Chandan Agarwal - Chartered Accountant Kolkata's Blog

 Should I count on finance and accounting outsourcing (FAO) or hire an in-house team to manage all financial and accounting jobs? If the same question is haunting your mind and puzzling you, this blog could be the best answer for you. Along with work flexibility, your accounts and finance-related tasks will be done by professionals like CA Chandan Agarwal & Co at a cost-effective price. So, to know how F & A outsourcing (FAO) will benefit you and your organization, read the blog in full.   What Is FAO & What Does It Include? FAO denotes financial and accounting outsourcing.  In general, when you outsource all or some of your accounting and finance tasks, a third-party service will manage these all from their workplace. You can call it a B2B arrangement. Moreover, you can outsource more with accounting and finance functions. These are,  • Bookkeeping  • Transaction management  • Financial planning and analysis • Financial reporting...

  There is no secret that everyone tries to minimize their tax burden as possible by investing in some favorable scheme. In this regard, Section 80C of the Income Tax Act of 1961 becomes the best alternative for taxpayers since it allows them to claim deductions on provident fund payments, investment for Sukanya Smriddhi Yojana, principal amount payment towards house loans, and other expenses. But, did you aware that Section 80D, enables you to claim deductions for health insurance premiums? Since the majority of Indian residents do not have health insurance and need to rely on savings or loans during a medical emergency, thus the section is often overlooked. T o gain knowledge about the benefits of the section on income tax reduction, you may contact CA Chandan Agarwal & Co. in Kolkata further.   CA Chandan Agarwal & Co. Before that let us first convey the scheme's perks to you.  A Quick Overview of Section 80D - Under section 80D, any individual or Hindu ...

  Home sweet home – more or fewer everyone dreams of owning a house. But, in most cases, we don’t have enough wealth or funds to satisfy our dream. In that case, a home loan is one of the easiest ways to buy a home. When a home loan helps you to fulfill your dream, it also helps you to save a certain amount of money in paying taxes. So, today, we are going to learn how you can earn income tax benefits through your home loan. If you want to know more about income tax benefits on your home loan, you can consult CA Chandan Agarwal & Co. in Kolkata undoubtedly. Avail Tax Benefits from Home Loans According to the Income Tax Act, of 1961, the Indian government provides an array of benefits to candidates who buy a home with a loan. The tax benefit varies within sections. Let us know in detail. Section Laws: 1.     Section 80C: You can get the maximum home loan tax exemption under section 80C is Rs. 150000/- in a fiscal year. According to the section, you can c...

  TAN, TIN, and/or PAN – these terms generally confuse us most of the time. We come across these terms when we get to file income tax returns every year. If you are one of those who get confused with these terms before filing your ITR, you can certainly contact CA Chandan Agarwal & Co in Kolkata at your earliest. A professional accountant or chartered accountant can better make you understand these terms. Still, if you want to acquire basic knowledge on TAN, TIN, and PAN, we request you to go through the blog in full. It will take only 2 minutes for you.  What are TAN, PAN, and TIN? PAN : More or less, everyone today is known by the term PAN. The full form of PAN is Permanent Account Number. Every taxpayer needs to have a 10-digit PAN card. The card is issued by the Income Tax Department of India under section 139A and the income tax act 1961. The number is used for various financial transactions in India. To fill ITR and claim depreciation, a taxpayer in India must have...

To make the income tax return process easy and fast, the Indian income tax department has categorized ITR forms into many forms. Counting on the income type, the taxpayer needs to fill out the income tax return forms. If it is your first time to fill an ITR form and you do not have any idea about it, CA Chandan Agarwal in Kolkata can help you in this regard. Types of ITR Forms ITR reports the income, expenditure, and additional relevant tax information of a taxpayer. Also, ITR helps how a taxpayer can plan his/her tax payment as well as request for refund if he/she overpays. So, based on the mode of income and the income amount, the Income Tax Department of India has defined 7 types of income  tax return forms. Let us have a look, 1. ITR-1 – ITR-1 is also known as SAHAJ. This ITR form can be filled out by resident Indians. Though, there are a few conditions to match. 2. ITR-2 – The form is for individuals and HUFs (Hindu Undivided Families) who earn more than 50 lakhs in a year....

Does anyone prefer to pay tax? No doubt, most of us like to evade it to save our hard-earned money. Well, the good news is if anyone earns below the exemption limit set by the income tax department in your country, then you don’t need to pay income tax. Even, you don’t need to file an income tax return too. But, do you know that you can earn benefits by filing a nil income tax return? Yes, you heard it right. You can also contact a professional CA like Chandan Agarwal in Kolkata in this regard to acquire more information. NIL ITR File Benefits It is time to know why you should file an income tax return even if you are earning below 2.5 lakhs; below the exemption limit. 1.     Claim Tax Refund : Often, the bank deducts TDS from the FDR even if you are earning below 2.5 lakhs. In this case, you can claim for TDS deduction counting on the tax file return. 2.     Authenticate Your Income : An ITR, whether it is nil or taxable is a genuine legal document to authenti...

It’s good news that you are going to start your business. So, are you thinking of doing all official jobs alone? Do have previous experience in handling accounts and all? If you don’t have one, this is time to hire a chartered accountant. A chartered accountant like Chandan Agarwal in Kolkata can genuinely help your new business to step up the ladder of success. Chartered Accountant’s Role In this blog, we would know how a chartered accountant helps in setting up a business. Let us have a look, 1.     Planning Related to Business : A chartered accountant hardly makes mistakes to provide a financial prediction. He does it by counting on the current market, products, taxation policy, and so on. He uses his real-time experience plus knowledge to help his client in increasing the profit margin from the beginning of a business. 2.     Registration Process & Legal Structures : The company registration process goes simple when an experienced person takes c...