The main aim of a tax consultant is to help organizations or individuals pay their taxes on time. They tend to be experts in tax compliance and tax planning. An individual or a business can avail the services of a tax consultant for NRI in Pune, for long term and short term tax optimization. Tax returns are made and they would be working with clients to reduce the amount of liabilities every year. Hiring is not going to cost you much, as it helps you to avoid tax liabilities towards the end of the year.
An accountant’s role would be maintaining the book of accounts, along with filing the tax returns. Tax audits, business performance reports and ensuring general advice are on top of the list. Tax knowledge holds a strong grasp on income tax laws as they can provide you with legal advice. You need to ensure that he is running a tax advisory firm as their advice can help you with tax planning during the year and it is not just before a financial year.
Hence an accountant performs a series of functions whereas a tax consultant would encompass functions to tax norms. Though some of the accountants may provide you with tax advice as availing the services of a tax consultant would make more sense.
The benefits of availing the services of a tax consultant
Be aware of tax deductions
When you avail the services of a tax consultant it gives you an idea about the tax deductions in a year. You are advised to make strategic investments so that you do not incur tax liabilities in the future. If the consultant is good they are going to suggest effective methods on how to reduce taxes and enhance the financial portfolio. But if you opt for the services of NRI tax planning in India, they would be able to ascertain the deductions from your account. For a small fee it helps you to file your income tax return.
It is hassle free and safe
When in doubt it is always better to seek the services of an expert regarding your finances. A tax consultant would be able to maintain records in a legal and safe manner, where there is no need to be running from pillar to post.
People file tax returns at the end of the year. Hence it is obvious they would end up making investment decisions hastily. It takes time along with effort to ensure that the income tax returns are filed properly. A tax consultant would be digging up the financial portfolio, and cross check all the incomes along with returns before they file income tax returns. It enables you to manage you financial portfolio in a better way.
Even if you are not availing the services of a tax consultant, they may be able to offer you some form of tax advice. Regular updates are sorted from him as you need to undertake the leg work yourself.
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