A tax law specialist is a person who has specialized in tax law. Tax law specialists are usually called tax lawyers or tax attorneys. Tax law specialists can be referred to as tax experts or even tax advisers. Tax law specialist deals with all the aspects of taxation such as income tax, capital gains tax, estate duty, gift tax, stamp duties, etc. They also deal with other related matters like corporate taxation, transfer pricing, investment trusts, insurance taxation, securities taxation, VAT, export-import tax, etc. The main focus of this article is on the reasons why you might want to get a tax law specialist.
*Help you in filing your income tax
A tax law specialist will help you in filing your income taxes and preparing your returns. It is not easy to prepare an income tax return by yourself. You need to have good knowledge about the various provisions of the Income Tax Act. A tax lawyer will guide you through the process of filing your income tax return. He/she will also help you in understanding the various deductions that you can avail of under section 80C of the Income Tax Act.
*Helps you in getting a refund
They will check whether you have paid enough tax during the year. If you have overpaid, then you can claim a refund. These professionals will also help you in claiming advance tax credits. They will ensure that you get the maximum possible refund.
*Help you understand tax laws better
Tax law specialists know how complicated the tax system is. They will help you understand the various provisions of the tax system so that you do not face any problems while filing your income tax return or when it comes to paying your taxes. For example, When it comes to employee tax retention credit, they will explain the different types of employees and their respective benefits. They will also tell you which type of employer should claim for which kind of benefit.
*Help you avoid penalties
If you fail to file your income tax return on time, then you may end up incurring heavy fines. If you fail to pay your taxes on time, then you will incur penalty charges. These penalties are very high. However, if you hire a tax law specialist, he/she will make sure that you do not suffer from these penalties.
Tax law is an extremely complex subject. Most people do not have sufficient knowledge about it. Therefore, they often end up owing more than what they had expected. Hiring a tax law specialist will help them in avoiding these mistakes. Remember, there are many other things apart from income tax that one needs to consider before filing his/her income tax return. Therefore, it is always advisable to consult a professional.