Tax Consultant
Who Is A Tax Consultant?
A tax consultant or a tax advisor is a private or government expert trained in tax laws. As an advisor in this field, you will use your expertise to assist people with tax issues, including filing tax returns, representing them in the court of law, or giving any other specialist advice.
For example, a certain new business approaches you to with issues regarding auditing and filing taxes. You will explain to them the State/central tax laws and assist them in filing their entire tax returns, such as income tax and property tax.
Roles & Responsibilities
Helping clients minimise the tax amount they owe each year. You must help clients comply with standard procedure as well as apply for all deductions they are eligible for.
Researching latest tax laws. Tax consultants must be updated with all the latest upgrades to tax laws. They must also understand these laws in and out to become sound financial advisors.
Explaining complex tax issues to clients. Your clients will expect complete service from you so they do not need to worry about financial matters. Your responsibility here is to explain to them all the tax laws and its legal clauses that apply to their case.
Ensuring clients comply with all tax obligations. You will make sure your client follows the law without any loose ends.
Take the Mentoria career assessment test, to find out how well-suited you are as a Tax Consultant.
What Skills Will I Need To Have To Do This Job Well?
As exciting as this sounds, there are some things you’ll need to learn to do the job right:
TECHNICAL SKILLS
A strong command of mathematics, accounting, economics, business laws, and tax laws is a must if you want to become a respected consultant in this field.
COMMUNICATION SKILLS
You must be well-spoken and be able to communicate clearly, honestly without beating around the bush. This is necessary because your clients are filing a sensitive government document and expect only nothing short of the best guidance from you.
COMMUNICATION SKILLS
You must be well-spoken and be able to communicate clearly, honestly without beating around the bush. This is necessary because your clients are filing a sensitive government document and expect only nothing short of the best guidance from you.
What Will My Workplace Look Like?
To make it clear, your work setting could be a financial agency, an accounting firm, or your own office or home. You might have to put in long hours, as much of it will be spent at client locations, courtrooms, conferences, and lecture halls. This also means that you will be travelling a lot.
If you’re working for a financial agency or an auditing firm, you can expect to work for slightly longer yet fixed hours. However, being self-employed could mean erratic work hours.
What Is My Scope For Career Growth As A Tax Consultant?
Tax consultants can begin their careers with a regular job with the Indian Revenue Service (IRS) as a revenue officer. Other ways of entering this field are through chartered accountancy (CA) or at least three years of work experience in a financial firm.
You can then work your way to becoming a tax consultant by passing a certification course.
You could be hired by any renowned financial institution or companies that require in-house consultants. Also, getting certifications in estate planning, investments, and risk management can further boost your growth in this field. You can then take on tax consultant jobs in multiple fields and not just income tax (IT).
Once you gain enough experience, you can switch to freelance or contract-based work in a private practice, which can be quite rewarding depending on the kind of clients and cases you get.
Thinking of a career as a Tax Consultant? Take the Mentoria assessment test & talk to our career counsellors to get personalized step-by-step guidance for your future career path.
How Much Will I Get Paid?
The exact number will depend on the nature of your employment (full-time or freelancing), your qualifications and skills. We can give you a general idea though.
A tax consultant or advisor in India earns around INR 2,32,000 per annum (entry, full time) to INR 8,00,000 per annum (experienced, full time). These numbers will vary if you are experienced and plan on choosing the self-employment route.
Okay, I'm sold. This is amazing
STEP 1: Class XI-XII/Junior College
You could choose any stream of your choice. Your interest in subjects like Maths, Economics, Accountancy and in taxation laws and trends will be of much help.
STEP 2: Graduate Degree
You could choose to pursue a Bachelor’s degree in any stream. A degree in law (LLB), Economics, Mathematics, Statistics, Business Administration or B.Com should be helpful.
You can also take any recognised entrance exam for chartered accountants or even Civil Service Examinations if you are looking at working for the IRS.
STEP 3: Certification
Once you have acquired all necessary academic and personal skills, and at least 3-4 years of work experience in the core field, you must opt for a Certified Financial Planner (CFP) training.
This is a certificate course that will give you the competence required to become a tax advisor.
STEP 4: Land a Job
Now that you have graduated with a relevant degree and/or gained enough work experience, you can try and land a job in a reputed financial firm or even start your private practice.
Congratulations, you are now officially a tax consultant!
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