treeviewWhat exactly is a Tax Consultant?
A financial specialist who has had extensive training and is well-versed in tax law.
A tax adviser or tax consultant is a financial specialist who has received extensive training in tax law. Individuals typically seek tax consultants to reduce taxation, avoid understanding the nuances of tax law in difficult financial situations or learn the details of tax law from a professional advisor.
What qualifications are necessary to work as a Tax Consultant?
In India, the majority of tax counselors are law graduates or professionals with professional degrees.
There are no prerequisites for becoming a tax consultant/adviser. Individuals with tax law understanding and interpreting abilities might work as Tax Consultants. Tax laws are always changing, thus they should be up to date with the most recent Circulars, Notifications, Rules, and so on published by the Department of Tax, Ministry of Finance, and appropriate state tax laws. Furthermore, they should research contemporary tax-related case law.
A tax adviser should be able to reduce his customers’ tax liabilities through tax planning (working within the four corners of the act, i.e. lawfully). A tax consultant, unlike other professionals, may develop long-term professional relationships with his customers.
Experience is required to become an effective tax adviser. Individuals with expertise dealing with specialists such as CS, ICWA, CS, or any other tax consultants or professionals may easily thrive in the sector.
To summarize:
It will be advantageous if you have qualifications like L.L.B., B.com, CA, CS, or ICWA (not mandatory)
Should have expert knowledge
Should be able to understand documents and organize clients’ affairs to reduce tax liability
Experience will be beneficial!
Should not engage in deceptive methods
Tax experts play important responsibilities.
Income Tax Analysis
Income Tax Return Filing
Financial Preparation
Sales tax computation under state and federal legislation
Sales Tax Return Filing
Consultation on registration and the application of different tax legislation
In addition to these initiatives, the IIPTR has developed the Tax Return Preparer Scheme to train persons interested in taxes and freedom in the workplace to become tax return preparers. IIPTR candidates must be between the ages of twenty-one (21) and thirty-five (35) and have a bachelor’s degree from a recognized university in one of the following topics.
Law (LLB) (LLB)
(B.A. / B.Sc.) Economics
(B.A. / B.Sc.) Statistics
(B.A. / B.Sc.) Mathematics
Commerce (B.Com) (B.Com.)
Business Administration/Management (BBA / BBM)
Learn more about IIPTR at- https://iiptr.com/