Role & Responsibilities
1. Tax Planning and Strategy :
- Strategizing tax savings for individuals or businesses to minimize tax liabilities while ensuring compliance with applicable laws.
- Analyzing and advising on tax implications of various business activities, mergers, acquisitions, and restructuring.
- Exploring exemptions, deductions, and rebates that can be leveraged to reduce taxable income.
2. Tax Compliance :
Filing tax returns for individuals, companies, and other entities in accordance with the law.Ensuring timely submission of tax payments and filing of returns (e.g., income tax returns, corporate tax returns).Ensuring compliance with the relevant provisions of the Income Tax Act and other tax-related laws.Maintaining proper documentation of tax records and returns for audit purposes.3. Tax Audits and Investigations :
Preparing for and managing audits conducted by tax authorities (such as the IRS or local tax agencies).Coordinating with tax authorities during audits or investigations to provide required information.Identifying and addressing any discrepancies or issues raised during audits.4. Tax Reporting and Documentation :
Preparing tax reports and statements, ensuring accuracy and clarity of all tax filings.Managing tax-related filings for businesses, including income tax, GST (if applicable), and other direct taxes.Updating records regularly to reflect any changes in tax laws or personal / business situations.5. Advisory Services :
Providing guidance on tax matters to clients, businesses, and individuals regarding the implications of specific transactions.Offering insights on international tax issues , transfer pricing, or cross-border taxation if applicable.Advising on tax-efficient structures for investments, business operations, and property ownership.6. Risk Management :
Identifying potential tax risks and suggesting ways to mitigate them through proactive planning.Addressing tax controversies or disputes and negotiating settlements where required.7. Updating on Tax Laws and Changes :
Staying current with changes in tax laws, regulations, and case laws that may affect clients or the business.Advising clients on new tax developments (e.g., changes in tax rates, new tax policies) and how they affect their liabilities.8. Representation before Tax Authorities :
Representing clients in appeals, assessments, and disputes with tax authorities.Managing communications and negotiations to ensure compliance with the tax regulations and resolve conflicts.These roles require a deep understanding of tax laws, meticulous attention to detail, and the ability to work under pressure to ensure that clients or businesses adhere to tax requirements efficiently and legally.
Skills Required
Tax Audits, Advisory Services, Tax Compliance, Tax Planning, Risk Management