Abraham Ron

Tax Filing & Accounting woes for Young Entrepreneurs

Discussion created by Abraham Ron on May 27, 2015

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.

Regards
Ron Abraham

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