Home Uncategorized What Is a Tax Consultant and Why You Need One?

What Is a Tax Consultant and Why You Need One?

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Corporate and personal taxes are an essential source of revenue for governments worldwide. It forms a significant share of the overall government revenue. For example, during the financial year 2020-21, 56.4% of the total government revenue came from personal and corporate taxes. Out of this, corporate taxes accounted for 28.1% of the total government revenue during the same period. Given that direct taxes are a significant source of income, it shouldn’t be a surprise that the government has strict measures to curb tax evasion. 

Regardless of the size and industry of a business, it is liable to pay some or the other taxes. Therefore, companies must assess their tax liabilities and pay their dues timely. A tax consultant can be your ultimate saviour in tax planning and filing. They can help you legally reduce tax liabilities and comply with all applicable laws. Read on to learn more about tax consultant India and why you should hire one. 

Who is a tax consultant? 

A tax consultant is an individual who is well-versed with tax laws and has the professional qualification to provide tax advisory services. Tax consultants are financial experts who are well-versed in subjects such as tax accounting and tax laws. They can offer the right guidance on planning, managing, and filing taxes. Tax consultants are known for legally reducing a business’s or individual’s tax liabilities. 

There are many investment options which allow for tax savings. You can also ask for tax-savings investment advice from tax consultants. A tax consultant can have a varied role depending on your chosen services. From tax registration to return filing and consultation, tax advisors can help with many things. 

Why hire a tax consultant?

There are numerous benefits of hiring a reliable tax consultant. Whether you are a business owner or a self-employed professional, a tax consultant can ease your tax worries. Here are some crucial benefits of hiring a tax consultant. 

  1. Minimise your tax liabilities 

A reliable tax consultant can help you minimise your tax liabilities without cheating the system. They can find out the relevant deductions available for your account. Besides this, they can also offer investment advice to save money on taxes. It can help reduce your business’s tax component and boost profitability. 

  1. Efficient tax planning and filing 

Depending on your business’s nature, industry and structure, you are liable to pay different types of taxes. A reliable tax consultant can help you plan taxes efficiently. You will have a better idea of your net income and profits. It can aid your overall financial planning efforts. Delays in tax filing can lead to heavy penalties. Tax consultants can also file your taxes timely without inviting any penalties. Businesses can benefit immensely from efficient tax planning.

  1. Save time and money 

Taxation is a complex subject, and not everyone is aware of all tax laws and deductions. Tax consultants are experts in taxation and financial planning. They can help you save time and money by offering the right guidance quickly. Reliable tax consultancy service providers like AKM offer a wide range of taxation services. Hire a tax consultant India today!

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