Tax Consultant in India: A Service With Ethics

tax consultant

Why do you need a tax consultant?

Nobody can answer this question other than you yourself. It depends on you whether you need and why you need a tax consultant. Whether you are an individual or an organization, it doesn’t matter, what matters is the penny you will save under the guidance of a tax consultant. In today’s market, it is highly crucial for every one of us to manage our finances wisely and utilize every penny saved for reinvestment. Also, do not forget that when your business will expand, you will inevitably be engaged in the growing needs of your company. This can lead you to have no time to file your taxes or you may just end up filing them improperly. 

As we all know, not complying with tax norms is a criminal offence, so to save yourself from shame and embarrassment and to take away all your stress you do need a tax consultant. 

There are various other reasons to hire a tax consultant:

First and foremost 

– They come with experience! So, you can sit on the couch stress-free and let them handle their job. They have a fair idea of what they are doing and how they should do it.

And secondly, 

– They do not just help you file your taxes but come with various other job descriptions in their profile, such as 

  • Preparing monthly, quarterly and annual business statements for GST purposes.
  • Offering professional advice on financial matters
  • Bookkeeping services using accounting tools.
  • Preparation of monthly financial reports
  • Help with creditors and debtors
  • Secretarial services
  • Auditing services
  • Assistance with commercial loans, invoice factoring and debt financing.

Taxes are of several kinds, to name the most common one is direct and indirect taxes. A tax consultant considers all kinds of taxes under his umbrella. You may look out for direct tax professionals or indirect tax professionals near you, they may have different names- but they all do the same- consult you on taxation! 

A tax consultant helps you stay focused on your work while doing your pending work of finances. The right professional will guide you and represent your company in the best way possible.

A good representation of a budding business is not just vital but requisite. If you work well with the legalities and establish a good name in the market, it will bring early showers on your seeds of business extension and profits.

In short, it will help you promote the success of the company. People who have a fair idea of working with finance professionals or tax consultants understand its need and believe that it is an omnipotent component of success for them. Controlling money and spending it wisely will save you more than you spend (in the long run).

An indirect tax professional understands taxes more than any layman. While taxes may sound like a cup of tea to you on a general basis- remember it is a quagmire.

It keeps the tendency to pull you down and make you stuck. So better be prepared, as the government is swift in changing its rules and regulations- so must you be swift in searching for a tax consultant in India

It is certainly not an easy task to keep a check on all the modifications made by the government. So, it becomes a requirement for any business organization to use help. A professional in this can take away the lines from your forehead and ensure that your business survives without having to face any legal issues. 

Before you hire any tax professional make sure they possess the fine qualities of a tax-man. 

  • They must have the ability to understand and apply tax laws and changes in the preparation process.
  • They must have knowledge of organizational behaviour.
  • Accuracy in maths and accounting skills is pivotal. 
  • Excellent verbal, and written communication skills and interpersonal – customer service skills is a top on the hat addition. 

But how does a tax consultant become a tax consultant? Or to be precise ‘a good’ tax consultant in India?

There are certain qualifications that one has to reflect on their resume as well as on their personality. A good tax consultant is a good researcher.

Before a tax professional enters the market, he needs to be well thorough with what the industry demands and what will be the career scope. One can read books based on navigating tax law and attend workshops and webinars concerning the same.

A good tax consultant comes with a required bachelor’s degree relating to accounting, finance or economics. This will add to the qualifications on the resume.

Make sure the tax consultant is ethical- for he is not just saving you from spending extra on taxes but he also has to save you from getting your reputation jeopardized.

He needs to be compliant with the statutory laws and must adhere to the government policies regarding taxation. A fine balance between both by your tax professional will reap sweeter fruits in future.