All about Outsourcing Tax Filing and Preparations

The financial year end is approaching. And it is that time of the year when most businesses would be trying to figure out all the paperwork associated with filing tax returns. Some can manage it on their own, but entrepreneurs from non-finance background would find it most difficult to understand “Tax Filings and Preparations”.

If you are one of the latter, we have good news for you. FastCollab can help you with complete Outsourcing of Tax Filing and Preparations.

What is Tax Filing and Preparations?

Tax Filing & Preparations is the activity where businesses need to maintain books for all the money receivables and payables in a single financial year. These records are then to be declared in front of government authority as a proof of money flowed in the business and relevant taxes being paid. It helps companies to realize significant cost savings, boost profit margins and bring out sources where money is being spent by the company.

Why Outsource?

Outsourced Tax filing and preparations tasks are handled by expert CAs / tax professionals which results in up to 30% to 50% cost reductions. Plus, outsourcing allows companies to meet workload demands during busy season without adding staff that will sit idle during the slower months.

The Outsourcing team can:

  • Prepare corporate, partnership, fiduciary and individual tax returns – both domestically and internationally
  • Focus on return review, coaching and consulting, audit, and other higher value services

What types of Tax Filings & Preparation Tasks can be Outsourced?

  • Payroll Compliances like – PF, PT, TDS, ESI
  • Compliances under VAT, Service Tax & Sales Tax
  • Maintaining Books of Account & other Records
  • Bank accounts reconciliation
  • TDS Management & Other Direct-Indirect Taxes
  • Generation of Income and Expense invoices
  • Vendor Payable / Receivable Management

What kind of Companies need to take it serious?

Even if you are a single employee size, you need to start filing relevant taxes. Start-ups and SMEs who are registered as sole-proprietorship or even as private limited comes under the purview of filing all the necessary taxes.

What documents are needed?

Important documents that one must have while filing tax returns are mentioned below:

  • Statement of Computation of Income and Tax
  • Challan Identification number (CIN) should be furnished. Photocopy of tax payers count should be attached
  • T.D.S. Certificates in Form 16 or 16A as applicable
  • Copy of audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners and documents as specified in the notes
  • Statement of receipts and payments, where no regular books of account are maintained
  • Accountants report under section 80-IA, 80-IAB, 80-IB or 80-IC

The high season is coming up, instead of struggling the battle of taxes, reach out to FastCollab for any quick assistance.


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