If you want to become a tax consultant in India, you must complete your twelve years of schooling and then college. But the challenge is completing your tax consultancy education. You will have to qualify to become a Chartered Accountant (CA) or Tax Consultant. If you have working experience as Company Secretary (CS) and Cost and Works Accountants (ICWA), you can work as a tax consultant. Even individuals with a legal background can work as tax consultants with additional qualifications. Thus, there are several ways to do tax consultancy in India. Here is how to become tax consultant in India:
Qualifications necessary to become a tax consultant
It is essential to have qualifications like L.L.B, B.com, CA, CS, or ICWA to become a tax consultant in India. However, you will find that it is not mandatory to have these qualifications to become a tax consultant. If you acquire similar experience by working in a tax consultancy firm, you can work as a tax consultant. You will have to know all about tax compliance services and tax filing.
Services provided by a tax consultant
As a tax consultant, you will have to provide several services to companies and individuals. First, you will have to provide companies support regarding the types of investments they can make to save on taxes. You can often acquire this if you have studied the taxation laws formally. It will help you provide adequate support to your clients.
Tax education under the new regime
In most cases in India, tax consultants need to have a thorough knowledge of the new tax regime. With the introduction of the Goods and Services Tax or the GST, the taxation rules have changed. Similarly, the Income Tax laws have also changed under the new regime. Therefore, even with formal education, tax consultants need to remain updated about the tax laws and the introduction of new investment rules. These are essential to ensure that you can help your clients to find suitable investment venues to save on taxes.
Thus, becoming a tax consultant in India can prove a challenging but rewarding career in the long run. You can become a successful consultant even without formal education and experience acquired on the job. However, tax consultants tend to acquire formal education and then become tax consultants in most cases. This makes it easier for them to make a successful career in a particular field.