Tax Preparation Services

Tax Preparation Services - An Overview

Tax Preparation refers to the process of preparation of tax returns by an individual or an organization. The development of tax could be in regards applicable to an organization such as income tax, customs duty, excise duty, etc.

Tax Preparation is a very cumbersome and elaborate process. It requires careful perusal of the financial activities of an organization for a specific period and compilation of all bills and relevant documents for computation of tax.

The process further demands the filing of the tax returns with the appropriate tax authorities before the deadline.

Outsourcing of Tax Preparation

Many entities in developed nations have now started outsourcing their work of tax preparation to countries like India. The reason for the same is that India has an abundance of qualified tax professionals who hold expertise in tax preparation for foreign countries. Besides, the services can be availed at comparatively lower prices in comparison to the home country.

Tax professionals in developed nations charge an exorbitant amount for tax preparation services. On the other hand, in India, the same work, without making any compromise on the quality, can be done at almost half the price.

India also has the required infrastructure and technology to be able to provide the tax preparation services efficiently to the foreign clientele.

Process of Tax Preparation

• Scanned Documents

  The procedure begins with the client sending scanned documents, which are relevant to tax preparation. When the documents are received, the corresponding data is entered into the tax software (of the client's choice) by the tax professionals.

• Audit

  When all the relevant data is entered into the chosen software, the tax professionals audit the tax return for checking that all the information has been entered precisely. The audit is done to avoid wrong computation of tax returns.

• Review

  Once the tax return is audited and has received a green signal from the tax professionals, it is sent to the client for review. The client can raise any questions and leave any comments, in case any issue arises in return. The clients can request as many requests as may be required.

• Final Submission

  When the tax return has been reviewed and finalized by the client, the same is corrected and updated as per the client’s demand. At last, the final copy of the tax return is sent to the client for filing with the relevant authority.

Advantages of Outsourcing Tax Preparation

• Cost Savings

  By outsourcing tax preparation, an entity can save up to 60% of the costs compared to handling it in-house, thereby increasing profit margins.

• Increased Efficiency in Tax Returns

  Outsourcing ensures that tax returns are computed carefully with all relevant laws considered, reducing mistakes and ensuring timely, accurate filing.

• Increased Operational Efficiency

  Outsourcing tax preparation allows an entity to allocate resources to core operations, thereby enhancing overall operational efficiency.

• Reduced Burden

  Outsourcing relieves the entity from the complex task of tax filing, freeing up human resources for other business-enhancing activities.

• Quick Fix for Tax Issues

  Outsourcing ensures that tax-related concerns are handled promptly by experienced professionals, resolving complications efficiently and on time.

Importance of Filing Tax Returns

Filing tax returns is crucial for any organization as it demonstrates compliance with legal requirements and enhances its reputation as a responsible entity. Timely tax filing builds esteem with authorities, reflecting the organization’s commitment to fulfilling its tax obligations.

Tax computation and filing are intricate tasks requiring significant time and expertise. Outsourcing these processes allows organizations to benefit from expert knowledge and receive valuable advice for financial and business decisions, potentially leading to tax savings.

Our team of experts, with extensive experience in tax preparation, offers services for small, medium, and large organizations. For more information or queries regarding tax returns, please contact us.

Required Documents

• Permanent Account Number (PAN)

• Aadhaar Number

• Bank Information and Details of the Assessee

• Tax Deducted at Source Documents (Form 16, Form 16A, Form 26AS)

• Proof of Investments under 80C, 80D, 80E, and 80TTA

• Travel Bills

• Rental Agreement

• Bank Books Certificates