Bookkeeping is the recording of financial transactions and is part of the accounting process in business. It involvespreparing all the documents related to transactions, operations, and other events of business. The transactions may include purchases, sales, receipts, and payments made by the individual or organization. We all know that we need to pay taxes for goods we buy. bookkeeping and tax services hold the record of whatever things they buy or the amount of tax they pay to the officials they keep, which is beneficial for the growth of the country and the individual.
All taxpayers must file or e-file their income tax by 15 April to 18 April, respectively. Bookkeeping & tax services provide the customer with efficient accounting business tax preparation filing services for self-employed individuals. We help the customer understand their tax deduction and individual tax relief to maximize tax savings in compliance with income tax laws.
We offer this service to large or small client clients of different industries like restaurants, enrichment centers, commission agents, manufacturers, contractors, wholesalers, retailer traders, etc.
Benefits of paying taxes
The purpose of taxing the government is so that the government should be able to conduct the program without any inflation. The government uses taxes for various purposes like
- Funding of public infrastructure
- Development and welfare projects
- Defense expenditure
- Scientific research
- Public insurance
- Salaries of state and government employees
- Operation of the government
- Public transportation
- Unemployment benefits
- Pension schemes
- Law enforcement
- Public health
- Public education
Advantages of paying taxes:
Everyone should pay the tax to the government whose income comes under the tax-paying limit. Paying taxes will help in moving the country in the right way, and it will provide opportunities to the people living there like the person who pays taxes can get
- Loan approval quickly: when applying for a home loan, vehicle loan, or any other personal loan, the bank may request a copy of your income tax return. Paying the tax can help you get higher loan amounts and increase your credit score.
- Visa application: many foreign consulates ask for the income tax return during the visa interview. This is mandatory to get a visa for a country like the United Kingdom, US, or Europe as they want to check whether you are leaving the county to evade the tax.
- Claiming tax refund: any refund that is due from the IT department can be claimed by the people having income tax returns filed.
- Compensation: for self-employed individuals, the ITR file must be filed to claim compensation in a motor vehicle accident that results in disability or sudden death
And many more
