Tax consultants in Delhi

What is a Tax Consultant

A tax consultant (Tax consultants in Delhi (NRI Services)) can help you minimize your tax liability, capitalize on tax deductions and manage your tax situation.

With more expertise than standard tax preparers, tax consultants can help with tax planning, inheritance issues, charitable giving, and other complex tax needs.

Often, these advisors have training in tax law or accounting. Fees vary, depending on the scope of work and the skill and experience of the tax consultant.

A financial advisor would be helpful if you need further help with your taxes, investments, or long-term financial plan.

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Let's Understand Who a Tax Advisor is in Detail

A tax-paying entity, such as a person, company, business, trust, etc., with a complex financial circumstance (for example, complex investments and deductions) that seeks a tax advisor’s expertise to help minimize the amount of taxes payable to the taxing authorities.

The advice and services rendered by a tax advisor can vary depending on the taxpayer’s situation. An individual planning for retirement will receive a piece of further advice compared to an entrepreneur looking to set up a shop. Even a real estate investor will likely have a different tax requirement from a commodities trader.

Deals between a tax advisor and a company seeking to combine with or acquire another business may differ from their professional relationship with an estate executor seeking to minimize taxes on the land.

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What Does a Tax Advisor Do?

A tax advisor can work either for an agency or can be self-employed. In both ways of employment, they are tasked with finding effective ways of legally bringing down the tax liabilities for clients, estimating taxes on different investment portfolios, determining the right relevant deductions and credits, etc. They can also write tax returns for their customers and file them.

A taxpayer who has faced a major life event—such as the death of a spouse, marriage, divorce, childbirth or adoption, the purchase of a new home, job loss, inheritance, and more—would be prudent in seeking a tax advisor’s services. If you are looking for Tax consultants in Delhi (NRI Services) then we will surely be right choice for you.

What is the role of a tax advisor?

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Tax advisors are likely to undertake specialist knowledge in business, corporate and personal taxation, inheritance, and estate planning, along with in-depth knowledge of VAT on domestic and overseas transactions.

Tax advisors help businesses and individuals develop strategies for dealing with tax matters and prepare for their future in the market. In many countries, tax advisors are legally required to check the balance sheets of large firms.

Tax advisors also deal with HMRC on behalf of their clients.

The tax advisor’s role may cover the following,

Complex VAT issues & interpretation of the Law
Overseas employees, international secondments & related issues
Transfer pricing & cross border transactions
International tax refunds, withholding tax & tax credits
Advice the founders in terms of establishing the company
Communicate with tax authorities in different tax jurisdictions
Cross-border tax issues and related regulations

Should I hire a tax advisor or an accountant?

This depends on your situation and exactly what financial guidance you need.

Suppose you are just in the startup phase of your business. In that case, it could be more beneficial to hire an accountant, as an accountant will be able to assist you with almost all of the financial aspects related to your business, along with the service of tax planning and the compliance advice that you will need at this stage.

Though, if you find your tax affairs more complex, a tax advisor is more likely to give more in-depth knowledge that could result in higher levels of tax compliance and savings.

Usually, having accountants and tax advisors on your team is a sensible route. This way, you can access both specialists under a single roof, and the accountant and tax advisor can work together to serve your requirements best.

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15 Best Tax Saving Schemes/Tax Saver Plans in India

1. ELSS Mutual Funds
2. Unit Linked Insurance Plan (ULIP)
3. National Savings Certificate
4. Sukanya Samridhi Yojana (SSY)
5. Public Provident Fund (PPF)
6. Senior Citizen Savings Scheme
7. Tax-savings fixed deposit
8. National Pension Scheme ( NPS )
9. Savings bank account interest
10. Health Insurance premium under section 80D
11. Interest paid on home loan
12. Rent paid, and no HRA was received
13. Medical expenses toward disabled dependent
14. Donations made to charitable institutions
15. Repayment of an education loan

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Income Tax for NRI - FAQs

1. What is the ITR form for NRI?

NRIs often submit their taxes using ITR-2. Any modifications will be revealed only once the Central Board of Direct Taxes (CBDT) publishes all tax filing forms. You can declare both of your properties while submitting your ITR.

2. Do I need to file my Income Tax Return in India?

Any individual whose income is above Rs.2,50,000, whether an NRI or not, must submit an income tax return in India.

3. Should an NRI pay advance tax?

If your tax due in a fiscal year exceeds Rs 10,000, you must pay advance tax. When you fail to pay your advance tax, you will be charged interest under Sections 234B and 234C.

4. Is my income from business taxable?

The income tax known as advance tax is due once your income in a given financial year exceeds Rs. 10,000.

5. When do I not need to file an income tax return?

When an NRI invests in certain Indian assets, he is subject to a 20% tax. If the NRI’s sole income during the fiscal year is the special investment income, and TDS has been deducted from it, the NRI is not obliged to file an income tax return.

FAQs - Best Tax consultants in Delhi (NRI Services)

1. What is TDS?

TDS stands for Tax Deducted at Source, is often taken each month from the taxable portion of your salary before it reaches you. Often, the business will indicate this in tax forms. For more information about TDS consult Best Tax Consultants in Delhi.

2. Am I eligible to pay tax?

If you earn through monthly salary, house rent, business, profession, hobby and your income exceeds the taxable limit, then you are eligible to pay tax. If you are in Delhi and want to avoid paying tax then google or contact with Best Tax Advisor in Delhi they will guide you in the best way.

3. What is Net Taxable Income?

The part of your income that is liable for taxes is known as Net Taxable Income. If you are in Delhi and want to know about Net Taxable Income, then Google it or contact Best Tax Consultants in Delhi.

4. What is advance Tax?

The income tax known as advance tax is due once your income in a given financial year exceeds Rs. 10,000.

5. Can we claim tax benefits on any kind of medical expenses?

Tax exemptions for medical expenses are possible, but only if you are paying for your own care or that of a family, and only for particular disorders that fall under the scope of the Income Tax Act. If you want to get exemption in medical expenses in Delhi, then you should contact the best tax consultants in Delhi.