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Thursday, May 30, 2024

Complete Guide To Get The Tax Advisory Services By The Top CA Firm

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The importance of a proper tax advisor is often underrated. A tax advisor can help you in various financial matters which would have a huge impact on your financial goal. However, individuals and even companies seldom make an informed decision in this regard. The growing complexity of tax laws in India and around the world along with the rising number of tax laws which have to be taken care of needs the advice and guidance of an expert. GST reforms have created the need for hiring close to 1.3 million professionals across companies which pay GST. On average, a large firm would need 5 professionals and a mid sized firm would need at least one competent professional to handle GST related operations. Therefore, the need for a credible tax advisor has become vital as the cost savings can be tremendous in hiring one.

Tax advisory services are a vital part of your financial management and ideally should be given top priority. Before selecting a tax advisor, individuals or companies should consider the following matters:

1. Type of Laws Covered:

There is a growing list of tax laws that apply to any given business. The laws can be broadly divided into Direct Tax and Indirect Tax. However, there is a deeper further division of laws. Apart from the above, industry specific laws also need to be considered. One of the key matters that one should evaluate before availing tax advisory services is the nature of laws wherein the firm offers such advisory service. A variety of firms have specialization in a specific law but might not have proper idea regarding the other laws. In an environment where laws are deeply interconnected to each other, selection of such advisors might result in difficulties on a later date. Ideally, any business should select a tax advisor which fulfill all their requirements with regards to tax compliance.

2. Experience of the Firm:

Experience is vital while shortlisting a tax advisory firm. Tax management is critical for a firm’s operations. It is also important to have a tax management partner who can represent your firm in case of tax related court hearings.

An experienced firm might be able to guide you better as they would have gone through the highs and lows of business as well. Apart from a deeper understanding, experience brings an important component necessary for any advisory role.

3. Type of Services Offered:

The tax laws are designed as such that even within a particular law, there are a variety of functions that need to be undertaken. Apart from that, tax laws are often subject to a variety of interpretations that might lead to disputes with the authorities in the future. In such circumstances, it would be helpful if your tax advisor is also involved in representation of matter before such tax authorities. Apart from filing of returns and representation before appropriate authorities, one of the key services that can be offered as a tax advisory service is tax planning. The tax system has various rules and provisions within them which can be utilized for one’s advantage. Such planning requires a deep level of understanding of the law. Ideally, a tax advisor who can offer a multitude of services under their roof must be preferred.

4. Turnaround Time:

Time is of essence to any person and any business. Many times, a quick decision is needed to take advantage of a particular situation. In such circumstances, if your tax advisor is unable to take a decision or does not respond quickly enough, such advantage could be lost. Hence, it is important to select a tax advisory service which has a low turnaround time and respond quickly.

The selection of tax advisory services or tax consultants for your business is as important as the strategy or direction in which you intend to take the business. A proper tax advisor would result in not only saving your time but also your tax. At AKM Global, we provide you with wealth in experience and services related to a variety of tax laws under one roof allowing you to focus on your business while we take care of the tax.

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