Top 5 Tax Consultants in Kolkata for 2025

You can overcome the challenges of taxation by consulting a professional who can forecast a better return on your investments. Expert tax planning and compliance advice is essential for entrepreneurs and those aiming to maximize tax returns. 2025 brought sharply increased demand for professional tax advisors, especially in large, bustling cities such as Kolkata. This article highlights the top five tax consultants in Kolkata, emphasizing their skills and services, including GST.

Book My Accountant

Overview

Book My Accountant is a top tax consultancy in Kolkata, offering complete tax solutions. They are a comprehensive financial resource, handling company formation and income tax compliance. Customized tax prep services maximize deductions and reduce taxpayer rates.

Services Offered
  1. Income Tax Filing: Customized tax prep services maximize deductions and reduce taxpayer rates.
  2. GST Services Kolkata: These include registration, filing, assessment, litigation and compliance and also comprises guidance on the confusions of the GST law for enterprises.
  3. Company Formation: They help new companies establish themselves and ensure that all necessary legal compliance is envisioned and implemented from the start.
  4. ROC Compliance: Comprehensive services for meeting the requirements imposed by the Registrar of Companies (ROC).
  5. TDS/TCS Services: Timely filing of TDS and TCS returns is essential to avoid penalties.
  6. Compliance Audit: Detailed audits to verify compliance with all relevant standards.
  7. Financial Planning: Continuous financial planning services aimed at generating a more effective financial plan for the clients.
Why Choose Them?

Book My Accountant, a top tax advisor, consistently earns high marks for credibility and reliability in Kolkata. They understand client needs and stay updated on tax laws to ensure compliance and maximize client benefits.

Goyal Tax Services Pvt. Ltd.

Overview

Goyal Tax Services Pvt. Ltd. has established itself as a firm known for its expertise in accountancy and taxation. They have also gained a loyal customer base through their proactive role as tax advisors.

Services Offered
  1. Tax Planning Services: These tax planning tools help the customers have a smaller tax liability as based on the corresponding financial status.
  2. GST Services Kolkata: At Goyal Tax Services Pvt. Ltd., one is provided with strong GST consultancy services and compliance to the dynamic GST landscape.
  3. Audit and Assurance Services: Comprehensive audits to provide transparency and compliance in financial reporting.
Why Choose Them?

Goyal Tax Services Pvt. Ltd.'s focus on client education and satisfaction has made it the top competitor in Kolkata. Their principal task is explaining technical tax concepts to its clients so they may be better informed when making decisions.

RSM India

Overview

RSM India has a strong market presence in the city of Kolkata and offers a broad range of professional services, such as tax consultants , audit and risk advisory services. Their international reach enhances their local expertise.

Services Offered
  1. Corporate Tax Services: They offer a comprehensive set of corporate tax planning and compliance services that businesses can tailor to their specific needs.
  2. GST Services Kolkata: Complete GST advisory services up through closing required for easier compliance of clients' business.
  3. Financial Advisory: Performance enhancement through tailored financial advisory services.
Why Choose Them?

With a global network, RSM India offers insights into local and international tax laws, making them a top choice for clients seeking a broader perspective.

Partha Das & Associates

Overview

Partha Das Associates is a boutique tax consultancy firm distinguished by its attention to personalized service and its dedication to meeting every client's individual requirements.

Services Offered
  1. Individual Tax Filing: Expertise in doing tax preparation for oneself, helping clients comply with personal tax liability as best they can.
  2. GST Services Kolkata: Awareness of GST so that business activities are carried out in an accurate manner.
  3. Transfer Pricing Services: Guide to transfer pricing, that is, of particular relevance to companies operating in foreign markets in respect to international trade.
Why Choose Them?

They are committed to providing clients a more personal and service focused relationship to which clients feel nurtured and listened to. They are able to design individual plan which is adapted to personas financial needs.

Saha & Associates

Overview

Saha Associates is a comprehensive financial consultancy firm that combines tax services with broader financial planning and consulting.

