Why To Take Help From Taxation Consultant Specialist?

In the never ending challenges of our times merely earning is not enough since there are other requisites which society has from us. One critical and significant aspect is paying taxes on our income. The government needs money to run the economy along with many essential services. The money for that comes from a number of sources of which taxes form a major part.

There are many types of direct and indirect taxes, which we as a common people bear in our everyday life. For instance eating out at an air conditioned restaurant would mean service tax and purchasing a manufactured item such as furniture would mean VAT or embedded excise tax. It is a however income tax which hurts the most since it has a visible impact on our hard earned wealth. There are various facets of tax consultancy and it continues to grow in an ever expanding business world.

Thus, the following reasons necessitating the need for professional support in taxation:
 

  • People today have a number of sources of income and consequently their tax impact becomes that much more complicated.

 

  • Tax laws are changing each year with a new budget ushering in new rules and laws. Further, the tax department also keeps issuing circulars and notifications which further add to the laws and their treatment. Thus, tax consultation becomes essential in this case.

 

  • Tax consultation becomes even more essential for people who go out of the country and work in various territories with numerous tax implications. Thus, for such individuals sometimes companies do not engage professionals and they are expected to manage the same on their own. It is at such junctures where they can avoid double payment of taxes with the aid of a specialist. Such a person would possess knowledge of possible double tax avoidance agreements between India and the concerned country.

 

  • There are also various tax laws which require mandatory compliance such as payment of advance tax if one has a tax payable of more than certain sum in a year. These advance taxes must be paid by specific due dates. Any failure would require interest payment on delayed sums failing which penalties maybe levied.

 

  • There are various benefits which the government provides in the form of tax exemptions and rebates if investments are made in specific items. These items not only provide secure returns but also tax savings. A consultant who deals in taxation will be able to guide as per one’s savings and money goals.


Thus, we find that there are many needs for a professional tax consultant in India.

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