Taxation Services in Hyderabad - Accuprosys

Information about Taxation Services in Hyderabad - Accuprosys

Published on July 23, 2014

Author: ikyastudent

Source: authorstream.com

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Silly Tax Mistakes Made by Businesses : Silly Tax Mistakes Made by Businesses Avoid these silly tax mistakes and face auditors without breaking a sweat . Taxation Services 1 Accuprosys.com Taxation issues are surely very “taxing”. : Taxation issues are surely very “taxing”. Listed here are the most silly tax mistakes made by businesses, especially small business and SMEs, that they inadvertently fail to avoid. The Auditing bug cannot be avoided and businesses might as well be prepared for it. http://www.accuprosys.com Accuprosys.com 2 Not maintaining financial records http://www.accuprosys.com: Not maintaining financial records http://www.accuprosys.com Accuprosys.com 3 PowerPoint Presentation: Accuprosys.com 4 Business heads are so engrossed in numbers: sales projections, profits, revenue, et al. But the numbers they should be most concerned with are the ones on their financial records. Taxation services Yet, these are the very entities they ignore. Businesses should keep their records and annual accounts updated. PowerPoint Presentation: Accuprosys.com 5 What happens if you fail to do so? : What happens if you fail to do so? You end up paying lower taxes or higher taxes than you should. http://www.accuprosys.com Accuprosys.com 6 Even if you did pay the correct amount of tax, auditors will still raise eyebrows (and issues of course!) if you do not have proper financial documents to substantiate the taxes paid. http://www.accuprosys.com: Even if you did pay the correct amount of tax, auditors will still raise eyebrows (and issues of course!) if you do not have proper financial documents to substantiate the taxes paid. http://www.accuprosys.com Accuprosys.com 7 2. Overlooking deductible expenses Taxation services - Accuprosys: 2. Overlooking deductible expenses Taxation services - Accuprosys Accuprosys.com 8 Do your financial records maintain business and personal expenses separately? Can you track your deductible expenses? : Do your financial records maintain business and personal expenses separately? Can you track your deductible expenses? Accuprosys.com 9 PowerPoint Presentation: If not, then you are bound to stay out of the good books of auditors. For more info click here Taxation Services Accuprosys.com 10 Proper financial records are those that ensure business and personal expenses are clearly distinguished. : Proper financial records are those that ensure business and personal expenses are clearly distinguished. Accuprosys.com 11 Payments made from personal accounts for business purposes are deductible. Anything other than that is not deductible. Remember! For more info visit http://www.accuprosys.com: Payments made from personal accounts for business purposes are deductible. Anything other than that is not deductible. Remember! For more info visit http://www.accuprosys.com Accuprosys.com 12 3. Not staying informed about legal updates on taxation: 3. Not staying informed about legal updates on taxation Accuprosys.com 13 One of the silliest taxation mistakes made by businesses is that they do not stay well-informed about changes in tax laws. : One of the silliest taxation mistakes made by businesses is that they do not stay well-informed about changes in tax laws . Accuprosys.com 14 Businesses should follow notifications and circulars to keep themselves abreast about any changes in tax laws until they release an app for that! : Businesses should follow notifications and circulars to keep themselves abreast about any changes in tax laws until they release an app for that! Accuprosys.com 15 4. Indulging in tax frauds : 4. Indulging in tax frauds Accuprosys.com 16 Some tax frauds are major and some are not. : Some tax frauds are major and some are not. Accuprosys.com 17 Big or small, a tax fraud is perhaps the biggest mistake you could make to jeopardize your business. : Big or small, a tax fraud is perhaps the biggest mistake you could make to jeopardize your business. Accuprosys.com 18 Some companies pocket a percentage of indirect taxes levied on customers. : Some companies pocket a percentage of indirect taxes levied on customers. Accuprosys.com 19 Others find other means. Auditors have their way of identifying funny tactics. So quit the bad and get honest. : Others find other means. Auditors have their way of identifying funny tactics. So quit the bad and get honest. Accuprosys.com 20 5. Not correctly distinguishing independent contractors and internal employees : 5. Not correctly distinguishing independent contractors and internal employees Accuprosys.com 21 Confusion between independent contractors and employees on your payroll may land you in some serious trouble. : Confusion between independent contractors and employees on your payroll may land you in some serious trouble. Accuprosys.com 22 Tax liabilities are different for employees and independent contractors.: Tax liabilities are different for employees and independent contractors. Accuprosys.com 23 Employers are required to pay a percentage of employment taxes for workers employed by them. : Employers are required to pay a percentage of employment taxes for workers employed by them. Accuprosys.com 24 Non-payment of these taxes attracts penalties and interests. Stating that an employee is an independent contractor to avoid taxes is a big no-no. : Non-payment of these taxes attracts penalties and interests. Stating that an employee is an independent contractor to avoid taxes is a big no-no. Accuprosys.com 25 There are a zillion legal ways to save on taxes. Companies should seek assistance from reputed accounting and taxation service firms or hire corporate advisors to help them make the right investment choices and to save on taxes. Going the illegal-way to avoid taxes not only attracts gruesome penalties but also poses a risk to the reputation of the organization. : There are a zillion legal ways to save on taxes. Companies should seek assistance from reputed accounting and taxation service firms or hire corporate advisors to help them make the right investment choices and to save on taxes. Going the illegal-way to avoid taxes not only attracts gruesome penalties but also poses a risk to the reputation of the organization. Accuprosys.com 26 Centre for Innovation and Entrepreneurship C-4, IIT-H Foundation, Gachibowli, Hyderabad 9618402751, 9000600247 : Centre for Innovation and Entrepreneurship C-4, IIT-H Foundation, Gachibowli, Hyderabad 9618402751, 9000600247 Reach us at: [email protected] [email protected] [email protected]   For more details, please visit: www.accuprosys.com Accuprosys.com 27

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