I had a basic question about how we can reduce our tax burdens in the first few years of incorporating a startup.
As per information i got from a CA IT Filing fees alone is 15-20K for Filing Income tax returns for Private Limited Companies in India.
This is separate from the Stat Auditing , Book Keeping charges to be incurred per year.
In the event we dont make profit and transactions are minimal, such filing fees is exorbitant, not to mention the addtional 30% tax we have to pay on profitss
Is there any solution available , (like going to a Tax Consultant who is not a CA and so charges lesser ) to overcome these kind of problems in the first year of entrepreneurship?
UPDATE – May 30th
I have managed to find a Chartered Accountant through a friend who offered to file IT Returns for FY 2014-15 for about 6500/-. This is ok, but still i personally feel it would not hurt if NASSCOM authorities could help by creating an avenue for us to reduce the taxation costs in the first two to three years.