Many People are overwhelmed with the process of finding right CA in Mumbai. I am hoping that this guide will help you in choosing the right CA for your Income Tax Filing or Demand notice response etc.
Declaring & Filing Income Tax Return is one of the most important tasks that all individuals and businesses must deal with every year. Filing Income Tax Return can be complicated, especially if you have no experience or if you own a business. That’s why it is important for each individual or business owner to have an accountant or a local CA that they can trust.
First let’s understand the difference between an accountant and a CA. An accountant is the individual who may (or may have not) earned a bachelor’s degree (B.Com) in accounting from a college or university. An accountant helps maintain and analyse financial records and assure that taxes are paid on time and correctly.
Who is a CA (Chartered Accountant)?
A CA (Chartered Accountant) has also earned a bachelor’s degree in accounting, but also has earned a certificate from the Institute of Chartered Accountants of India (ICAI). Individuals (CA) who are members of above Institute are known as Chartered Accountants. Becoming a member requires not only passing the prescribed tough examinations, but also requires at least three years of practical training (known as articleship) where he or she has to work under supervision of another Chartered Accountant in the field of Accounting, Taxation and Auditing. They are some additional requirements as well under the Chartered Accountants Act. A member of ICAI can use the title CA before his/her name. The Institute of Chartered Accountants of India (ICAI) is the national professional accounting body of India. It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament (acting as the provisional Parliament of India) to regulate the profession of Chartered Accountancy in India.
Chartered Accountants at CA Mitesh & Associates also took accounting and business courses and passed the very tough CA Examination (all of them did it in first attempt), offered by Institute of Chartered Accountants of India.
The CA Mitesh & Associates Chartered Accountants can do the same work as an accountant, but an accountant cannot do the same work as a CA. Neither an accountant can deliver the same quality of work as a CA. A Chartered Accountant CA is bounded by code of ethics as laid down by the Chartered Accountants Act, 1949. Also, they must mandatorily keep updating themselves of the latest rules and regulations of Income Tax act of India.
Finding the right CA in Mumbai is essential to get the best refund on your income tax return and to make sure that you will be on time for the IT Department deadlines. To report your financial information, either personal or business, you need to find a CA that will ensure you will not pay more taxes then you are supposed to.
To get the best out of your accountant, you need to learn how to find the right one for your case. The most qualified CA are detail oriented, focused, a good listener, and are problem solvers. They also have strategic thinking and understand the law, how to best apply the law for the type of business your company operates.
Since the population in Mumbai, is from all over the India, and when english or hindi is not your primarily language, it’s essential that you find an accountant that speaks your language or has an assistant that can mediate the conversation. Not only they will be able to explain the financial terms in a way you can understand, but they will represent your interest in a better way.
Filing Tax Return is Important
Many people simply avoid filing their tax returns as they are afraid of all the compliance that comes with filing of Income Tax Return. The primary reason for this fear is that they have not engaged a CA to take care of their tax returns. Some people get fooled by Tax consultants who don’t have full knowledge of Income tax and therefore create bigger problems for their clients. You should know that even if you engage a tax consultant, you will end up going to a CA as you will end up with an Income Tax notice from the department. Tax consultants lack in-depth knowledge and do a shoddy job of preparing and filing an income tax return. A CA might charge a little more but if you care for your peace of mind and don’t want to come in the radar of Income Tax, then you should engage a Good CA.
A good analogy is to compare CA with a doctor. If you need proper treatment, then would you go to somebody who is not a Doctor & doesn’t have a MBBS or MD degree? Even a general medicine shop’s pharmacist can give you some medicine, but the question is whether you would rely on him for proper diagnosis and resolution of your problem. Same is the case with CA. Only difference is that a CA works to improve your financial health and not physical.
In above examples, I have compared CA with an accountant or Tax consultant but same could be said for may other areas as well such as Company incorporation, Financial Planning among others.
You should also check the CA’s area of expertise and find the one that has more experience related to your particular needs. The more experienced the CA, the better and faster the service will be done. For Example, some CAs are focussed on Income Tax Returns for Individuals and business, some do corporate matters like Auditing only. Then some specialise in Project Finance, transfer pricing etc
A Good CA can prepare taxes for individuals or businesses, professional corporations, partnerships, and limited liability companies. Whether you are Salaried employee or a freelancer or whether you are in business, if you find the right CA, they should be able to help you! A Good CA will ensure that you are able take advantage of all deductions allowed by the law which will ensure that you pay lowest possible taxes to the Government.
Last but not the least, you need to trust the CA you choose. A great CA is always there to help you!
Thank you for reading….