Charted Accountants are one of the top most professionals of the country and they somewhere are the foundation of building the financial foundation of the country. They are an expert in finance and have an in depth knowledge in the field of taxation. The taxation is that aspect of the country which can be constituted as one of the building blocks of the company and a very major source of income to the government. If the tax is not calculated in an appropriate way this can result in hefty penalty to the individuals. This will also lead to a loss to the government of the nation. Taxation is considered to be a very complex subject and the knowledge in the same can be attained by the expert professionals. There is a difference between getting the accounts checked and audited. The audit of the financial statements of the company is something that is done by expert professionals and only people that possess the required expertise can do the same.
This is a recognized degree that is given by the organization that is known as Institute of Charted Accountants of India that is also called as ICAI. The people in this field get a formal recognition and they get a license that gives them an allowance to carry on a practicing firm or they can also get engaged with a company and handle the accounts of the company. There are many CA firms in Pune. Audit of accounts and filing of returns is something that is required to be done by many companies and many individuals have to file their return of taxation. There are also cases where the auditor is informed enough to decide and calculate the income of the individual because there is a particular method of calculating the income of the people that involves certain additions and deductions and that knowledge is possessed by someone who is an expert in the field.
The rate of taxation and the amount of tax that is required to be paid by the person is calculated on the basis of his income falling in various slab rates that is decided by the ministry of finance of India. There are certain due dates of filing the income tax returns that are there in the knowledge of a CA only. So we can get engaged with a practicing firm in order to help us with the subject and the issue. There are certain benefits of hiring an auditor which are as follows: –
- He will keep a check on the behavior of the financial statements of the company and can also advise about the improvement in the financial position of the company.
- They have devised various ways of saving the tax of the persons as they are an expert in the field of finance.
- They can also perform the internal audit of the company and can monitor the accounts.
There are many CAs that are engaged in practice but one can also hire top ca firms in Pune in order to get their things done on time.