Chandan Agarwal - Chartered Accountant Kolkata's Blog

Tax planning is a crucial aspect of financial management for both individuals and businesses. With the expertise of Chartered Accountant Chandan Agarwal, we delve into key strategies that can help individuals and businesses optimize their tax liabilities while ensuring compliance. 1. Understanding Tax Deductions and Credits   Chandan Agarwal emphasizes the significance of understanding available deductions and credits. For individuals, this might involve exploring deductions related to investments, education, and healthcare. For businesses, research into deductions for operational expenses, research and development, and employee benefits can result in substantial savings. 2. Leveraging Retirement Accounts   Individuals can strategically contribute to retirement accounts such as 401(k)s or IRAs to lower their taxable income. Chandan Agarwal advises clients to take full advantage of employer matching contributions, effectively reducing their tax burden while securing their finan...

Indirect taxes are levied on services and commodities and are obtained by middlemen such as manufacturers, wholesalers, and retailers. In contrast to direct taxes, which are paid to the government by people or companies, indirect taxes are passed on to the ultimate consumer as part of the final price. As a result, indirect taxes are an important part of every country's overall tax structure and revenue generating system. CA Chandan Agarwal & Co. can help you guide with the complete indirect tax knowledge. What exactly is indirect tax? Consumers pay these forms of taxes on their purchases, but they do not pay them directly to the government (unlike income tax). For example, when we buy a goods, we pay VAT and other taxes. Indirect Tax Components: Indirect taxes are made up of numerous components, each of which performs a distinct role in the tax system. These are some examples: The base rate is the percentage of tax charged on the value of goods or services. It varies a...

On May 19, 2023, the Reserve Bank of India (RBI) announced that the Rs 2000 denomination banknotes will be phased out of circulation. While existing notes remain legal money, the RBI has extended the deadline for depositing or exchanging them until September 30, 2023. This judgment has sparked several inquiries and debates around the country. In this post from a reputed chartered accounting firm in India, CA Chandan Agarwal & Co . , we discuss the reasons behind this decision.   Why Did The Reserve Bank Of India Ban The 2000 Rupee Note?   Controlling Black Money -   One of the primary motivations for banning the 2000 rupees note is to address the issue of black money, which refers to unknown income or wealth that avoids taxation. The government wants to decrease the storage of unknown funds by banning the usage of 2000 rupee notes, which become a threat among individuals engaging in illegal businesses.   Boosting Digital Transactions -   This effort ...

 The process of evaluating and selecting an appropriate accounting firm for your company should not be taken lightly. You must look beyond what you already know about the chosen firm and delve deeply into the credentials and skills of the firm and its personnel. How should it be done? Well, I might have a few recommendations. Here are five suggestions for choosing the best accounting firm for your company. So, without further ado, let's look at what we've got here. Things to check before hiring -It is critical to inquire about their prior experience in this subject. This will provide useful information about their skill sets. Check to see whether the candidates are licenced before proceeding with the recruiting procedure. CA Chandan Agarwal and Co . is a licensed chartered accountant firm you must consider. •CA experts - From startup advice to acting as a trustee in the event of receivership, insolvency, or bankruptcy •Certified Management Accountants (CMA) •CGA stands for Cert...

 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...