Services Offered
  1. Business Tax Compliance: Assisting businesses in ensuring timely and accurate tax compliance.
  2. GST Services Kolkata: They provide efficient GST services that businesses can use to mitigate the risk of non-compliance and enforcement.
  3. Strategic Tax Planning: There are strategic recommendations for personal and corporate taxes.
Why Choose Them?

Saha Associates combines experience with a client-focused approach, making it a reliable legal and tax consultancy in Kolkata. That, in their aim, is to the betterment of clients’ tax systems is commendable.

Conclusion

Selecting a top tax consultant in Kolkata is crucial for financial benefits and tax compliance. In Kolkata, various firms can meet your GST and tax planning needs in 2025, allowing you to choose one that fits your personal requirements.

We need to get in touch with any of the above mentioned consultants for customisable solutions with respect to taxation, particularly for GST related purposes in Kolkata. Their help gives the information to comprehend the intricacies of taxation and guarantee financial well being.

55th GST Council Meeting Brings Relief to GST- Registered Taxpayer

Important to know for taxpayers concerning GST

It's a big thing for registered GST taxpayers who want to minimize the hassle of claiming input credit. Taxpayers under GST who filed GSTR-3B from 2017-2018 to 2020-2021 must be cautious, as authorities are issuing demands for late ITC claims. According to the GST law, they cannot claim ITC until return filing that affected many. They have missed the advantage of ITC and, thus, their output tax liability went high. Now is the new opportunity to correct the same and obtain the available ITC.

The 2024 Budget addresses taxpayer issues and simplifies the rectification of outstanding input tax credits from previous years. It was released on 8th October, 2024 in this regard. GSTN has permitted businesses to file amendments online until January 7, 2025. It mentions that Taxpayer has to complete the process before 9th April and up to 8th April to avail its benefits from it.

Understanding the Process of GST ITC Rectification

A Simple Guide to Businesses GST. It is one of the essentials involved in conducting any business in India. Input Tax Credit, as per the scheme, enables one to recover any tax that may have been levied on buying. Companies may get an ITC demand from the tax department to repay claimed ITC with penalties and interest. Well, it is again due to the process developed by the government which enables a company to rectify this mistake. Let us tell you how is GST ITC rectification and what this is to be used to correct it with reduced penal cost on businesses.

A GST ITC Demand Order: Something Went Wrong?

As a taxpayer, you monthly filed your GST returns, only to be shocked by a portal demand stating you exceeded your input tax credit limit, despite everything seeming fine on paper, necessitating further investigation. An error on the GST portal wrongly marked specific invoices. That is why a recovery demand order for excess ITC was sent.

The New Solution: GST Rectification Process

So, instead of paying the demanded amount, businesses have the option to file for rectification under the newly introduced GST ITC rectification process. This will provide the proper rectification of the errors that arise because of technical bugs without penalty and interest.

Step-by-Step Guide to Rectify an ITC Demand Order:

Here comes Step By step-by-step guide to File a rectification application on the GST portal as per the advisory of January 7, 2025

  • GST Portal Login Go to www.gst.gov.in and login through User Id and Password
  • Proceed Further Dashboard > Services > User Services > My Applications In the next,
    Select "Application for rectification of order," then click "NEW APPLICATION."
  • Fill All the Details Download Annexure A from the portal. Fill in details of your demand order and provide details of ITC wrongly claimed by you. Upload Annexure A in complete detail now.
  • Check Your Application: Check your application once and then click on "FILE".
  • Last step:  On the specified date, one application under three months will be shown for review. Cancellation of verification for old GST claims now allows outstanding ITCs to be credited to the GST ledger.

BMA Insight

This current trend of GST advisory measures in our views, at BMA, seems progressive ones aimed more towards improving issues of compliance problems and subsequently pre-ITC errors. IThis ability to correct unadjusted ITC is a relief for trade, but it highlights the need for flexible time limits to prevent future issues. Stiff rules around e-way bills and combined multi-factor authentication are strengthening security and transparency but sometimes raise a concern for compliance for small business enterprises.

