Tax Consultant in Delhi, India
A tax consultant is a professional who specializes in providing tax-related advice and services to individuals, businesses, or organizations. Tax consultant in Delhi or India should be well-versed in tax laws, regulations, and strategies to help their clients minimize their tax liabilities while remaining compliant with tax authorities. Here are some common services that tax consultants provide:
1. Tax Planning: Tax consultants assist clients in developing tax strategies that can help reduce their tax burden legally.
2. Tax Compliance: Tax consultants help individuals and businesses ensure they meet all tax filing and payment obligations, including preparing and filing tax returns accurately and on time.
3. Tax Deductions and Credits: They identify tax deductions and credits that clients may be eligible for, maximizing potential tax savings.
4. Audit Support: In the event of a tax audit or examination by tax authorities, tax consultants can represent and assist clients in dealing with tax authorities and preparing the necessary documentation.
5. International Taxation: For individuals or businesses with international interests, they can provide guidance on international tax laws, compliance, and strategies for minimizing tax liabilities.
6. Business Taxation: Tax consultants often work with businesses to optimize their tax structure, which may include advice on corporate taxation, payroll taxes, sales taxes, and more.
7. Tax Advisory: Offering advice on various tax-related matters, such as investment tax implications, real estate transactions, and business expansion.
As tax consultant in Delhi, India, we have catered to large number of enterprises, startups and SMEs. Our experts have a thorough knowledge of tax planning, strategizing, documentation and representation.
Types of Tax Consultants
In India, there are various types of tax consultants who specialize in different aspects of taxation. These professionals play a crucial role in helping individuals and businesses comply with tax laws and optimize their tax liabilities. Here are some common types of tax consultants in India:
1. Income Tax Consultants:
- Specialize in income tax laws and help individuals and businesses in filing their income tax returns. They can also help in filing NRI Returns. Some of the key points while filing NRI Returns are checking the residential status, taxable income for NRI’s, Income Tax slab for NRI’s, DTAA and tax filing deadlines.
- Provide advice on tax planning to minimize tax liabilities. There are two types of taxation – Direct and Indirect Taxation. Direct taxes are taxes that are levied directly on individuals or entities and are paid directly to the government. Indirect taxes are taxes that are imposed on goods and services and are paid indirectly by the consumer when they purchase these goods or services. Anbac Advisors is considered as one of the best Income Tax consultants in India.
2. Good and Services Tax (GST) Consultants:
- Focus on GST, which is a value-added tax (VAT) levied on the supply of goods and services.
- Assist businesses in GST registration, filing returns, and compliance with GST laws.
3. Corporate Tax Consultants:
- Work with businesses to navigate corporate tax laws and ensure compliance.
- Help in tax planning and structuring to optimize corporate tax liabilities.
4. International Tax Consultants:
- Specialize in cross-border taxation, helping businesses with international operations navigate complex tax regulations.
- Provide advice on transfer pricing and other international tax matters. Anbac Advisors is considered as one of the best international tax consultant in India.
5. Transfer Pricing Consultants:
- Work with multinational companies to establish and maintain arm’s length pricing for transactions between related entities.
- Help ensure compliance with transfer pricing regulations.
When selecting a tax consultant, it’s advisable to choose one with expertise relevant to your specific needs and circumstances. Additionally, ensuring that the consultant is well-versed in the latest tax regulations and updates is crucial for effective and compliant tax management.
What is the difference Between Tax Consultants & Accountants?
Tax consultants and accountants are both professionals who play important roles in financial management, but they have distinct roles and responsibilities. Here are the key differences between tax consultants and accountants:
Tax Consultants:
1. Specialization:
Focus on Taxes: Tax consultants specialize specifically in taxation matters. They are experts in tax laws, regulations, and planning strategies.
2. Role:
• Advisory Role: Tax consultants primarily provide advice on tax-related issues, helping individuals and businesses navigate complex tax laws to optimize their tax positions.
3. Services:
• Tax Planning: They assist clients in effective tax planning, identifying legal strategies to minimize tax liabilities while ensuring compliance with tax laws.
• Tax Compliance: Tax consultants help with the preparation and filing of tax returns, ensuring that all relevant laws and regulations are followed.
4. Expertise:
• Tax Code Knowledge: In-depth knowledge of the tax code and understanding of recent changes and amendments.
5. Client Interaction:
• Proactive Approach: Tax consultants often take a proactive approach, advising clients on potential tax implications of financial decisions.
6. Credentials:
• Specialized Qualifications: Many tax consultants hold specialized qualifications in taxation, such as being a Chartered Accountant (CA) with a tax specialization.
Accountants:
1. Specialization:
• Broad Financial Management: Accountants have a broader focus that includes financial management, bookkeeping, financial reporting, and analysis.
2. Role:
• Financial Management: Accountants play a key role in managing financial records, ensuring accuracy in financial reporting, and providing insights into the overall financial health of an individual or business.
3. Services:
• Bookkeeping: Accountants handle day-to-day financial transactions, maintain ledgers, and prepare financial statements.
• Financial Analysis: They analyze financial data to provide insights into the financial performance of an entity.
Our Tax Consultancy Services List
It is important for any business to be aware of any tax challenges that may pose a threat and lead to hefty tax penalties. A tax efficient structure for an entity helps in smoother governance of the entity. Our services include advisory and compliance related to GST, TDS, ITR.
1. GST Compliance
Every company registered under the Goods and Services Tax Act, and performs a sales turnover of more than twenty lakhs in certain cases, and forty lakhs in other cases, has to periodically record sales and purchases along with the tax collected and paid thereon, by filing GST returns.
Payment of Good and services tax which is due should be made before filing GST return else it will be invalid. AnBac Advisors has an expert in-house team of Tax consultants who assist clients in their timely filing of GST returns monthly or quarterly.
AnBac Advisors also advises on tax optimized structure to avail benefits available in the GST law, to reduce the overall tax burden by taking advantage of several specific benefits of exemption available in the law.
2. TDS Compliance
Monthly payments of TDS to the government is mandatory for claiming it as a legitimate business expense.
In case of non-compliance to TDS, it shall lead to cancellation of deduction of that expense in the books of accounts for the purpose of computation of income for income tax purposes. It is very important to adhere to TDS compliance on a regular basis, otherwise leading to hefty penalties in the process.
A TDS return is mandatory to be submitted to the income tax department quarterly. It includes are the details of TDS deducted and deposited by the entity or individual. we as tax consultants make sure a timely filing of TDS returns.
3. ITR Filings
Income tax return is the Annual tax return which is mandatory to be filed with the Income Tax Department of India. All eligible individuals, companies, firms are required to file an ITR on their annual income every year. Maintaining the tag of one of the top Income Tax Consultants in Delhi, India, we advise and guide our clients on Income tax return filings.
Also, our Services include Accounting Services in India, Company Valuation Services in India, Legal Advisory in India, Accounting and Bookkeeping Services in India, Legal and Audit Compliance, Government tie-ups and Grants and Startup advisory services India.
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