All Tax Professionals Must be Mindful of
Now that you know why tax professionals must be mindful of professional etiquettes, you must know what codes of conduct you must abide by. Let’s take a look at how you must conduct yourself while dealing with your clients, under different circumstances:

1. When You Are Having A Face-to-Face Interaction In Real Life

While having a face-to-face interaction with your clients in real life, you must act according to the following etiquettes:

  • Be polite and amiable when greeting them. 
  • Stand up when you are welcoming them. When you are introducing yourself to them or are being introduced, you must stand up.
  • Try not to avoid eye contact with your client when talking to them or negotiating with them. Staring at them for several minutes might indeed make them feel uncomfortable. But a complete avoidance of eye contact is not acceptable either. 
  • A little small talk can help your clients feel at ease with you. However, avoid asking them overly personal questions. For instance, you may enquire after their health but you must refrain from asking them about their relationship status.
  • Listen to your clients attentively. 
  • Your dress code forms a part of your professional etiquette. So, dress formally and professionally.
  • Be confident when discussing matters with your clients or filing tax returns. If you speak with an air of confidence, it will leave a lasting impression on the minds of your clients.

2. When You Are Having A Virtual Face-to-Face Interaction

Owing to the COVID-19 pandemic raging all over the world, face-to-face communication with clients had to be shifted to the digital and virtual platforms. 

So, when you are interacting with your clientele on Google Meet or Zoom, you must be mindful of a few more points in addition to the professional etiquettes as discussed above. The additional etiquettes or rather, netiquettes have been discussed in the following section:

  • It’s important to minimize distractions and noises in the background when you are having an online meeting with your clients. Choose a relatively noise-free area when you are attending the meeting. 
  • Make sure that you have a stable internet connection. You must make sure to ask your clients politely, about their internet connection as well. In case any problem arises in connection to this issue, you must apologize to your client and talk to them about making an alternative arrangement.
  • While listening to your client, you must mute yourself.
  • Even if you are having an online meeting, it’s important to abide by a formal dress code. If you appear presentable and professional, it will leave a good impression on the minds of your clients.

3. When You Are Talking To Clients Over Phone

Sometimes, you might have to connect with your clients over the phone. You must uphold your professionalism in this regard as well. Following are the professional etiquettes which you must keep in mind in this regard:

  • Refrain from calling your clients at ungodly hours, unless there is an exigency. Calling them after normal working hours, on weekends or national holidays may be perceived as unprofessional.
  • Once they receive your call, politely ask them if they can talk to you at that particular point of time. If they are unable to talk to you at that juncture, you may call them later as per their convenience.
  • Be direct and straightforward while discussing matters over a phone call. It’s always advisable to keep it short and sweet.
  • Try minimizing distractions and background noises too.

4. When You Need To Send E-mails To Your Clients

You must remember to act professionally while sending e-mails to your clients and responding to their queries. So, without further ado, let’s look at the professional etiquettes that you should observe when it comes to e-mail:

  • Always use salutations and proper greetings.
  • Avoid making grammatical errors, syntactical errors and other minor mistakes. It’s important to thoroughly proofread the emails which you would send to your clients.
  • Write concisely and crisply. 

All the points discussed in this section must be remembered by every budding tax professional and they might reap a lot of benefits if they take up a taxation course. A tax practitioner course in Ahmedabad might help them immensely.

Takeaways

All tax professionals in the making must be mindful of the fact that if somebody wants to be respected, they must respect others first. If you act by the codes of conduct, a lot of opportunities might come along your way. 

As Clarence Thomas puts it: “Good manners will open doors that the best education cannot.” That is why prospective tax professionals need to follow certain professional etiquettes. Do you want to discover more about it and gain some valuable first-hand experience concerning professionalism? In that case, you may consider taking up the best tax course in Ahmedabad without further delay.

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Importance Of Tax Compliance for Business

Individuals, entrepreneurs, and business enterprises need to abide by all the legislation surrounding the…

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Individuals, entrepreneurs, and business enterprises need to abide by all the legislation surrounding the amount of taxes to be paid by them. All of them must maintain a record of their income and revenues. For the sake of transparency, this data must be produced before the respective authorities within a stipulated period and taxes must be paid accordingly.

But, legislative measures surrounding rates of taxation, at the local, national and international levels, are ever-changing. Keeping a track of such measures is nothing less than Herculean labour because such changes occur quite swiftly. Things tend to become complicated especially for businesses that operate at the international level. Also, the need to maintain clarity and transparency about filing records of tax returns only complicates the matter.

