Why you should bother about Income Tax?
Taxes are costly
Income Tax is one of the major costs for business – nearly 30-40% of earned profits are paid in taxes. If taxes are not planned properly, it could lead to unexpected cash flows and can become a major bottleneck for the business.
Taxes are complicated
Consequences of non-compliance with tax laws are not immediate sometimes. For example, for this year’s tax compliance, you could receive notice after 3 years. Because of this uncertainty, It’s crucial to make sure you are complying with all of the tax laws and regulations.
Tax can help you raise money
When businesses are growing, it becomes necessary to get funding from external sources whether as debt or equity. When you need funds either as a debt from banks or equity from investors, the first document they refer to know your potential and creditworthiness is your Income Tax Returns. Hence, it’s very important to pay optimum tax and build your finances to support your growth vision.
Taxes can be harrowing
Tax notices, surveys, search/raids not only create financial problems to businesses but also create a lot of mental impact on the top management and people involved in the proceedings. So, It’s better to be safer than sorrow and get your taxes 100% complied.
Why do you need a good Income Tax Advisor?
Grow business by proper Tax Planning
With a proper Income Tax Advisory, you pay optimum tax that is necessary to fuel your growth.
Years of Industry Expertise
A good Income Tax Advisor, bear years of experience in the industry. So, they should be able to help you with not only tax but also with other financial transactions.
Keep up-to-date with all tax developments
Tax laws change every-day. Regulation applicable today may not be applicable tomorrow. And also, there are several laws, 1000s of provisions to keep track of. As a business person, your focus should be on business and leave to your Income Tax Advisors.
Save time
It takes a lot of time and effort to ensure your tax is calculated properly and your income tax return is filed on time accurately. Tax filing consultants will dig up your accounts, look for provisions to save tax, and ensure you pay the right tax at the right time.
Safe and Hassle free
It’s always better to seek expert advice when in doubt, especially regarding your finances and tax. A tax advisor can maintain your tax records in the safest and legal manner. Tax Consultants keep all communications with tax professionals and clarify their queries without bothering you.
How PKC is different?
- Taxes are an investment to grow your business. We use it to enable growth! This is our basic philosophy. Our Income tax advisory objective is to build your balance sheet to support your vision
- We educate you on Dos and Don’ts. We make you understand how your taxes are planned and how it helps you in the long term. With us, you are never in the dark.
- We are not just any normal tax filing consultants in Chennai. We advise on financial investments and planning for the future, not just return filing. Tax planning differs based on the future plans of the company and its founders.
- Our tax consultants make your books amenable to fundraising. Client’s P&L and B/S are built keeping in mind what ratios banks look for (if the company has/requires loans) or what metrics investors look for & other external stakeholders.
- We have automation in the backend which helps with seamless client communication. You are alerted on timelines much in advance, told when data is received, process & field. You never have to chase your Income tax filing auditors again!
- We do a financial health check for your business regularly telling you how much you’ve made, how diff segments are doing, how cash flows are moving, etc. We’re partners in your growth & friends you can chat about business troubles with!
- We breathe tech into everything. Given the new tax system (both Income Tax & GST) is fully automated, we understand the government. portals & ways to work with them powerfully.
- You know what you pay for in advance, not when the bill is given at the year-end
35+ years in Industry
1500+ clients
100+ professionals
4 Branches
Few samples of what we achieved
- % of cases selected for IT scrutiny for PKC clients is 75% less than Dept. average rate
- Tax planning for a large health care client resulted in tax savings of Rs.3.25 crores p.a
- Substantial tax savings for PKC clients ranging from a few lakhs to few crores.
- 80% IT appeal cases won in favour of the assessee even when initial representation done by other CAs/lawyers
- Handled a large retailer’s search case & reduced tax demand from Rs. 100cr to Rs. 9cr (~90% reduction)
Our approach to your tax planning
- Utilising In-house assurance techniques to check the accuracy & completeness of the financial information
- Conducting thorough verification of the source financial documents
- Verifying that financial information from multiple software are not contradictory
- Identifying, communicating & rectifying the scrutiny trigger points (developed based on a 35-year knowledge base)
- Conducting a thorough analysis of the finalised financial statement & file the tax audit cases/returns with zero-errors
