taxation classes in Ahmedabad Archives

Posted on July 29, 2021May 27, 2024 by admin-s20

How To Become A Tax Expert

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

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.

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.
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.
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”

Posted on May 24, 2021November 27, 2024 by admin-s20

Relaxation of Time Limit for Tax Compliances Under Income Tax Act

Sr No Particulars Earllier Date Revised Date 1 TDS return for Last Quarter (Jan’21…

Sr No	Particulars	Earllier Date	Revised Date
1	TDS return for Last Quarter (Jan’21 – Mar’21)	31-05-2021	30-06-2021
2	Form 16 Certificate furnishing Date	6/15/2021	7/15/2021
3	Due Date of Income Tax Return (AY 2021-22 i.e. FY 2020-21)	7/31/2021	9/30/2021
4	Due Date of Income Tax Return For Audit Entity (AY 2021-22 i.e. FY 2020-21)	10/31/2021	11/30/2021
5	Tax Audit Report Submission For FY 2020-21	9/30/2021	10/31/2021
6	Due Date for Belated Income Tax Return	12/31/2021	1/31/2022
7	Statement of Specified Financial Transaction (SFT) for FY 20-21	31-05-2021	30-06-2021

Posted on March 5, 2021May 27, 2024 by admin-s20

All About PAN And TAN For Bcom Students

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

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.

Posted on February 9, 2021May 27, 2024 by admin-s20

Importance Of Tax Compliance for Business

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

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.

Posted on December 9, 2019May 27, 2024 by admin-s20

Accounting Coaching Classes for Upskilling and Training Employees

Today, most businesses will agree that employees are their biggest assets. Companies invest a…

Today, most businesses will agree that employees are their biggest assets. Companies invest a lot in terms of hiring the right candidates and then retaining them too. At the same time, employees are also very passionate about their careers. They don’t shy to move on if there is stagnancy in terms of career growth or learning new skills of accounting training. Therefore, to align the interests of both, it is essential for businesses to make significant efforts towards constant development of the employees.

What Do You Coach About?
Businesses usually provide training to impart skills that are essential / required to perform existing jobs. Obviously, this is given; considering you would like to ensure that the employee can perform in the best possible manner in his/her current role.

However, organizations today also invest in ‘Upskilling’. Upskilling refers to the process of teaching new skills to existing employees through academies like Super 20 Training Institute. Such upskilling could also be essential, or in other cases, desirable for employees; which are discussed below.

Is Upskilling Required In Accounting?
Absolutely! In this constantly evolving business environment, accounting concepts and methods are being updated too. Entire accounting framework is being rejigged and new accounting standards are becoming applicable to the business. Fo example, accounting software (like Tally) is being updated to incorporate changes in laws like GST and so on. In such a scenario, providing training to employees is definitely the need of the hour! Training academies offers excellent accounting coaching classes in Ahmedabad, suitable to different coaching needs.

Whom To Upskill In Accounting?
Upskilling could be classified into two categories. One, teaching those skills which are essential to the changing work environment. For instance, training the existing accounting personnel about the new accounting standards applicable to the organization would be absolutely essential.

Second category could be teaching those skills that may not appear exactly essential to the existing role at hand, but could go a long way in improving efficiencies. For example, familiarizing tax team about the new accounting concepts, accounting software offering Tally courses, would help them in gaining a better understanding. And this will eventually reduce their dependence on accounting team. Sometimes, it could be essential too, say when the tax team needs to understand the applicability of ICDS and how they diverge from accounting standards that the organization follows. In either case, it improves employee morale as he feels he is learning something new and challenging.

A lot of corporates have in-house L&D (Learning & Development) team. Others may tie up with a dedicated accounting academy for this purpose. In either case, the importance of upskilling employees cannot be emphasized enough.

Posted on September 12, 2019May 27, 2024 by admin-s20

All About Deferred Tax – What You Need To Know

Contrary to its name, deferred tax is actually an accounting concept. It is governed…

deferred tax simplfied - what you need to know

Contrary to its name, deferred tax is actually an accounting concept. It is governed by Accounting Standard 22, which is studied as part of course curriculum of most accounting classes.

In reality, deferred tax is not any form of tax expense paid/payable to the government. It represents accounting for difference between tax expense as per books and as per tax return filed by a taxpayer entity.

Differences in tax expense as per books and as per tax return could occur on account of various reasons, for example the rate at which depreciation on certain asset is accounted for in books may be higher/lower than what is permitted as per income tax law. Another example could be donations made by the company – while they are recorded as expense in profit and loss account, they are not an allowable deduction while computing taxable income.

