Tax Consultant

Tax Consultants help people in minimizing their tax obligations and maximize their savings.They assist clients in making decisions about tax-related queries. As tax professionals, they also help them comply with tax regulations and take advantage of adjustment and credit opportunities.

Some of the typical roles of a Tax Consultant are listed below:

• Tax Analyst: Connects with clients and discusses their financial information and taxable revenue.
• Tax Preparer: Offers clients the lowest tax obligation feasible and prepares their tax returns.
• Tax Advisor: Provides tax advice on major life events such as marriage, inheritance, divorce, and childbirth.

Some of the major roles and responsibilities of a Tax Consultant are:

• Prepares tax returns for clients or assists clients by providing them with information so they can fill out their tax returns. Also, responds to client queries and interprets information to guarantee adherence to government rules and regulations.
• They help deal with substantial issues like setting up trusts, handling taxes from rental revenues, and learning the tax implications of important events such as births, marriages, deaths, divorces, etc.
• Tax professionals use computers and work with various programs and software to complete a task. They may also use a telephone to communicate with clients and refer to tax law handbooks to learn the correct procedure to deal with various tax situations and complicated tax considerations, such as capital gains and rental properties.

Major educational qualifications required for Tax Consultant are:

• A tax consultant has to undergo extensive taxation training before becoming a professional tax consultant.
• There are certain fundamentals that make them eligible to take the courses in taxation, including:
• Knowledge of taxation
• Inclination towards the subject
• The tax consultants in India mainly have qualifications in law, commerce, ICWA, CA, CS, mathematics, science, or other accounting qualifications.

After acquiring the required technical and personal skills, along with 2-4 years of experience in a relevant field, one can enroll in Certified Financial Planner (CFP) training. It is a certification course that provides the competence for a tax consultant to become a tax advisor. They can also progress onto the role of tax manager or tax specialist and even have the choice to start their private practice. Some alternative job roles available for a Tax Consultant are:

• Research and Statistics: Involves data analysis and conducting research to gain insights and make informed decisions.
• Financial Analysis and Consulting: Focuses on evaluating financial data and providing expert advice to businesses and individuals.
• Computer Science: Deals with the study of algorithms, programming, and computing systems.
• Economics: Explores the production, distribution, and consumption of goods and services within economies.
• Actuarial Sciences: Involves assessing and managing risks, particularly in the insurance and finance sectors.

A tax consultant usually has a high earning potential, and the salary keeps increasing with their skills and expertise. Flexibility and career promotion opportunities are the main reasons many become tax consultants.
Taxation is a lucrative career path that will prepare you to earn well. According to Glassdoor, the median salary of a tax consultant varies between Rs. 4,00,000 to Rs. 8,00,000 per year.
1.3 million specialists managed the new tax regime - GST - in 2017. An example such as this depicts the growing demand for tax professionals.