LOCKDOWN AND TAXATION

 

Coronavirus brought about a standstill to everyone’s life. The number of people affected ranges from an average salaryman to multinational companies. Another significant aspect of the pandemic was the nationwide lockdown to help control the spread of the virus. It meant a complete stop to the operations of companies and businesses, and as these ventures were in their lives, they suffered massive losses. The country provided compensation for the losses of people through various schemes, but in doing so, a large percentage of national savings was used. As lockdown ends, the government has started to increase the tax rates on businesses and companies to make up for the loss. The ventures being taxed are already going through loss, and to avoid hefty taxes, Accounting and tax services are required now more than ever.

Digilekha Consultancy Pvt. Ltdis a firm that provides Accounting and Tax Compliance services in Pune. A skilled team is the backbone of success for any firm. Digilekha houses a qualified team of professionals, each excelling in the various fields of accounting and having many years of experience working in the corporate world. Therefore, if anyone knows the workaround taxes and various accounting services required by companies, it is Digilekha.

Digilekha offers various services to multiple business and non-business organizations, such as:

• The formation of a business entity
• Tax compliances services to companies
• Book-keeping and other accounting services

They offer many other services along with these, such as MIS formation, NRI services, and many others. The wide variety of services has resulted in them being one of the best tax firms which a glorified list of clients that avail their services.

The need for these services occurs daily for any company. If there is no management regarding the company’s funds and there is no allocation for the expenses, then the company is bound to suffer losses. Book-keeping is difficult and meticulous work as the books of accounts show where the company’s funds are utilized, and the amount of revenue the company earns. The amount of tax that a company is liable to pay is determined based on the accounts shown in the books.

Hence, the services offered by Digilekha help the company comply with the government’s taxation policies without suffering massive expenses in the form of tax.

The lockdown was also responsible for inspiring people to look for newer, faster, and better ways to make a living. These included many young and enthusiastic entrepreneurs that started new ventures based on fresh ideas. Pune is the new hub of start-ups and has played home to many of these, with many successful businesses established. Naturally, the need for accounting services and tax consultancy increased. They required more profits to remain relevant in the market during current times. Hence, they cannot afford to pay more taxes than necessary. Digilekha is one premier Accounting and tax compliances consultancy in Pune that can make this aspect easier for new companies.

With fresh waves and variants of the Coronavirus ready to spread amongst billions, there is no telling when the lockdown will end so life can return to normal. Although this is the new normal, and adapting to it is better than bringing about a change to the definition of normal. It applies to all businesses and companies that have to adopt the new taxation policies and find better ways to comply with them and prosper in these hard times.

In conclusion, accounting and taxes play an important role in the success of any organization. Proper management of these aspects through specialized help only will ensure the organisation’s long-term success.