We at BMA believe that if the government makes smooth implementation and support toward taxpayers sufficient, then these initiatives could bring out positive outcomes. The thrust must be towards easier compliance rather than introducing new complexities.

Vivad se Vishwas Scheme, 2024 of Direct Tax: Simplifying Tax Disputes Resolutions

At Book My Accountant, we well understand the plight of taxpayers who cannot manage unresolved tax disputes. To reduce this concern, the Central Government has brought in the Direct Tax Vivad se Vishwas Scheme, 2024. The scheme aims to ease legal disputes by offering a direct tax solution for many struggling individuals. Let us take a closer look into this scheme and how it can help you.

The Direct Tax Vivad se Vishwas Scheme, 2024 was enacted under section 99 of Finance Act, 2024, and is expected to come into effect from October 1, 2024. This scheme aims to expedite tax dispute resolution without burdening appellate authorities, benefiting taxpayers and the Income Tax Department.

This Scheme shall benefit :

  • An Appellant who files an appeal, writ petition or special leave petition.
  • A person against whom an appeal has been filed by the Income Tax Department.
  • Any one whose case is pending in the Supreme Court, High Court, ITAT or Commissioner (Appeals) as on July 22, 2024.

Taxpayers must submit their relief claim under the Vivad se Vishwas Scheme via Form 1 on the Income Tax portal. On filing, the declaration would be verified by the designated authority. Upon confirmation, the designated authority calculates and informs the appellant of the amount due within 15 days via Form 2.

Amount payable under the scheme will depend upon the following factors:

  • Disputed Tax Cases: If an appeal is made after January 31, 2020 and was pending as of July 22, 2024, then the taxpayer is liable to pay the disputed tax that will carry cess and surcharge. But if petitioning is done during or before January 31, 2020, then a penalty of 10% on the amount of the disputed tax will be levied. If the amount is not paid till December 31, 2024.
  • Disputed Interest, Penalty, or Fee: Appeals concerning disputed interest, penalty or fee shall start requiring from January 31, 2020 onwards to pay 25% of the amount in dispute. Appeals to the date filing January 31, 2020 shall request a payment of 35% of the amount in dispute and the deadline date will remain on December 31, 2024, and thereafter draw additional penalties.

Applying the Direct Tax Vivad se Vishwas Scheme, 2024 can significantly reduce your tax liability and help resolve pending tax issues effectively.

"According to experts- Ashish Chorasia, Taxation Head, S.K. Dhanania & Co. this is to be availed by individuals whose income is less than Rs 50 Lakhs with not much variation in the assessed income. This will have lower liabilities for eligible taxpayers under DTVSV 2024 compared to E-DRS."

Amount paid under the scheme No refund Any amount paid under the scheme is non-refundable. However, if an excess payment has been made before filing Form 1, the excess amount (without interest) will be refunded. Appeals The following are not eligible for this scheme:

  1. Search assessments
  2. Cases wherein undeclared income/asset is abroad, or
  3. Prosecution has started.

This document is general information and is not intended to be advice or legal opinion on any matter. Readers should seek appropriate professional advice before acting on the basis of any information contained herein.

Home » ITC

Direct Tax Vivad se Vishwas Scheme, 2024

The Income Tax Assessee can file appeals before the higher authorities in case disputed assessment orders. The department is also empowered to file an appeal in case the assessee gets relief in the case. The appeal can be filed at various levels, including Joint Commissioner, Commissioner of Income Tax (Appeals), Income Tax Appellate Tribunal, High Courts, and Supreme Court. Pending litigations are rising due to more cases being appealed and fewer cases being disposed of. The successful 2020 Direct Tax Vivad se Viswas will be followed by the 2024 scheme to reduce litigations further. The scheme though announced yet to come in force on a date to be notified by the Central Govt. The starting and end date of the scheme shall be announced very soon.

