Income tax consultants in India are professionals who are subject matter experts in the field of income tax. In India, income tax is levied on income generated by a person or corporation. The Central Government regulates income tax, and the applicability of income tax varies between salaried persons, professions, enterprises, and others. Many individuals and companies in India have a PAN from the Income Tax Department and pay income tax. Income tax consultants may help with a variety of services such as income tax return filing, capital gains advice, income tax auditing, income tax consultation, income tax hearings, and more. Individuals earning more than a particular amount of money must pay income tax, file returns, and submit a tax audit report.
WHAT IS TAX CONSULTANCY?
Tax, legal, and regulatory developments all around the world are having a growing impact on multinational corporations. Understanding the influence of these advancements on corporate operations and cross-border transactions is critical to a company’s success. PwC provides general advice on certain areas. They are interpretation and implementation of Mongolian tax legislation, local and international tax structuring, tax advise on inbound and outbound investment, EPC contract structure, corporate income tax, VAT, royalties, and so on. Furthermore, PwC’s international structuring division has extensive expertise dealing with these changes as well as all elements of foreign taxation. Our experts can assist you in structuring your firm to be tax-efficient both locally and abroad.
WHO ARE TAX CONSULTANTS?
Tax consultants are tax professionals that prepare, advise on, and assist individuals and businesses with tax filing and returns. A tax consultant ensures that customers pay their taxes in the most effective manner possible, taking advantage of any tax breaks and exemptions available, while still adhering to government laws and regulations. They stay current on new tax rules and explain complex legislation and its ramifications to their customers in layman’s terms.
If the revenue on gross receipts reaches a certain threshold, the books of account must be audited by a CA. At the time of payment, the company deducts a flat 10% tax from the consultant’s fee. The consultant must pay advance tax in three instalments at approved bank locations. The first instalment is due on September 15th, the second on December 15th, and the third on March 15th. If the services provided by the consultant are included in the notified services, he or she must comply with the service tax requirements.
Many people like working as a consultant because they may earn a high salary while paying less income tax. They prefer the convenience of having a lump-sum payment with no deductions. The consultant invoices the firm for services done and gets paid in one lump payment with only 10.3 percent tax withheld at the source
The following expenses are allowable deductions:
- Rent of space if the consultant works from home Commuting expenditures if connected to job Vehicle fuel expenses
- Upkeep of equipment
- Bill for phone and internet
- Charges for stationery
- Cell phone prices
- Interest on a car loan
- Courier and postal delivery
- Newspapers and books
- Insurance for automobiles
- Salary of a sweeper, peon, or driver
- Vehicle and office equipment might be depreciated.
HOW DO TAX CONSULTANCY WORKS?
If the consultant purchases a computer, a vehicle, or a phone, his taxable income decreases. Any furniture used by the consultant to work on is considered an allowable expenditure. However, the consultant will not be free from paying his or her dwelling rent. He also does not receive medical benefits or leave travel assistance.
The employer does not give PF, and if the consultant does not plan for retirement, he or she may find himself or herself in a lot of problems after retirement. The consultant must keep a record of all work-related costs incurred for up to 8 years after submitting the return. Consultants with an annual revenue of more than Rs.10 lakh must have their expenses examined by a certified accountant. Consultant accepts less tax in exchange for more paperwork. The greatest tax levied to a consultant is 11.33 percent, which includes the educational cess, whereas the highest tax imposed to an employee is 33.99 percent.
Consultants with an annual salary of less than Rs.20,000 would not be taxed. The gross consultant fee is reduced by office rent, telephone costs, transportation costs, repair and maintenance, car depreciation for business usage, calculate depreciation, photocopies, printers, and so on. The net income is subject to taxation as professional income. Consultants must be informed if the services they provide are subject to service tax, which is payable at a rate of 12.36 percent on the consultation fee.
