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Raaman Associates

About Us

Raaman Associates has a solid reputation for offering top-notch customer service and establishing enduring bonds of trust, integrity, and professionalism with our clients. Our team is comprised of certified public accountants (CPAs) and tax professionals with years of experience in the industry. We adhere to the principle of providing individual service to each customer, collaborating with you to determine your specific needs and goals. Our mission is to assist you in achieving financial success by reducing your tax liability while increasing your chances for development and achievement.

Our Purpose Recognition

Empowering you to make informed financial decisions

Trust

At our Raaman Associates, we prioritize integrity and transparency in all our financial services, so you can trust that your finances are in capable and trustworthy hands. We value our clients and understand the importance of building strong and long-lasting relationships. That's why we go above and beyond to exceed your expectations and earn your trust.

Integrity

With years of experience in the industry, we have earned a reputation as a competent and trustworthy accounting firm. We take the time to understand your business and financial goals, so we can provide you with the best possible advice and support. We have helped countless clients achieve their financial goals and overcome challenges.

Professionalism

Our qualified and experienced accountants are dedicated in providing a superior level of service and professionalism. You can rely on us to provide you with accounting solutions that are accurate, fast, and efficient. We can help you either you are an individual searching for tax preparation services or a corporation looking for strategic tax planning and advice.

“The importance of record-keeping for tax purposes”

Henry Ward Beecher

FAQ

important things you should know

Accounting is the process of documenting, categorising, and summarising financial transactions in order to generate financial statements. These financial statements are intended to present a clear and accurate picture of the financial situation and performance of an organisation.

A tax is a charge levied by the government on income, products, or services. Individuals and corporations are required by law to pay taxes to the government depending on their income, earnings, and costs. Tax law can be complicated, and it is important to follow it in order to avoid penalties and legal complications.

No, entrance tax does not fall under the authority of the Goods and Services Tax (GST). The state government charged an entry fee on products entering the state’s borders. With the implementation of GST in 2017, however, entrance tax was absorbed into the new tax structure. As a result, firms in India no longer have to pay entrance tax when transferring products over state boundaries. Instead, companies must pay Integrated GST (IGST) on inter-state supplies and Central GST (CGST) + State GST (SGST) on intra-state deliveries.

Income tax calculation may be a complicated procedure that is dependent on various factors, including your income, deductions, exemptions, and tax rates. However, the following are common measures you can use to determine your income tax:

Determine your gross income: This consists of all kinds of revenue, including your salary, company income, rental income, and other sources of money.

Calculate your deductions: Deductions are costs that can be deducted from your gross income to determine your taxable income. Investments in specialised schemes such as the Public Provident Fund (PPF), Life Insurance Premium, Equity-Linked Saving Schemes (ELSS), and so on are examples of typical deductions.

Calculate your tax liability: You may calculate your tax due using the relevant tax rates once you’ve identified your taxable income and tax level.

Subtract any tax credits: Tax credits are reductions in tax liabilities that can be utilised if you have invested in specific schemes or paid taxes in advance.

To successful determine your income tax due, it is advised that you employ an income tax calculator or obtain guidance from a tax specialist.

Tax is not a sort of account; rather, it is a responsibility owed to the government by a firm or individual. When taxes are due, they are recorded in the books of accounts as a liability until they are paid.

Income tax, sales tax, excise duty, customs duty, and other taxes may all be included in the tax liability. These obligations are documented in distinct general ledger accounts such as “Income Tax Payable,” “Sales Tax Payable,” and “Excise Duty Payable.”

The liability is decreased after the taxes are paid, and the payment is recorded in the appropriate tax account. To comply with tax requirements and avoid fines, it is essential to keep accurate records of tax liabilities and payments.

Our goal is to help people in the best way possible. this is a basic principle in every case and cause for success. contact us today for a free consultation. 

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