Direct Tax Vivad se Vishwas Scheme Key points

Main Objective

The main objective of the scheme to resolve the pending income tax disputes by depositing a portion of the disputed tax, interest and penalties. The aim is to provide immediate relief to the taxpayers vide the speeding up the resolution process for pending disputes before various tax appellate forums

Eligibility

As of July 22, 2024, all pending disputes/appeals are before Supreme Court, High Court, ITAT, Commissioner (Appeals), or DRP. Except a few exclusions, the scheme covers disputes/appeals filed by any of the taxpayer and/or tax authorities.

Application

The eligible taxpayers may file a declaration in the prescribed form with the designated authority. The designated authority shall determine the tax arrears and issue a certificate stating the tax arrears payable within 15 days. The taxpayer is required to deposit the arrear payable within 15 days from the date of receipt of such certificate.   

Arrear Payment

In the previous Direct tax VSV Scheme, taxpayers were required to pay a percentage of the disputed tax, but received full waivers on penalties and interest. The amount payable depends on the timing of the settlement and the type of dispute. If the scheme is opted on or before 31.12.2024, only 100% of the disputed tax will be in question. Persons will be charged a little more in disputed tax if they opt for the scheme after December 31, 2024 but before its closure.

In case the dispute is about Interest, Penalty or Fee i.e. non tax disputes, only 25% of such non tax arrear is payable if the scheme is opted on or before 313.12.2024 and 30% if after 31.03.2024.

Immunity and Settlement

Under this scheme, the taxpayer is granted immunity from further prosecution, penalties, and interest for resolving disputes. After filing the declaration and making the payment, the appellants before relevant forums (such as High Courts or ITAT) will withdraw their pending appeals.

Exclusions

As we have discussed earlier, some of the litigations are not eligible under VsV 2024 like cases involving search and seizure operations, where prosecution under any law has been initiated, undisclosed foreign income or assets and cases received in DTAA.

Conclusion

The Direct Tax Vivad se Vishwas Scheme 2024 improves upon the previous VSV Scheme by efficiently resolving tax disputes cost-effectively. It waives interest and penalties and avoid further litigation.

The government will soon announce closure dates for the scheme, along with notifications and clarifications, to maximize benefits for taxpayers.


Disclaimer:

This document is general information and is not intended to be advice or legal opinion on any matter. Readers should seek appropriate professional advice before acting on the basis of any information contained herein.

A Guide to Section 194T : TDS on Payments to Partners

Section 194T of the Income Tax Act 1961 covers TDS deduction on partner payments by firms. It is crucial for firms and partners to comprehend this segment to adhere to the tax laws of India.

What is Section 194T?

Section 194T covers income tax paid by firms or LLPs to partners as salary, commission, interest, or remuneration.. It requires firms to subtract TDS that is payable before making such payments to partners. This makes sure that the incomes of partners are taxed under income taxation of India.

The following are the main features of the section :

Why TDS Matters Under Section 194T

The tax referred to as TDS that is paid under Section 194T makes it possible for government to recover its taxes directly from the firms before reaching the partners. This reduces chances of tax evasion and ensures that the provisions of the income tax laws are followed.

For partners, this means they receive income after the tax has been deducted from the income received, thus making it convenient for the partners to handle the tax issue at the end of the financial year. It also reduces the burden of depositing large amounts of taxes at a go because TDS is made progressively.

Example of Section 194T in Action

If a firm pays ₹50,000 as commission to a partner, it has to deduct 10% TDS which is payable on ₹50,000 and it will be ₹5,000. The partner gets ₹45,000 and ₹5,000 is paid to the government as TDS amount. Here’s a table that illustrates this:

Payment to PartnerTDS Deducted (10%)Net Payment to Partner
₹50,000₹5,000₹45,000
This will help to ensure that income taxation is in compliance with the laws of India as provided by the Income Tax Act of 1961.

Conclusion

Section 194T is a very important section in the context of income taxation in India especially for partnership concerns. The firms ensure compliance with the Income Tax Act 1961 by deducting TDS payment on partner income. This provision is very important for firms to be in touch with to avoid penalties and to make proper filings of taxes. The knowledge of the right income tax rates and TDS payable assists both the firms and the partners in the efficient management of their taxes.

