What is the role of a Tax Consultant?
The Chartered Accountants, Income Tax practitioners and Accountants do tax consultancy in India. The widely used are Chartered Accountants.
Tax consultants help companies, LLPs, and individuals save taxes in the best way. A good tax consultant must have a degree in accounting and taxation with experience working in the industry that helps him use it effectively in all situations. The typical situations in which the Tax Consultant is required are:
- Tax Planning
- Tax Savings
- Annual tax filing
- Mid-year advance tax calculation and payment
- Reply to Tax Department notices and queries
Type of Tax in India
Indirect Tax – GST
This tax is levied on the goods and services sold in India and Globally from India. The tax is indirect as it is collected from the buyer of the services, who, in turn, can claim the tax, and the final consumer pays the tax. The taxes are added on each value added to the goods and services, and the input is received for the already paid taxes. Thus avoiding double taxation.
Direct Tax – Income Tax
Income Tax is levied on the income earned by the companies, LLP and individuals in the capacity of an artificial person or individual.
Let’s understand each other in a detailed manner.
Tax Planning
Tax planning is the activity performed so that all the activities per the act are used to ensure tax is only paid when necessary or optimised. The act has defined how various sections of the Income Tax Act are levied correctly to plan for lower taxation. Income tax consultants ensure that they use all the avenues to ensure lower taxes are deducted. www.cfoangle.com is a tax consultant in Bangalore and one of the leading tax consultants in India who is helping with proper tax planning.
Tax Saving
Tax saving is an activity larger than tax planning, and it also includes the re-organisation of the entity to create an overall tax scenario, which helps to use the Income Tax Act effectively to divide the tax liability so that lower taxation is applied. www.cfoangle.com is a tax consultant in Bangalore that has helped proprietors move to a company setup where, from a 47% tax structure, their effective tax rate was reduced to 26%, thus saving a few crores in the company cash flows. Our expert tax consultants help companies understand the issue’s core and suggest and advise them on structural changes to ensure long-term savings. Our team provides contact focus and works closely with the companies for long-term gains.
Annual Tax Filing
Timely and correct filing of annual taxes ensures no penalties and interest. A responsible taxpayer provides advanced tax filing and accurate tax calculation and pays it before the due date. Also, ensure all filings cover all the correct income and finance numbers. Annual filing ensures the completion of the financial and assessment year. Section 143 for self-assessment confirmation received from the Income tax department when they acknowledge and process refunds or additional taxes, if any. www.cfoangle.com helps companies file annual taxes and ensures that there would be no notices once we file it, and if it comes for the same assessment year, it would be attended free of cost. We have resolved cases where 10 cr GST liabilities are cleared with the authorities in less than 10 days.
Mid-year advance tax calculation and payment
We must estimate our advance income taxes as required so that the tax is self-assessed and paid promptly to avoid interest. The department sets due dates for each quarter where a specific portion is deposited. An interest is leviable for the default period and a short amount if not paid. Any interest paid is not an allowable expense and is a straight loss. At www.cfoangle.com, we help you make correct estimations and deposit money promptly to the Income Tax Department.
Reply to Tax Department notices and queries.
Even after the best work is done, there are chances that the departments will send notices that need to be responded to promptly. At www.cfoangle.com, we deliver detailed responses to the notice with our experts, who help respond and attend personal meetings with the department team to resolve issues.
Instead of searching for a tax consultant near me, we advise you to search for www.cfoangle.com for the best income tax advice. Nevertheless, you will still find us even if you search for tax consultants near me.