All such differences are to be classified as either timing difference or permanent difference. Timing differences are those which will get reversed in the future. However, permanent differences are those which, as the name suggests, are permanent in nature and will not be reversed in the future. In the above example, while the book depreciation rate may be different than tax depreciation rate, the cost of asset would eventually be depreciated in entirety in both books and tax records. It is merely that the period over which it is depreciated will differ. Hence, it would qualify as timing difference. On the other hand, donation is never allowed as an expense and therefore qualifies as a permanent difference.

Deferred tax is recognised only on timing differences. Depending upon the nature of timing difference, either a deferred tax asset is created or a deferred tax liability is recognized in a financial year. Every year, the position is revisited and the deferred tax asset or deferred tax liability may be reversed depending upon the calculations made.

When there is a disallowance / addition to Profit before tax in tax return, deferred tax asset is created. When additional deduction / allowance is claimed from Profit before tax in tax return, deferred tax liability is created. Instead of mugging it up, whether an asset is to be created or liability, can be understood in logical terms as under:

When a disallowance / addition is made in tax return vis-a-vis the expense booked in books, it implies that taxable income is higher in current year, i.e. tax paid is higher now, thus lower tax would need to be paid in future, hence recognize an asset now.

Conversely, when higher deduction is claimed in tax return vis-a-vis the expense booked in books, it implies that taxable income is lower in current year, tax paid is lower now, thus higher tax would need to be paid in future, hence recognize a liability now.

Accounting Standard 22 provides for various other aspects related to deferred tax recognition as well, such as:

deferred tax is to be recognized at enacted or substantively enacted rate as on balance sheet date
deferred tax asset is recognized when there is ‘virtual certainty’ that the asset can be reversed in the future
deferred tax getting reversed within the tax holiday period should not be recognized

This might sound like too complicated and confusing, but if one were to think logically, the concept of deferred tax is pretty simple. Accounting classes at Super 20 Training Institute can help you learn complex accounting concepts such as these with ease.

Posted on April 3, 2019May 27, 2024 by admin-s20

Section 80C of the Income Tax Act

In computing the total income of an assessee, being an individual or a Hindu…

In computing the total income of an assessee, being an individual or a Hindu divided family (HUF), section 80C deductions are applicable. This section tells us that if we invest our money into specific investment avenues like life insurance, subscription to certain equity mutual funds or debentures, etc., you will get a reduction in your tax payable amount by way of deduction from tax computable income. The deduction does not exceed Rs. 1,50,000/-.

But the question arises where to invest or if any expenses are made then which are the expenses which will get a deduction, right? So here is the list…

1. Life Insurance: Premiums paid toward all life insurance policies are eligible for tax benefits under Section 80C. This deduction can be claimed for premiums paid towards ensuring self, spouse or wife, dependent children and any member of Hindu Undivided Family (HUF).

2. Public Provident Fund: Public Provident Fund (PPF) contributions are eligible for tax deductions under Section 80C. PPF accounts have a maximum or utmost deposit limit of Rs. 1,50,000/- p.a., therefore, we can claim a deduction of the amount deposited in PPF account under Section 80C.

3. Stamp Duty and Registration Charges: While buying a property, one of the largest expenses you will have to bear is the 4.9% stamp duty and 1% registration charges of sale deed value in Gujarat. To give some benefit to the taxpayers or people are eligible to pay tax, the government has included these expenses under Section 80C of the Income Tax Act, 1961. To the benefit of taxpayers.

4. Sukanya Samriddhi Yojana: Investments made in Sukanya Samriddhi Yojana, which is a saving scheme for the girl child, are to be claimed for tax deduction under Section 80C of the Income Tax Act, 1961. A parent or legal guardian of a girl child, who has not crossed the age of 10 years, can open this account. Sukanya Samriddhi Yojana account can be opened for two girl children. We can open one account per one girl child and can be extended to a third if twins are involved.

5. As tuition fees (excluding any payment towards any development fees or donation or payment of similar nature), whether at the time of admission or thereafter-
(a). To any university, college, school or other educational institutions situated within India;
(b). For the purpose of full-time education of any of the persons as specified in the act.

6. As subscription of any units of any mutual fund referred to in clause (23D) of section 10 and approved by the Board of an application by such mutual fund in the prescribed form.

7. As subscription to such bonds issued by the National Bank for Agriculture and Rural Development.

8. In an account under the Senior Citizens Savings Scheme Rules, 2004.

9. The insurance, deferred annuity, provident fund & superannuation fund.

10. Unit-linked insurance plan and an annuity plan.

11. Pension fund and subscription to any deposit schemes as specified.

12. Principal repayment of the amount borrowed for purchase or construction of a residential house.

To learn more about taxation (income tax), join our classes Super20. S20 is well known for the Best Tally Classes and #1 Taxation Institute in Ahmedabad.

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