Tax Consultant in Mumbai

The 15 Secrets about Tax Only A Handful of People Know

Looking for a tax consultant to manage your taxes, investments and for any financial solutions? Browse the list of some of the top income tax consultants near your area at Sulekha and get the best solution. Our listed tax advisors are highly knowledgeable having rich experience and offer all kinds of income tax related services at a very reasonable cost. They are always committed to delivering their services within specified timelines. So, don’t wait anymore, contact our listed tax consultants in Mumbai today and discuss your requirements.

The main steps for tax preparation

• Choose a reliable preparer: If you have not yet selected a tax advisor, now it’s the time to find one. The best way to find a reliable preparer is to ask your relatives, friends, and advisors to make a referral. You can also take the help of the online directories to find an expert for a tax return or ITR filing.
• Schedule an appointment with the preparer: As soon as you find your income tax preparers, you should begin your procedure by fixing an appointment with him/her. It is important for you to act promptly if you anticipate any refund so that you can receive it on time.
• Gather all your information returns: You must receive various types of information returns that you need. For every form, you should verify that the information matches your records.
• Keep all receipts together: The receipts you need depend on whether you prefer to list your personal deductions instead of claiming the standard deductions.
• Gather records for charitable contributions: If you have made any donations to the charity and want to itemize your deductions then you need specific records to claim the write-off.
• Prepare for tax law changes: There is no need to become a tax expert but it is wise to know about the new tax rules so that you won’t be caught off guard.
• Make a list of the personal information: Jot down all the information (e.g., address of your rental property; dates you moved; complete information about the property you bought and sold, including the dates, what you originally paid to the seller, what you received on the sale and all expenses you had).
• Decide whether you need filing extension: If you need to extend the time to complete all the pending tasks, you can request a filing extension to October 15, 2018. With this, you can avoid any late-filing penalty.
• Decide what to do about the refund: If you expect a refund, there are several options on what you want the government to do. You may want the refund directly into your saving account, apply it towards your tax bill in the next return or directly contribute some of the refunds to certain types of accounts like a health savings account, education savings accounts, IRAs, etc.

Why find the best tax consultants at Sulekha?

• The most reliable online Local service in India.
• All the listed income tax consultants are well established and experienced. .
• Get all the information about the tax advisors at one place.
• Genuine ratings for all income tax consultants.
• Choose the best consultant in your area as per your requirements. No influential tactics.
• No unsolicited calls.

Many people don’t use the services of a tax consultant in order to save the expenses but expert tax consultants can save you much more than they cost. A good tax professional will be useful for you not only during the tax season but also throughout the year. We have a list of some of the best tax consultants in Bangalore who have complete knowledge of tax laws, planning and compliance. They can prepare your tax returns and work closely with you throughout the year to ensure your tax liability is minimized. Whether you are self-employed, run your own business, have retirement savings accounts, trust fund or rental properties, our listed tax consultants in Bangalore will certainly be helpful for you. For more information, contact our tax consultants now! 

How much does a tax consultant charge in India?

The fees of the tax consultant will depend on the complexity of your return and the nature of income. It depends on the time required to prepare and file your IT return. In case, there are some complications like on-going tax related litigations then it would require more efforts and you will be charged accordingly.

What is the income tax slab and rate for FY 2018- 2019?

• No tax for the individuals with income less than Rs. 2,50,000
• 0%- 5% tax with income Rs. 2.5 lakhs to 5 lakhs for different age groups
• 20% tax with income Rs. 5 lakhs to 10 lakhs
• Investments up to Rs. 1.5 lakhs under section 80C can save Rs. 45,000 in taxes

What is the income tax refund?

You will be eligible to receive an income tax refund if you have paid more tax to the government than your actual tax liability. It generally happens when the advance tax or self-assessment tax or TDS deduction is higher than the total tax liability of any tax payer. You can claim the refund of the excess tax paid or deducted during a financial year while filing for the income tax returns for that year.

What are some effective strategies for saving tax?

• Tax can be saved by investing the amount in the following resources:
  • Pension plans
  • PPF accounts
  • Life Insurance Policy
  • 5 year tax saving a fixed deposit
  • Equity-oriented mutual fund
  • National Savings Certificate
• Tax can be saved if there is an expenditure in the health insurance of the tax payer or his relatives.
• Tax planning can be done through the home loan
• Tax can be saved through education loan
• By making a donation for charity, social purpose or making a contribution towards the National Relief Fund, you can save a significant amount of your tax

What is the difference between an accountant and tax advisor?

An accountant is a professional who generally performs all the tasks related to accounting such as audits and analyses financial statements, prepares annual reports and financial statements of a company that helps the managers and investors in decision making. However, tax advisors are trained in tax laws. They can be tax attorneys, CPAs or personal tax advisors. They verify the balance sheets of a company in order to minimize the taxation as per the tax laws.

Important things you need to know about Tax systems

Are you looking for Tax Advisors in Mumbai? Are you thinking about how to solve tax issues with multiple tax questions? Do you want to minimize taxation? Then there is the list of tax consultants with pre-eminent knowledge of tax laws in order to assist in your tangled financial situations for tax deductions. Whether it is an Income tax, Payroll/Property tax or commercial tax (GST, VAT, Local body, sales tax, service tax), Individual (Audit, Assessment, ITR filing, Tax return/rebate/refund) you obviously need tax experts for better assistance without any stress.

Table - Income Tax Slab Rate (2018-2019)

For companies, 25% tax will be applicable while turnover is nearly Rs. 250 in last year. 29% amount will be charged where the turnover more than Rs. 250 in last year. Also, cess and surcharge will be charged.

Frequently Asked Questions:

What is the financial year?

For tax and accounting purposes, the year in which you earn income and pay your taxes for your income is considered as the financial year(Current year). Generally, it starts from 1st April of the current year to 31st March of the next year

What is Assessment Year?

What is the last date for the tax return for the year 2018?

Can a tax consultant be aware of both corporate as well as individual tax system?

What is TDS (Tax Deduction at Source)?

What is TAN?

It stands for “Tax deduction and collection Account Number”, 10 digits alphanumeric number where you can find all transaction under TDS deduction.

What is a tax deductee?

Whether it’s salaried or self-employed, those who pay taxes are called deductee. We can also say that the person from whom the tax amount is debited at the source.

Who is Tax Deductor?

If you are salaried person, your company or employer is termed as Tax deductor