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.

As a Tax Consultant, you have excellent career prospects in the field of taxation and finance. Tax Consultants play a crucial role in helping individuals and businesses navigate complex tax laws, minimize tax liabilities, and ensure compliance with tax regulations. Here are some career prospects and alternative job roles for a Tax Consultant:

• Tax Manager: With experience and expertise, Tax Consultants can advance to become Tax Managers, where they oversee tax planning and compliance for multiple clients or within an organization.

• Senior Tax Consultant: Senior Tax Consultants take on more complex tax cases and provide guidance to junior consultants in tax advisory firms.

• Tax Advisor: Tax Consultants can specialize as Tax Advisors, offering expert advice to clients on tax-saving strategies and long-term financial planning.

• International Tax Consultant: Tax Consultants can focus on international tax laws, assisting clients with cross-border transactions and compliance with global tax regulations.

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.