The Various Duties of a Tax Advisor

The Various Duties of a Tax Advisor


An increasing number of businesses now rely on professional tax advisors to ensure compliance and timely filing of tax returns. Check out this post to know some of the most important duties of a tax advisor.

Tax compliance is a critical business function that only experienced professionals should handle. However, not every organization has the budget or resources to hire a full-time in-house team to manage taxes. A cost-effective and hassle-free alternative for such businesses is to hire external tax advisors.

From creating a custom tax strategy, reducing tax liabilities to timely filing of tax returns, tax advisors play a number of critical roles to ensure domestic and international tax compliance. Here is a list of some of the most important duties of tax advisors-

1. Ensure Tax Compliance

Tax policymakers in India and across the world regularly amend tax laws to prevent tax evasion. With increasing competition, businesses don’t have the resources to track such domestic and international tax amendments. It is the professional tax advisors’ job to track such changes made to taxation laws and provide adequate assistance to their clients.

Businesses can trust professional advisors’ expertise and knowledge to ensure tax compliance so that their domestic and international operations always fulfil all the regulatory requirements.

2. ITR Filing

While the Indian government has introduced several measures to make taxation and returns filing easier, business owners would agree that it is still a lengthy and time-consuming process. Failure to file returns before the deadline could also result in penalties and other stringent actions by the tax department.

Tax professionals are fully aware of every aspect related to filing tax returns. They can help their clients ensure that they have all the required documents and records to file ITR in the most hassle-free manner well before the deadlines.

3. Effective Tax Planning

The IT laws in the country have several provisions that can help businesses legally reduce their tax liabilities. In most cases, companies are not fully aware of such provisions. As tax advisors regularly work with various businesses across industries, they are well aware of all the deductions and exemptions that can help their clients pay minimum taxes.

They can also create custom tax strategies to ensure that the tax function is managed in the most efficient manner.

4. Assessment Assistance

The tax department regularly audits many businesses even when they have successfully filed their returns and paid the required taxes. The audit or assessment process can involve a lot of documentation, and businesses might also be required to submit their past records and balance sheets.

A tax consultant can guide businesses through the process to ensure that such audits are completed without any hassles.

Tax Consultants for Effective Tax Management

Professional tax advisors have extensive knowledge and experience to guide their clients through all the tax essentials. They are well-versed with domestic and international tax laws and can help businesses ensure tax compliance and even reduce their tax burdens.

Businesses struggling with their tax function and unable to take advantage of all the deductions and exemptions can look for reputed tax consultants for all the expert assistance they need. Professional advisors can function as an extended arm of an organisation, helping their clients comply with all the tax regulations and run their business legally and tax-efficiently.