Its myth or reality-4 Ways your Tax Consultants can cheat you
90% of the raids are due to information disclosed by Tax Consultants.
Your Tax Consultants knows all information of your business. If you play with him, he will play with you. As per an insider information received from an Income Tax officer 90% of the raids and scrutinizes are started after information received from Tax Consultants.
Tax Consultants can cheat you by playing with your records
While filing Income tax returns, you have to provide Bank account details of tax payer. Refund will be credit to bank account provided while filing the return. Some Tax Consultants were raided by Income tax department regarding this issue.
Tax Consultants can copy your business model or disclose it to Competitors
Tax Consultants due to their practical exposure can easily understand every business. Never disclose the key processes of your business to them.
Tax Consultants can shut your business
Have you ever wondered why some Tax Consultants work with low fees while others demand high fees? Believe me there are no low and high fees.
Those charging high fees know, what they are supposed to do. They value their time and expertise and quote accordingly.
While others, they charge low. They charge low because, they use other ways to earn money from you. They have tie up with local corrupted tax officers and don’t be surprised if you receive notices every half year.
You end up paying bribe, this bribe is shared by both Tax Consultants and tax officers.
I have to totally disagree with you. First of all the headline of your topic is not good, its not in a good professional way. There could be some consultants who engage in these kind of acts but not all.
I will not disagree with you 100% but yes still one need to generalize the matter. Some consultants may play these bad games with their clients but not all do this.
Finally someone has come up with a true picture. Believe me man everyone cheates. Some are professional but rest are money making machines.
The picture truly speaks what 80% of the consultants do.
Everyone here, peace please. I have written this after practically experiancing it.
Speaking truth does not kill someone. I wrote what i have observed.
But can you prove me wrong, Inside even you know its not myth and its reality.
Yes it is some what a reality. I dont deny that this happens. I have personally meet people who does this kind of frauds.
But because few people do it does not mean everyone should be blamed.
I am not telling that all consultants are doing this. I have only posted, How your tax consultant can cheat you.
The heading says : Tax Consultants CAN cheat you.
(It doesn't say they always CHEAT you).
Even it is not common, the "imagination" is "alarming."
There are always "some reasons" to "imagine."
The same "feelings" are experienced in other fields-
And what more to say - even Family Members CAN cheat YOU!
Further, even inexperienced WRITERS and INTERVIEWERS can SHIFT your ATTENTION to the ISSUES which are actually NOT EXISTING.
The best example : The Media!
A CONSULTANT is always HIRED with a reference by a trustworthy person who has long association with the consultant.
BAAKI ABHI ES DUNIYA ME BHAGWAAN HI MAALIK HAI.
Even a PERSON is not HONEST to HIMSELF!
But tax consultants are cheating their clients. I have lot of examples, how chartered accountants are fooling people.
One particular case I remember about my friend is very intresting and shows how CA are involved in this big scam.
My friends chartered accoutant used to give his bank account number whenever there was any refund. While filing the income tax returns we have to make sure that account number is correct.
This thing about some CA always giving his bank account number is hog wash, The ECS is started only effectively from AY 2014-15 that too for certain assesees and amounts. So when the bulk of the refunds upto 2013-14 and nearly half of 2014-15 were given ut by account payee crossed cheques, how can a CA encash it. The Cheque is made out as " Name of Assessee A/c No. xxxxxxxxxxxxxxxxxxx", no bank would collect this cheque merely going by account number.
While the premise of some cheating by Tax Consultants may be true in few cases, you cannot generalise and blacken the entire professional community. It would be like saying that all Docs are quacks, or all lawyers are double crossing and all Govt Officials are corrupt and so on.