Did you know that nearly a significant percentage of taxpayers in India miss out on eligible deductions, resulting in overpaying thousands in taxes every financial year?
Also, 60% of Indian taxpayers struggle to evaluate the latest tax reforms, like the updated HRA rule and new tax regime, resulting in potential overpayments.
Are you facing the same issues and want someone to help you navigate through the uncharted water?
A professional tax consultant can help you through real estate tax savings, strategic tax planning, optimizing rental income to reduce stress and optimizing finances.
Who’s a Professional Tax Consultant in India?
A tax consultant helps clients with professional services like filing, optimizing, and planning taxes. According to the Income Tax Act 1961 and Rule 51, a person who has obtained a degree in commerce from a recognized university can act as a tax consultant. They advise their clients on different financial matters and income tax returns. Also, they’re knowledgeable about the most recent tax reforms, both on the state and the federal level.
What Does a Tax Consultant Do?
Common responsibilities of a professional tax consultant include-
- Meeting and discussing the financial details to understand the taxable income.
- Checking the potential deductions.
- Developing the clients’ tax returns while offering the lowest obligation.
- GST registration for professional services.
- Legal incorporation services.
- Giving suggestions to clients on significant life events like marriage, inheritance or divorce.
How a Professional Tax Consultant Can Help?
The right expert from a reputed tax planning consultation company can help you save your hard-earned bucks. Therefore, as the experts will handle the laws and regulations, you get peace of mind. If you’re wondering how they will curate, strategize and incorporate those accordingly, here are the 7 ways they will help you by keeping your wallet fat!
Strategic Tax Planning
Tax planning is not only a one-time work, but it needs extra attention throughout the year to help you make tax-efficient decisions. According to Forbes, “You don’t need to run a Fortune 500 company to take advantage of tax planning. All you need is consistent yet strategic tax planning to help your outcome.
With professional tax consultants in India, you can be more tax-efficient. This ensures much financial support while minimizing the tax deduction you’re entitled to.
Uncovers Hidden Deductions
The constantly changing regulations may indeed be overwhelming. An expert is like a detective who will identify the hidden deductions and credits to generate maximum savings for your business. These overlooked savings will help you to make a big difference down the line.
Constant Update on Capital Allowances
This area changes often, so you should stay abreast to reap the benefits. Hiring a tax consultant will help you to stay updated on all the aspects of capital allowances. The expert will advise you on the best time to make the investments and how to maximize the allowances.
Identifies the Growth Opportunities
Tax planning experts keep the records up-to-date to help you know the present figures of your business. Overall, you will see what you’re performing and what’s not. This will help you to make data-driven decisions. For example, the consultant will help you assess survival techniques during a recession. The expert will help you understand where to save money and where to invest if you want to grow.
Informed Decision Making
Staying on top of the books while extracting insights from data may be time-consuming and challenging being a business owner. Having a professional consultant will help you uncover the right information with the interpretation that helps you make informed decisions.
Avoids Fines & Penalties
You should file your taxes correctly and on time, too. With the changing laws and litigations, things aren’t easy! With the help of an expert, you will fill your tax timely and correctly. Overall, you will have the peace of mind to help you focus on other business tasks.
Saves Precious Time
The more time you spend doing the taxes, bookkeeping and financial statements work, the more energy you will lose. Therefore, you will end up dedicating less time in your other official work. Once you hire a professional tax consultant, the dedicated person will handle everything about the tax-related work. This will help you engage more with your team, as it’s much needed to increase productivity.
Cost-Efficient Legal Advisory Services to Take Your Business to the Next Level!
At JRC ROYMAVERICK, we offer affordable and stress-free professional consultation services to help you stay compliant at every step. Now, skip the hassle and get professional assistance on time with zero hidden fees. For more information, visit our website today.