Understanding the New Advisory on RCM Liability and ITC Statements: What Businesses Need to Know

India's GST regime has evolved, with new responsibilities in RCM and ITC tax returns per the latest GST Council advisory. This update is important especially for businesses that require to adhere to the changing GST laws.

What Is the Reverse Charge Mechanism (RCM)?

In reverse charge, the tax burden shifts from supplier to recipient. This is used when the supplier isn't GST registered or for goods/services under reverse charge.

Businesses must analyze transactions to determine RCM coverage per the new advisory. Non compliance attracts penalties and interest charges.

Filing RCM Liability in GSTR 3B

One of the significant components of the advisory is the proper disclosure of RCM liabilities in GSTR 3B return. The GSTR 3B is a return that has to be filed on a monthly basis by the businesses and in this the details of the tax liabilities and the ITC claimed in GSTR 3B.

Therefore, to remain compliant, all parties must accurately report the RCM liabilities in the GSTR 3B returns. This involves confirmation of the invoices and deciding whether the reverse charge applies. This is because, in the process of auditing, inaccurate or omitted entries can cause a lot of problems.

ITC Statement and ITC claimed in GSTR 3B ITC Statement and ITC claimed in GSTR 3B

Starting from August 2024, the authorities have introduced a new “RCM Liability/ITC Statement” to improve accuracy in reporting Reverse Charge Mechanism (RCM) transactions.

This statement will capture RCM liabilities from Table 3.1(d) of GSTR-3B and the related ITC from Tables 4A(2) and 4A(3) of GSTR-3B. Monthly filers must start using it from August 2024, while quarterly filers will begin from the July-September 2024 period.

Any discrepancies between RCM liabilities and claimed ITC should be corrected in this statement, reconciling opening balances up to July 2024 for monthly filers and Q1 FY 2024-25 for quarterly filers. The deadline for declaring and amending the opening balance is October 31, 2024, with three amendments accepted until November 30, 2024.

Why This Advisory Matters

This advisory is therefore a timely reminder for businesses to remain cautious in their approach to GST compliance. New RCM liabilities and the emphasis on accurate ITC tax statements indicate that the authorities want to increase accountability.

Businesses should check their current GST compliance, especially regarding the Reverse Charge Mechanism and the ITC declared in GSTR 3B. Consider regular GST audits or consulting experts to identify potential issues that could lead to complications.


Navigating the Maze of Input Tax Credit (ITC) in GST: An Analysis of Section 16(4)

The ITC (Input Tax Credit) may be difficult to understand within the labyrinth of regulations of taxation, but undoubtedly it is one of the most important mechanisms for the businesses to operate in the tax system. The Input Tax Credit (ITC) under GST lets businesses reduce tax on inputs by offsetting it against output tax, preventing double taxation.Claiming ITC faces obstacles, notably under Section 16(4) of the GST Act, warranting a closer look.


Understanding Section 16(4) of the GST (Goods and Services Tax) Act

You must claim Input Tax Credit (ITC) under section 16(4) of the GST Act before the prescribed period ends; failing to do so means you will forfeit the opportunity to use it.The strict restriction introduced by the provision governs the order of claims for the number of credits in the last sentence.

Stated Conditions for Claiming ITC

To claim ITC under GST, businesses must adhere to several conditions outlined in Sub-Sections (1) to (4) of Section 16. These conditions include possessing valid tax invoices, receiving goods or services, and filing tax returns within the specified timeframes. Compliance with these prerequisites is essential for businesses to avail themselves of the benefits of ITC.


Arguments Against Section 16(4)

Constitutional Validity:

Section 16(4) is a controversial provision that could contradict the constitutional rights to equality and freedom to conduct business as it gives some companies an unfair advantage over others.

Administrative Burden:

Companies involved in intricate economic deals bear an increased administrative burden when tax reporting deadlines are imposed upon them. They must ensure that they comply with all the deadlines that have been provided.

Compliance Challenges:

Businesses face significant challenges meeting this deadline due to payment delays or disputes hindering timely acquisition of deserved ITC.

