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Though there are many websites for tax filing online , most of these are focussed on salaried individuals who do not have much income from other source, hence these websites are suitable for the younger internet users below 30 who have not invested much money in other income generating sources. The tax returns of a salaried person will be relatively simple as only data from Form 16 has to be entered or verified. A partial list of tax filing websites will be listed soon.
For an older person who has saved some money for his or her old age or a person with substantial income it is always advisable to consult a very honest tax consultant, who would like a long term relationship. The other option is to remain updated with the latest taxation information including tax exemptions and deductions available. people who are not well connected should be very careful as there are many people who want to cheat and exploit. Due to the lack of humanity and morals in indian society today, known cheaters and liars are considered respectable, and have great powers, lucrative government jobs.
Though these income tax return filing websites offer tax planning the quality of the advice can vary to a very great extent depending on the tax professionals affiliated with the website, Though competitors can sabotage a small business if they are well connected , if the business has control over their accounting, the damage will be limited .
The tax consultant can give wrong financial advice and the business owner or professional will have to pay the price
Hence the business owner should spend some time understanding the legal implications of the advice given, whether it can create problems at a later date,
If the business has time, he or she should be able to finalize the account, trial balance, profit and loss, himself or herself to keep all information secret, especially when faced with multiple hostile takeover attempts
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Looking for more information on tax? Let FMJ Financial services help you today.