5 TIPS TO HIRE BEST TAX LAWYERS

Anybody who has an income above a minimum threshold has to pay taxes to the government. Both, individuals and businesses, have to pay tax on their income, which is categorized as direct tax. Then there are many indirect taxes as well. Tax is the most critical element of economic growth. The revenue earned through various types of taxes help the government drive the economy. It spends the money earned through taxes on providing civic amenities to its citizens, infrastructure development, healthcare, social initiatives, old age pensions, and a host of other activities, besides paying salaries to its employees.

The rules and regulations of taxation are quite complex and there is a plethora of taxes that both, individuals and businesses have to pay. You will need the best tax lawyers in India to help you through the process. Not paying tax or filing incorrect tax return may invite hefty fine and even a prison term. As the implications are severe, it is crucial that you meet your tax obligations on time. However, the rules and regulations keep on changing and it can get really confusing and difficult for the tax payer to adhere to them. It is for this reason that you need to hire tax consultants to help you file your income tax return and pay applicable taxes. 

The importance of hiring a tax consultant is understood by everyone, but how would you ensure that the tax lawyer you are hiring is the best person for you? This article discusses some important points that you must consider before hiring a tax professional, especially for business purposes.

Experience and Expertise

Taxes are very important matters and you cannot afford to take chances. You need to hire a lawyer who specialises in tax laws and not any general law practitioner who also dabbles in taxation. Look for someone who has the education and training in tax laws. Also, experience is an important factor in choosing a lawyer. You can further narrow down your search by prioritizing lawyers whose niche is business taxation. Even in business taxation, look for lawyers who have the experience and expertise in the same field as yours. You should also check the track record of the prospective lawyers, how satisfied their existing and former clients have been. A lawyer who specialises in tax laws from your relevant field will be able to help you file accurate tax return, and at the same time help you avail tax breaks and concessions.  

Educational Qualifications and Credentials

While it is obvious that people looking for a legal professional would check the website of the lawyer to learn more about them, it is also important that their educational qualifications and credentials are validated through some reliable sources, such as the bar association. Knowing about the educational background of the lawyer will help you in making the right decision. Lawyers would usually make the right claims, but it’s your prerogative and responsibility to cross-check them. Any additional degree that compliments their taxation knowledge would be an advantage.

Clients 

When you hire a lawyer, it is important to know what kind of clients they have handled in the past. The best tax lawyers in India give detail information about the type work they do and the clients they have represented in the past. Tax structures vary depending on the industry and the nature of the business. It would be prudent to look for lawyers who have experience in similar business as yours and have handled similar cases. Such lawyers will be able to understand your situation and offer tax information and guidance that are specific to your business needs.

Know Your Needs and ask Relevant Questions

Before starting your search, you should understand your needs first. You need to do an internal assessment to of your goals and business needs, both long-term and short-term. It’s only then that you will know what you expect from your lawyer. Based on this information, you should ask relevant questions to gauge their suitability, and at the same time, encourage them to ask you questions so that they are able to understand your needs. The more they dig deep, better the service they will be able to provide. Apprise them of the intricacies of your business to help them give precise advice.

Fees

Last, but not the least, don’t forget to discuss the fees. The lawyers fee of the lawyer plays a key role in your decision. Do not hesitate to ask about the fee structure. Some lawyers charge fixed fee, some others charge retainer fee, and still others charge on a case to case basis. Also ask about the payment options, whether its payable upfront or there is any extended payment plan. Make sure the fees fit into your budget.

It is crucial to hire the best lawyers in India as the process of filing tax is cumbersome. The best tax lawyers in India offer customised service to their clients and can take a lot of stress off you. You need not worry about tax compliance and you can stay relaxed, and focus on other aspects of your business.