Impact on Cash Flow:

The import tax credit time limit can hurt cash flow, especially in industries with long payment cycles or during recessions.

Legal Ambiguity:

A challenge arises from the uncertain or unclear language and the misworded subsection (16)(4), opening the way for potential interpretation issues.


Counterarguments and Analysis

Legislative Intent:

It is crucially important to take into account the legislative purpose of introducing a time period for claiming ITC and whether it is in sync with the general objectives of the GST regime such as promoting tax compliance and minimizing revenue losses.

Preventing Fraud and Revenue Leakage:

Time limits performs very important functions like preventing tax evasion, fraud and revenue losses. Providing a mechanism whereby the government can avert the revenue loss is the role of Section 16(4).

Legislative Intent:

It is crucially important to take into account the legislative purpose of introducing a time period for claiming ITC and whether it is in sync with the general objectives of the GST regime such as promoting tax compliance and minimizing revenue losses.

Preventing Fraud and Revenue Leakage:

Time limits performs very important functions like preventing tax evasion, fraud and revenue losses. Providing a mechanism whereby the government can avert the revenue loss is the role of Section 16(4).

Harmonization with International Practices:

An evaluation of time limits for claiming ITC in the GST regime, in the context of international practices, may reveal whether they are reasonable and abide by global standards.


Conclusion

The debate on GST Act 16(4) highlights system weaknesses, compliance costs, and dispute settlement concerns.Clear legal definitions explaining judicial review are essential for a good GST experience. The business community needs to be able to adapt well to ITC provisions.

While GST may sound daunting, Book My Accountant will make sure that you are compliant and can grow your business with an efficient GST framework.

Choosing Wisely: Old Tax Regime vs. New Tax Regime in 2024

Starting of a new financial year not only brings a new opportunity in India but also the time to pay income tax for the financial year. It can be a very emotional period that can often be tinged with sadness. We all look forward to the end of the year and the closing of account books but tax laws may not always be welcome. One of the biggest decisions many taxpayers face is which income tax regime to choose: the present one or the new one adopted recently. It is essential to understand the differences between both options because it can be quite confusing at first sight. But, at Book My Accountant we know that. This article aims to clarify the two available income tax systems to avoid confusion. This article will break down the primary differences between the old and new laws so that you can make a better choice for the following tax year, i.e. , AY 2024-25.

Understanding Income Tax Regimes

India offers two main tax regimes for individual taxpayers:

  • Old Tax Regime: This conventional type of tax system enables different deductions and exemptions that can drastically cut down the taxable income. Many of the normally allowed deductions are, for instance, investments in Public Provident Fund (PPF), Employee Provident Fund (EPF), National Pension System (NPS), health insurance premiums, and home loan interest payments.
  • New Tax Regime: Under Budget 2020, this new regime is a shorter one where the tax rates are lower than the old one. Nevertheless, it is accompanied by the downside, which is the removal of most deductions and exemptions.

Choosing the Right Regime: A Balancing Act is the act of keeping weight on both sides of a vessel in order to maintain its stability.

There is no single-answer solution for the tax system that applies to everyone. The optimal decision for you is determined by your own financial situation.

Income Tax Regimes

Income Tax Slab Comparison (FY 2023-24, AY 2024-25)

The income tax you pay depends on the tax slab you fall under.

Comparison of the income tax slabs for both regimes, Income Tax Slabs
Comparison of the income tax slabs for both regimes

Let Book My Accountant do the heavy lifting for you so you can choose the best option.

Selecting the better tax system can profoundly affect your tax burden. On top of that, our certified tax consultants can evaluate your income, deductions, and investments to put forward the most economical tax regime for you. We offer a range of tax services, including:

  • The keynote discussion will be on the comparison of tax return filing for the old and new regimes.
  • The planning and optimization of tax are the first steps in the process of organizing your money.
  • More assistance in claiming deductions and exemptions is the next step.
  • Provide assistance in tax computation and e-filing.

Don’t attempt to tackle the tax filing on your own.
Contact Book My Accountant for a Consultation and let us be your tax saver!