Sunil Kumar Jain & Company

Can you really be sure that you understand the Income Tax Return form, the Assessment Order or the Notice of Demand that you received from the Income Tax Office? Perhaps you are being overcharged because the tax office made an error or because you did not made claim for a relief of repayment to which you are entitled. This can happen irrespective of whether you are in business or not. We as Chartered Accountants know about these details and are there to help you smoothen out your problems and confusions relating to these matters. If you run a business, you cannot do better than entrust your taxation affairs to us. We help rationalize your taxation affairs.

We will represent you before the tax authorities and settle your tax liability under the tax rules. Sometime we may have to convey to you the officer’s refusal to allow this or that expense as a deduction for tax purposes; and we may then have to advise you to appeal. Do you know that we as Chartered Accountants can save you from incurring unnecessary tax liabilities if you consult us before you take apparently minor business steps?
 

Closing of business

An unwise choice of date for closing a business can be expensive in tax. Many tax payers do not appreciate the delay that may happen between the end of the year in which profits are earned and the time when tax based on those profits is demanded. In the meantime, they may have expanded their business, locking up resources in larger stocks, more debtors and additional equipment, leaving them with no funds to meet heavy tax liabilities. The burden of taxes can be reduced by means which are permissible under the law.
 

Settlements and trusts

Income tax, Wealth tax and other taxes can be reduced substantially by certain kinds of settlements of income and capital. Whether and to what extent such arrangements may be appropriate for any particular person will depend entirely upon the individual circumstances .The law is complex and subject to continual change. Legal advice is desirable and we as Chartered Accountants can tell whether there is anything you could usefully do in these directions. A word of warning: anyone who conceals his/her true income or otherwise defrauds the exchequer, can expect that sooner or later these frauds will be discovered and the authorities will initiate what are called penalty proceedings. The risks incurred by those who try to evade the taxes they should pay are very serious and any tax payer who has been taking such risks should put his house in order right away.

LIGHTENING the Tax Burden

The accounts of businesses run by firms, individuals and in the non-corporate sector are rejected by the Income Tax authorities and their profits are inadequately estimated for want of adequate accounting records of proper method of accounting or mistakes which could have been easily avoided had the services of Chartered Accountant been availed of. With the existing high rates of taxation, this leads to paying needlessly more taxes than are legitimately due. Some small traders, businessmen and other tax payers also do not avail of exemptions, rebates and deductions allowable under the tax laws due to ignorance. We will help you in claiming your lawful exemptions and reliefs under the tax laws and will also save you from avoidable tax burden by proper planning of your tax affairs.