If you are thinking of starting a new startup, then you should also think about Charted Accountant (CA) because it is very important to appoint a CA for managing your accounts and he will manage your taxable amount. A Charted Accountant can do an internal audit, statuary audit in companies act, tax audit, bank audit, cost audit, tax planning, cost planning, financial planning and many things related to your business. A Charted Accountant will save your money because as above mentioned he will do financial planning and he will do cost cutting in your business, and he will do tax planning also so all these things can save your money. He will manage your accounts so your money will properly invest in your business and you can generate more profits from your business. A CA will do all compliances related to audit and taxation so it is very important to hire good CA for your business so this article will give you an idea about a good CA so it will help you to hire a good CA.
5 Tips for hiring good Charted Accountant
- A good Charted Accountant should have knowledge of the taxation and accountancy laws, it is very important because without knowing he will be not able to provide you excellent services which are not good for your business so you should hire a CA who has excellent knowledge of the taxation laws and accountancy laws so he can manage your accounts in better way.
- During hiring of CA for your business, you should prefer experienced CA who has vast knowledge with great experience. You should prefer a person who has work experience so it will be beneficial for your business because an experienced person can easily handle your accounts but if a CA has no prior experience, but he has excellent knowledge then you can prefer the younger one.
- A good Charted Accountant should be trustworthy because the kind of information accountant’s deal with every day is confidential so he should be trustworthy. If a CA is not trustworthy or if he leaks the confidential details of your business then it will cause loss to your business. So you should hire a trustworthy CA or who has excellent goodwill.
- A good CA has good communication skills so he can communicate with the team of your business and he should be hardworking because it is a primary requirement for CA he should be hard working so he can complete his work in prescribed time.
- As above mentioned he should have knowledge of the field and he should have great management skill so he can maintain your accounts and can help you to generate more profits so during the hiring of Charted Accountant you should consider all above given things so you will find a good charted accountant.
Income Tax Filing
Income Tax filing is mandatory for everyone who is earning and liable to pay income tax, in case of failure of filing of income tax you may have to face legal consequences. If you are hiring a charted accountant then he will comply with income tax filing of your income, and he will comply with tax filing of your business but if you did not hire any CA then you can file your income tax yourself for which first you have to make your PAN card as PAN card is mandatory for income tax filing or if you have PAN card then you can file your income tax through online mode. You can register on income tax portal that is https://www1.incometaxindiaefiling.gov.in/e-FilingGS/Registration/RegistrationHome.html?lang=eng so you can be done your registration on this website then you can file your income tax. If you are thinking of starting a business and there are two partners in your business, then you should register your business with LLP Registration because it requires less compliance and you will get some tax benefits, and it is a separate legal entity which is separate from its partners which mean partner will not be liable personally. If you want to register your LLP, then you can visit the website of Ministry of Corporate affairs where you can do your LLP registration.
If you are thinking of starting a business, then you can register your business as Limited Liability Partnership so it will help you in many ways like you will get some tax benefits and as above mentioned tax filing is mandatory for everyone who is liable to pay tax. If you are thinking of hiring a CA, then you should consider the above-given points so hiring a good CA so he will help you to increase your profits and decreasing the cost of production. So you should consider the above-given points.