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Welcome to Bashamakh At we are more than just a Chartered Accountant (CA) company we are your dedicated financial partners committed to ensuring your fiscal success. With a team of seasoned professionals, cutting-edge expertise, and a client-centric approach, we provide a comprehensive suite of financial services tailored to meet the diverse needs of individuals and businesses..
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About
Our Commitment to Compliance
Our team consists of highly qualified Chartered Accountants with extensive experience in the field. We bring a wealth of knowledge to the table, ensuring that your financial matters are handled with precision and professionalism.
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Service
Ensure the accuracy and transparency of your financial statements with our comprehensive audit and assurance services.
We offer expert guidance on tax planning, compliance, and strategies to optimize your tax liabilities.
How are the fees structured for the services of a Professional Tax Consultant?
The term "professional tax" can have different meanings depending on the jurisdiction, as tax regulations vary across regions and countries. Generally, professional tax is a tax levied by state governments in India on individuals engaged in professions, trades, and employment. It is not related to the nature of consulting services provided but rather to the professional activities undertaken by individuals.
In India, professional tax is applicable to individuals carrying on a profession or trade. Consultants, including independent professionals and freelancers, are typically subject to professional tax. The amount of professional tax varies across states, and the responsibility for its payment and compliance rests with the individual professional.
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How frequently should individuals or businesses consult with a Professional Tax Consultant?
The frequency of consulting with a Professional Tax Consultant varies based on individual or business circumstances. Typically, individuals seek annual consultations for tax filing, ensuring accurate and timely returns while taking advantage of available deductions. Businesses, especially those with complex structures, may benefit from quarterly consultations for proactive tax planning and compliance throughout the year. Major life changes, such as marriage, divorce, or starting a new business, warrant additional consultations. Investment portfolio adjustments, retirement planning, and navigating tax audits are also instances that call for professional guidance.
Our Services
- Financial Audits: We conduct thorough financial audits to ensure the accuracy and reliability of your financial statements.
- Internal Audits: Our internal audit services help you identify and mitigate risks while improving your internal controls.
- Tax Audits: We assist you in navigating complex tax regulations to ensure compliance and minimize your tax liability.
- Statutory Audits: Our experts specialize in conducting statutory audits in compliance with relevant laws and regulations.
- Forensic Audits: We investigate financial irregularities, fraud, and misconduct to protect your organization’s integrity.
- Due Diligence: Our due diligence services help you make informed decisions during mergers, acquisitions, or investments.
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How is the professional tax calculated for consultants
The calculation of professional tax for consultants in India follows a state-specific formula, as it is levied by state governments. The process involves determining the applicable income slab based on the consultant’s earnings, calculating the professional tax amount using predetermined rates for that slab, and considering any applicable exemptions or deductions. Professional tax is typically paid on a monthly or annual basis and is deducted from the consultant’s salary or income. Compliance involves filing returns and adhering to the specific regulations of the state in which the consultant is registered.
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Why Choose Bashamakh?
- Expertise: Our team of skilled professionals brings years of diverse experience in finance, accounting, and audit.
- Client-Centric Approach: We prioritize understanding your specific needs, ensuring our services are personalized to your requirements.
- Ethical Practices: Integrity is at the core of everything we do. You can trust us to handle your financial matters with the utmost confidentiality and transparency.
- Timely Delivery: We recognize the importance of deadlines. Count on us to deliver accurate results within the agreed-upon timeframes.
- Holistic Solutions: Beyond numbers, we provide actionable insights that empower you to make informed financial decisions.
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What are the consequences of non-payment or late payment of professional tax for consultants?
Penalties for Late Payment:
- Late payment of professional tax often incurs penalties. The amount of the penalty may increase the longer the payment is delayed.
Interest Charges:
- Apart from penalties, interest charges may be applied to the outstanding professional tax amount for each day of delay.
Legal Action:
- Non-payment or persistent late payment can lead to legal action by the tax authorities. This may include the issuance of notices, summons, or legal proceedings to recover the outstanding tax amount.
The consequences of non-payment or late payment of professional tax for consultants can vary depending on the jurisdiction and the specific rules set by the state government. In India, where professional tax is levied by state governments, the consequences generally include.
- Non-payment or persistent late payment can lead to legal action by the tax authorities. This may include the issuance of notices, summons, or legal proceedings to recover the outstanding tax amount.
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Contact (+91) 8779526602 for advice
. Can consultants deduct professional tax payments as a business expense?
Professional tax payments are generally not considered a deductible business expense for income tax purposes. In most jurisdictions, professional tax is a statutory obligation imposed by the state government on individuals engaged in professions, trades, or employment. Unlike certain business-related expenses, professional tax is a personal liability and is not directly linked to the operation or conduct of a business.
Consultants may be able to deduct certain business-related expenses when calculating their taxable income, such as office rent, utilities, office supplies, and professional fees. However, professional tax is typically not included in the list of deductible business expenses.
