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What Does a Tax Consultant Do?
Get access to the job designation, duty and responsibility, employment, work schedule, qualifications, technical skills and pay scale of a Tax Consultant
Job designation: - Tax Consultant
The Tax Consultant is responsible for providing tax-related services to clients, including the implementation of tax compliance, planning and reporting solutions. The Tax Consultant may also be called on to help clients with tax-related issues.
Duties and responsibilities of a Tax Consultant
The responsibilities of a tax consultant are to examine the various aspects of taxation to provide appropriate advice to the client. These professionals are often lawyers, accountants or economists. Their responsibility is to advise their clients on the best course of action that will have the least impact on future tax liability for both parties.
Implement tax compliance, planning and reporting solutions in accordance with client needs
Participate in the development or review of company policy, procedures and/or systems that impact tax compliance, planning or reporting
Handle complex or sensitive matters that require in-depth knowledge of the law and related regulations
Provide expert guidance on tax consequences of specific transactions
Assist with the implementation of systems to support tax compliance, planning or reporting
Help clients with tax-related issues when necessary
Places of employment for a Tax Consultant
Government agencies
Corporations
Individual business owners
Individuals who want to reduce their taxes
Work schedule of a Tax Consultant
An average tax consultant's work schedule differs depending on the company they are working for, but usually, it starts with an hour or two of research and reading before starting their day. They spend the rest of their time meeting with clients, writing reports, handling phone calls and other necessary tasks.
A typical tax consultant will usually have office hours from 8 AM to 6 PM during the weekdays. They might also have Saturdays or Sundays off or have to come in earlier in the morning or stay later at night if they are assigned a project deadline.
Qualifications required to become a Tax Consultant
Candidates must hold a degree in commerce, economics, or statistics from a recognized university
Candidates must be certified by the Institute of Chartered Accountants of India (ICAI) or any other equivalent body recognized by the government of India
Candidates must have completed two years of experience leading to the award of the degree in Commerce, Economics or Statistics or an MBA with Finance
Under-graduate courses to become a Tax Consultant
Law (LLB)
Economics (B.A. / B.Sc.)
Statistics (B.A. / B.Sc.)
Mathematics (B.A. / B.Sc.)
Commerce (B.Com.)
Management/ Business Administration (BBA / BBM)
Eligibility to pursue the course: -
Entrance-exams to be taken to pursue the course
Merit-based admission
Entrance for certain institutes
Institutes which are offering these courses
Any college certified or recognised by the UGC, AICTE and NAAC
Post-graduate courses for a Tax Consultant
Master’s in Commerce
MBA in Finance
Eligibility to pursue the course: -
Must be a graduate over 50 to 60%
Relative work experience
Entrance-exams to be taken to pursue the course
CAT
MAT
XAT
Institutes which are offering these courses
IIM Ahmedabad
IIM Calcutta
FMS Delhi
IIFT Delhi
XLRI Jamshedpur,
Key/Technical skills
Knowledge of federal and state tax laws
Accounting principles and practices
Tax accounting rules and regulations
Salary expectations
Average salary: -Rs. 5.7 lakhs per annum
Entry level salary: - Rs. 4.6 lakhs per annum
Experienced-level salary: - Rs. 6.05 per annum
Process of getting the job of a Tax Consultant
Placement from colleges, universities and other recognised institutions
Job searching on linkedin or Indeed for Tax Consultant posts
Checking out any institution’s profile and requirements for a Tax Consultant
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