What is income tax?
Income-tax consultants are specialists who are professionals in the zone of income tax
in India. Income tax is calculated on the salary earned by a person or entity
in India. Income Tax is precise by the Central Government. Every Indian person
who earned 20000+ in a month must have PAN card to pay Income tax to Central Government.
What does the Income TAX Consultant do?
Income Tax consultants can provide a number of services
like an income tax audit, income tax consultation, income tax return filing,
capital gains advisory, income tax hearing and more. Persons earning income
over a certain amount must pay income tax, file returns and submit tax audit
report. Income tax consultants provide all services relating to the income tax regulation
in India. Talk to an India Filings Business Expert to find an income tax
consultant near you.
Setup Appointment
Get in touch with an India Filings Expert and let us know your location
and the requirement for an income tax consultant.
Choices
An India Filings Expert will help you locate income tax consultants near
you, based on your business profile and requirements.
Execute
Visitor engage the income tax consultant to get a consultation or execute
an engagement pertaining to income tax matters.
Tax Consultant Job Description
Tax consultants,
also known as tax advisors, are experts in tax law, planning, and compliance.
They serve businesses and individuals alike by staying current on new tax law
and positioning taxpayers for short and long term tax optimization. A tax consultant typically expands on the role of the tax preparer. While tax consultants
prepare tax returns, they also often work closely with clients throughout the
year to ensure client tax liability is minimized. Tax consultants are strong written
and verbal communicators able to explain tax law and strategies in a way that
is accessible and easy for clients to understand. Tax consultants work for
public accounting firms, law offices, financial consulting firms and many even
have their own independent tax preparation and consultation businesses.
In all
settings, tax consultants can be expected to perform duties that include:
- Conducting research on tax laws
- Strategizing with clients to minimize tax liability
- Communicating with clients to explain tax issues
- Preparing tax returns
- Estate planning
- Keeping clients compliant with their tax obligations
Producing written
content is a significant part of the job, as tax consultants must communicate
their research findings including changes in tax laws that create opportunities
for new tax strategy. Because a tax consultant may have many clients affected
by the same issue, the ability to draft a well-written and concise letter is
often the most effective means of disseminating information to a number of
different clients.
Education Required
Tax consultants
generally hold bachelor’s degrees in accounting, finance or a related field;
however, because no formal certification is required, individuals often take on
advisory roles after years of experience in another tax-related profession.
Ultimately, professionals with both formal education and tax experience are
best positioned for these careers. Obtaining licensure as a CPA demonstrates
the formal education and professional experience needed to support a future as
a successful tax consultant. However, Internal Revenue Service employees may
have years of experience, yet no formal education and be very well suited for
advisory roles allowing them to obtain positions as tax consultants because of
their relevant experience alone.
Postgraduate education can also be beneficial to the tax consultant career path, and many pursue a Master of Science in Taxation. An option for more advanced postgraduate study is through a Juries Doctor degree in taxation program. This advanced degree provides an in-depth knowledge of tax law and allows graduates to practice as tax attorneys.
Postgraduate education can also be beneficial to the tax consultant career path, and many pursue a Master of Science in Taxation. An option for more advanced postgraduate study is through a Juries Doctor degree in taxation program. This advanced degree provides an in-depth knowledge of tax law and allows graduates to practice as tax attorneys.
All accountants are engaged in recording and analyzing business
transactions, bookkeeping, and assessing the financial capabilities of
businesses and organizations. However, accounting practices differ according to
the business environment, management status, and experience.
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