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Digital tax filing assistance: A new norm!

The boundary between expertise and accessibility is rapidly disappearing, driven by factors such as intensifying competition, global expansion, expanding entrepreneurial spirit, evolving government regulations, and increasing awareness. In every sector of the economy, expertise is taking centre stage. The primary reason behind this trend is the advancement of technology, which is facilitating the delivery of expertise as a service to a broader audience. In particular, taxation is a field that is becoming increasingly intertwined with technology and accessible expertise. The demand for tax consultants is at an all-time high, and many professionals are leveraging online assisted filing as the new norm to gain an advantage.

What do the services of a tax consultant entail?

Tax advisors can be employed either by an agency or work as independent consultants. In either case, their primary responsibility is to assist clients in legally reducing their tax liabilities through various means, such as identifying deductions and credits, estimating taxes on different investment portfolios, and preparing and filing tax returns. They can also help clients navigate significant life events, including the death of a spouse, marriage, divorce, childbirth, adoption, purchasing a new home, job loss, or inheritance, among others, by guiding tax implications and opportunities. It is advisable for individuals who have experienced such life events to seek the services of a tax advisor to ensure that their tax obligations get correctly addressed.

A tax advisor is sought after by entities, such as individuals, businesses, trusts, and companies, who have intricate financial situations (such as complex investments and deductions) and want to reduce the amount of taxes owed to the authorities. The guidance and assistance provided by a tax advisor may differ depending on the circumstances of the taxpayer. For instance, a person preparing for retirement may receive different advice than an entrepreneur starting a business, and a real estate investor's tax needs may differ from those of a commodities trader.

The branches of purposes served by tax consultancy and assistance:

Tax accountants provide a range of services to their clients, which can include the preparation of tax returns, searching for deductions to reduce the tax burden,minimizing tax liability during retirement, handling taxes on rental property income, assisting with the management of capital gains taxes, and addressing the tax implications of significant life events such as marriages, divorces, etcetera. They serve a diverse clientele, including individuals, families, organizations, and corporations.

Also, tax experts can work with investors to design investment strategies that consider their unique tax situations and financial goals, potentially helping them achieve better investment results over the long term.

Online platforms that offer tax filing and planning services are an excellent solution for individuals and businesses seeking accessible, affordable, and diverse tax services. These platforms cater to a range of needs, including salary, business, capital, future and options, and even cryptocurrency for non-resident Indians or residents with foreign income. They also offer services like GST registration, GST compliance for online sellers and freelancers, tax planning for high net-worth individuals, end-to-end compliance facilitation, notice monitoring, arrears calculation, tax return preparation, response preparation, representation, notice management, expert-guided I-T return filing, corrective measures, regular consultations, and instant support via email or phone. These platforms provide complete and expert solutions to I-T notices, ensuring that individuals and businesses are prepared to handle any tax-related issues that may arise. With their diverse range of services, digital platforms make it easier and more convenient for anyone to manage their taxes efficiently and effectively.

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