5. Concessions by the Government

The government has certain concessions for the small business owners. Providing raw materials at lower price, waving taxes on purchase of raw materials, etc. are some of the special schemes of the government to encourage the small business owners.

The small business owners usually run after these concessions provided by the government. They might also take the help of wrong or hard-core ways to utilize these concessions. Well, this can be risky at times when the income of these business owners exceeds the amount of concessions.

It can raise the eyebrows of the tax department as well as of the other related departments. This can give rise to unwanted problems for the owners.

6. Government Approved Practitioners

Under certain acts of the government, special discounts on the tax structures are provided to the business owners, who hires government approved consultants in their firms. Moreover, the government approved tax practitioners are much more perfect than the other practitioners.

It is always advisable to hire the government approved tax practitioners for calculating tax and other related topics.

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