Chartered Accountants play an important role    in tax planning and savings. Chartered Accountants are considered financial experts with their training and qualifications. Their professional work includes reducing the tax liabilities of their clients. They helps in maximizing their client’s tax savings with their knowledge of the provisions related to applicable laws. Planning helps the person to take the maximum out of their money.

Chartered Accountants can help in various ways to save your money in India.

Here are some of those ways:-

Reeducation of Tax

Chartered Accountants have gained experience of various skills and technical knowledge while working with different organizations. They can suggest various ways to their clients to reduce their tax liability. They help their clients to be tax efficient. Chartered Accountants are professionally known for their ability.

Deducation & Exemptions

Exemption refers to excluding income from taxation. Deduction refers to the expense deducted from the gross total income in order to reduce the income. Chartered Accountants help clients to know where to invest and how much to invest. They let them know how maximum saving of tax can be made by taking exemptions and deductions as per the Income Tax Act, of 1961.

Minimum Cost of Capital

Chartered Accountants can help the entity to know how to raise funds whether through debt, equity or preference. They help to know the best way to raise funds so that the cost of debt could be the least to the business. This will help the business to manage the risk.

Risk Management

Chartered Accountants can helps to create diversified portfolio that can balance the risk of the market & risk tolerance of their client. They advise investments to their clients as per their risk tolerance capacity. They also let them know when to withdraw their investment and reinvest.

Help in Avoiding Penalties and Fines

Incomplete and late submission of forms and fees can lead to high amounts of penalties and fines. A Chartered Accountant helps in timely payment, completion of required forms, and filing of returns and reports.

Capital Budgeting Decisions

Chartered Accountants help to know which project is profitable for the business by comparing various projects’ incomes and expenses. The project with the highest expected   ROI (Return on Investment) is suggested by the Chartered Accountants to its clients.

Business Advisory Services

Chartered Accountants can help the business to make informed decisions. Relying on them can help to grow the business and earn high profits. Their advice helps to save money by not investing in strategies with the least chance of success.  

Reduce Expenees

Irrelevant expenses can lead to a waste of money. Keeping a continuous eye on expenses is necessary to save money. Chartered Accountants help the business to cut costs where it’s possible and necessary. In financial statement they prepare the statement of expenses and compare it with the expenses of previous years. They make sure that businesses are not overpaying their expenses and that saved money can be invested somewhere else and can earn income.

Helps To Find Opportunity For Growth of Money

Chartered Accountants can help you to find the new opportunity to earn money. They also help to know the outdated methods of earning money. CAs are keen observer of markets and know the current opportunities in the market. Investing in latest trends help to earn high returns from markets.

Conclusions

CAs can provide valuable financial guidance regarding your finances. Taking help of CAs will make you to achieve your financial goals. For any help feel free to consult the tax experts at Singla Pawan Associates. You can file ITR yourself or get CA’s help on filing income tax return.