learn about taxes from a tax consultant in Durgapur

 Summary- Nihit Dalmia, your neighborhood tax consultant in Durgapur; learn all about taxes, tax consultants, and why you need to hire one, in easy language and at your convenience. Since taxes are important and most people wish to know about tax saving schemes, here is a blog stating the importance of tax advisors and how they can help individuals and businesses with related legal advice.

With the surge in businesses and different organizations, people are getting more and more involved in the process of taxation and accounting. Thus it is becoming important for people to understand the entire process and know certain terms in order to save themselves from fraudulence. One can always hire a CA or a tax consultant in general since hiring doesn't cost much, however, there is no issue in gaining some knowledge for yourself. Acknowledge things for yourself for knowledge is power. I am Nihit Dalmia, a tax consultant in Durgapur, welcoming you to understand your legal litigations. So, let us begin with certain terms and move forward with their importance in daily life or in business.

Who is a tax consultant and why do you need them?

A tax consultant is also known as a tax advisor who has advanced knowledge of taxes and therefore can offer you legal tax-related advice. Being a tax consultant in Durgapur, I can tell you that tax advisors are usually hired to minimize taxation, especially in complicated tax situations. Most businesses and organizations have an accounts department that takes care of the taxation policies. However, at times in case of complicated situations, people hire tax consultants to understand the situation and save themselves from legal litigations. In general, a company or even a person requires a tax consultant to help them pay their taxes and avoid legal issues. People who hold a proper degree and knowledge of tax compliance and planning become tax consultants for common people after years of practice. Businesses and individuals can hire tax consultants for long as well as short time periods as per their requirements in order to help them throughout the entire year with tax returns and minimizing tax liabilities. Most people hire a tax consultant by the end of the financial year to sort out the legal things.

What does a tax consultant do?

After understanding who and tax consultant is and why you need them, let us understand what they actually do or what their task involves. Tax consultants know about the income tax acts of a country as per the laws and therefore are bound to abide by those laws before filing taxes on behalf of an individual or an organization. Since I am a tax consultant in Durgapur, India, let us discuss the Indian legal systems and understand the taxation policies. A business or individual seeks the advice of a tax consultant via phone or even face to face and discusses the issues and their requirements. Apart from the commonly known task of filing taxes, a tax consultant is also required to take care of filing e-returns, documentation of taxes, and evaluating the legal and financial circumstances of the taxpayer to analyze the liabilities. Apart from these one can hire or even consult a tax adviser to understand legitimate investments and tax saving schemes.

Difference between a tax consultant and an accountant

With the knowledge imparted about taxation policies and tax consultants, it is important to discuss the difference between a tax consultant and an accountant. One might get confused between the two since both of them deal with finances and helps you save without causing fraudulence. Let us first understand who an accountant is and what their role involves. Generally, the role of an accountant asks them to maintain the annual financial accounts, since those reports help the business or the individual to file their taxes, analyze their business performance and conduct tax audits. Mostly an accountant's responsibility involves making strategic decisions regarding finances. Whereas on the other hand a tax consultant is bound to have a strong sense of taxation-related laws so as to offer tax-related advice to people. A tax consultant must also be a certified practitioner since they involve legal tasks. Being a tax consultant in Durgapur, I can easily tell you that people look up to tax consultants since most people, as well as organizations, seek out tax planning and taxation-related legal advice throughout the year.

Why should you hire a tax consultant?

Finally reaching the end I might just simply tell you certain points about why you should hire a tax consultant. Although we have been blessed with technology that provided us with taxation software that eases the taxation process and helps you file taxes at your convenience, a person always comes in handy in legal cases. A face-to-face discussion while making financial decisions can help you manage your financial portfolio and understand your taxes better. Thus, here are a few reasons why you should basically hire someone like me.

●       You can save time with a tax consultant by your side, constantly helping you understand your taxes and helping you with tax-saving schemes.

●       A tax consultant is always aware of the recent tax deductions and therefore can always keep you updated and also help you avoid future tax-related litigations.

●       When in doubt you can always consult your tax consultant. It is hassle-free and safe since a tax consultant can help you maintain a safe and legal tax record.

In a nutshell, a tax consultant is someone who can solve and answer all of your financial queries and help you make important financial decisions. Now, you also know if you are from India and require a tax consultant in Durgapur, whom to contact.