It has been a universal idea that the key factor in determining whether the person is a resident of the country or not is the income, birth, and various other factors of that individual. The deemed residency under Income Tax is a key factor in deciding in regard to the amount of tax that is required to be paid by that individual. This residential status will be determined on the fact that how many days has the individual stayed in that particular country. The period which the individual has stayed in past few years is also a factor that is considered in mind while evaluation of the residency. Also, the citizenship of the individual helps to determine the amount of tax which is to be paid by the individual.
There are some firms which help to provide large number of services under this field. These firms have professionals like Chartered Accountants, Auditors, Tax Consultants, and many other people appointed by the Government as well who pertain to whether the person is a citizen of the country or not. GST, Auditing, Direct & Indirect Tax advisors, and the list of services that have been provided by these professionals are endless. When it comes to professional services, these firms are considered to be the number one priority for the individuals. They charge a nominal fee and help these individuals in taxation work.
There are some of the factors which are required to be considered in minds of individuals before the selection of the right firm and are mentioned as follows:
- Experience: The amount of experience which these individuals have under this field is one of the most prominent factors in deciding the right firm.
- Certification: The customer needs to check whether the professional has the required certifications as authorized by Government under this field or not.
- Cost: Most of the professionals do charge a nominal fee and this is another major factor in deciding the right firm for the individual.
- Efficiency: The efficiency and effectiveness of work done by these individuals also pertain to the kind of professionalism they have devoted to the work structure.
Most of the individuals are considered to have a deemed residency if they are born in that particular country. But the period which they have stayed over the past few years is also a crucial factor which determines their citizenship. These firms consist of professionals who do have years of experience under this field. Along with taxation, they do fill up the required returns and even comply with the necessary terms and conditions of the companies which keep the individual secured.
To conclude the above discussion, whether the individual is a resident of the country or not will depend upon the taxation structure of that country. Having professionals handling these works is quite safe and secure especially for those who don’t have any knowledge in this field. If the individual fails to pay the required tax for particular years or file their GST returns then it may attract penalties which means that person is required to have a professional for their business or company as early as possible.