3 Common Challenges Companies Face in Tax Filing

 


CA firms in Bangalore and other startup-friendly Indian cities always advise companies to avoid silly mistakes during tax filing that can call upon heavy penalties. Therefore, hiring a CA firm for tax filing is increasingly becoming a trend. Without the services of these CA firms in cities like Bangalore, Hyderabad, Delhi, etc., companies can find themselves on the receiving end of these common tax filing challenges:


Unorganized data

Tax reporting involves record details, and if people do not properly arrange their documents, it can get difficult to extract valuable information from them. Many individuals often get rid of vital documents only to find out that they had to provide the same in the latest tax return. Thus, it is important to make sure that you have a dedicated physical or electronic archive, from the minute to the largest, to store any record of yours.


Lack of clarity on write-offs

A lot of taxpayers claim that when filing and paying taxes, their write-offs will save them a large amount of money. They do not realize, however, that not every expense can be repaid. Thinking, for instance, that it is possible to reimburse the expenses related to your own staff for outdoor activities is a foolish assumption. Legitimate write-offs are those that include expenses related to your customers and those that, as given by the IRS, also follow certain terms and conditions.


Ignoring carryovers 

There are occasions when taxpayers fail to include their previous year's tax return carryover losses. This prohibits them from being qualified in the current tax year for an associated set-off. From recruiting a new CPA to take care of accounting duties, to migrating to the newest tax return software or purchasing a new device, there can be a variety of explanations for this to happen.


A proper CA firm for tax filing makes each of these challenges easy and gives companies one less thing to worry about. To get the best CA for tax filing in Bangalore, visit BCL India. 

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