The benefits of working as a consultant include the ability to work freely, organise and manage resources, and not having to report to an office. However, you will be giving up work stability and the security of a monthly pay check. The risk associated with a consultancy agreement is the risk associated with an independent company.
FIVERR PROFILES FOR TAX CONSULTANCY
Note: About the seller and about the gig are directly taken from Fiverr profile
Profile Name: zhoairjabbar
About the seller:
“Hi, I am an owner of a financial services firm. I have qualified and very experienced teams available, including staff from all over the world providing services in many different areas including Finance, Taxation, Auditing, IT, Legal & Marketing (Please also refer to the gigs). Our objective is to add valuation to your business over & above the basic tasks that you require from us. We always try to give something extra to our clients which is done by taking only those jobs in which we have a maximum level of expertise. We assure you the best, competent, accurate & timely services. Thanks.”
About the Gig:
I am a financial consultant having a very good experience in dealing matters with IRS, ATO, ASIC and other relevant laws of different countries (Australia, US, UK etc.)
I can effectively, efficiently & accurately assist you in matters you are having difficulties to solve, for example:
I assure of competent services. Please also see other gigs also,
Hoping to work with you,
Profile Name: anamrazzaq603
About the seller:
“I’ve completed my masters in Economics. I’ve worked as HR manager, accounts manager and project manager. I’ve a good hand in report writing, content writing and accounting. Currently I’m teaching economics, cost accounting and financial accounting.”
About the Gig:
“Welcome to my TAXATION and FINANCIAL SERVICES.
Are you looking for an expert who can assist you with bank statements, reconciliations, pay stubs, US Tax forms, or any other financial documents / PDFs?
I have been providing my services related to bank statements, reconciliations, pay stubs, US Tax forms, and other financial services for the last 7 years to many businesses and individuals on a project-by-project basis or on monthly basis.
You can order any of the following:
Bank statement reconciliations
You can inbox if you need your bank statements, pay stubs, US tax forms, or docs earlier than the mentioned delivery time.
Please contact first before placing order to avoid any inconvenience.”
Profile Name: eidhussain
About the seller:
“A chartered accountant equivalent to CPA/ACCA, QBO Certified Pro Advisor with 15 + years of experience. Currently associated with a US-based Financial Consulting firm providing US tax preparation, accounting and bookkeeping financial management, financial analysis, audit and bookkeeping by using accounting software like Quickbooks, Xero, SAP Business One.”
About the Gig:
“I am a chartered accountant equivalent to CPA, Master in Finance and Economics with experience of more than 15 years and completed my article ship from Delloitte an internationally recognized Big4 Firm. I am providing all of the services of Tax Returns preparation both preparation of IRS fillable Forms and using IRS approved tax software, sales tax returns and SBA PPP, EIDL loan application and forgiveness processing.
The Services Include under this gig:
Profile Name: ejmtax
About the seller:
“I have been a professional accountant for 15 years. I have extensive experience working with all kinds of businesses specializing in Financial accounting and Tax preparation. I now own my own small tax preparation firm. I am registered PTIN holder and the firm is certified to eFile US tax returns with the IRS. I have the skills to make the most out of any tax situation and save my clients money. No one likes to make sure their clients pay as little in taxes as I do.”
About the Gig:
“I love to do taxes. I have been doing taxes for over 15 years and I love to make sure my clients pay as little taxes as legally allowed. I will do your US tax returns using my depth of knowledge and attention to detail to make sure that nothing is missed. I will pursue every avenue possible to maximize your credits and deductions and minimize the taxes you owe. I am proficient in completing Form 1040, 1065, 1120-S, and 1120. There is no tax situation that I can not handle properly. The prices listed are for basic tax return preparation. If you are unsure which package to select please message me and I will make sure you know everything up front. All personal tax returns now include Protection Plus Audit Assistance, and ID Theft Restoration to give you bet in class peace of mind.”
Hope this article helps you to find out the right tax consultant for you.