Tax compliance, despite being a gruelling task, is of tremendous importance. Non-compliance to tax laws can result in dire consequences.

What Is Tax Compliance?

Several legislative and regulatory measures surrounding taxation and the rates of taxation are issued by the government and/or its officials and other authoritative bodies. From time to time, amendments and changes are made to these regulations. Such changes are made at the national and international levels.

All business ventures and even individuals must be aware of these rules and laws and even the amendments that are implemented from time to time. If they succeed in doing so, they can be regarded as “tax compliant”. In plain terms, tax compliance entails awareness and a thorough understanding of the legislation and amendments about the payment of taxes by individuals and/or by business enterprises.

The Implications Of Non-Compliant Behaviour About Taxation In The Context Of A Business

It has already been mentioned that non-compliance with taxation can have negative implications. This is true in the case of payment of taxes by individuals and even in the case of business enterprise(s).

The rules surrounding taxation in the case of a business differ from those that are applicable in the case of individuals. In other words, any business venture and its activities such as, accounting, tax filing and so on, are strictly governed by a set of laws that are not similar to those that are applicable in case of individual human beings.

In this connection, it must be noted that any business enterprise has to pay the following set of taxes apart from income tax:

  • Sales tax on the goods and/or services sold by them
  • Property taxes
  • Professional tax of employees and company
  • Other administrative taxes

If under any circumstance the owner of a business fails to abide by the regulations associated with all the taxes and their payments, their behaviour will be considered non-compliant. No excuses are entertained in case of unintentional non-compliant behaviour.

Non- compliance with tax laws can be unintentional sometimes. It may result from the business owner’s ignorance about the regulations and amendments surrounding the filing of tax returns or payment of taxes. It may even happen in case of erroneous filing of tax returns or miscalculations.

Even under such circumstances, the business owner will be penalized by the respective authorities. They might have to pay fines in case of their non-adherence to rules. Also, their reputation and image would be tarnished. Needless to say, such an occurrence might spell doom for a business venture, especially if the venture is a new one. Thus, tax compliance is very important in the case of somebody who owns and runs a business.

How To Ensure Tax Compliance And Prevent Unintentional Non-Compliant Behaviour?

It is not easy to comply with legislative measures surrounding taxation. These measures are subject to frequent changes. Besides, as we have already discussed, non-compliance can be unintentional. After all, to err is human. Therefore, all business owners must resort to professional tax accounting services. Professionals in this field would help business owners immensely. More and more business owners in India and all over the world are likely to reach out to such professionals shortly. Keeping that in mind people can consider getting themselves enrolled in tax courses. In India, one can easily avail of taxation training in Ahmedabad.

This is mainly because their services can prove to be beneficial in the following ways:

  • They can provide business owners with a clear picture of the rapidly changing tax laws.
  • They can ensure the minimization of errors in the filing of tax returns. This, in turn, would prevent unintentional non-compliant behaviour resulting from miscalculations.
  • They would ensure that their client can complete the payment of taxes within the specified period.

However, these professionals must be aware of the latest tax laws and should know about the prevailing rates of taxation as well. They must also know about the tax laws and tax rates at all levels— national or international. Usually, accountants and auditors who are proficient in this field, possess a clear-cut understanding and knowledge of such regulations.

They are also well-versed in other specialized areas such as inbound and outbound transactions and income taxation of trusts and estates, to name a few. It is by such knowledge and insight that they can ensure that their clients are tax-compliant.

Considering the prospects of this field, especially in a country like India, taking a taxation course in Ahmedabad might prove to be beneficial for potential job seekers with requisite qualifications.

Key Takeaways

A business must be tax-compliant. Tax-compliance will allow a business venture to thrive and prosper in the long run. If it exhibits non-compliance about the filing of tax returns and timely payment of taxes, it is bound to suffer. 

This is because non-compliance will only ruin its reputation. But the process entails a lot of difficulties and sometimes unintentional non-compliance may happen. Since there is no mercy even under such circumstances, it is always better for a business owner to avail of the services provided by accountants who are specialists in this field. The demand for the services of such professionals is steadily rising because tax-compliance is only becoming complicated with time, not only on a global scale but also in India. So, without further delay, all eligible individuals should seize the day and avail of the best tax course in Ahmedabad.