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Is tax consultant a good career Quora?
They can grow with the law, and it is an experience worth a career. That is, unless income tax is revamped from scratch, and then that would become the melting pot. So, good times ahead, I guess. The Answer is always YES.
How much do tax consultants charge in India?
Consultant trades off less tax for more paperwork. The highest tax charged for a consultant is 11.33\% which includes the educational cess whereas an employee can get charged 33.99\% as the highest tax. Consultant’s whose annual income does not exceed Rs. 20,000 will not be taxed.
How can I become a tax consultant in India?
In India, most of the professionals acting as tax consultants are law graduates or persons having professional qualifications. There are no prescribed qualifications to become a tax consultant/ advisor. Individuals with interpretation skills and expertise knowledge in Tax Laws can act as a Tax Consultant.
Who can work as a tax consultant?
The tax consultants in India are mainly those having the qualification in law, commerce, ICWA, CA, CS, mathematics, science or other such accounting qualification.
Is working in tax a good career?
Taxation is an excellent career for the academically-minded. It requires a high level of attention to detail, good English and maths skills and the ability to communicate. Although many people assume that it is a ‘maths job’, actually the vast majority of work is law based.
What degree do tax consultants need?
Who can practice as tax consultant?
What do tax consultants do?
The primary role of a tax consultant or a tax advisor is to help people and organizations in paying their taxes. They hold expertise in tax law, tax compliance, and tax planning. They help in making tax returns and work closely with their clients to minimize their tax liabilities throughout the year.
What is the taxable amount of an independent consultant in India?
So as an employee the taxable amount would be Rs 8,89,400 (Basic Salary + Special Allowance). As an independent consultant he can take benefit of Presumptive Taxation u/s 44ADA and his taxable amount would come to Rs 7,50,000 (50\% of 15,00,000).
What is the difference between salary and consultant income tax?
Income tax differentiates the way/source income is earned. In case of employees the salary is classified as “income from salary” while for consultant the income is classified as “income from business or profession”. This is important as all tax benefits are based on this classification.
How can tax consultants help you file your income tax return?
Tax consultants know all about tax regulations under the Income Tax Act of India that individuals and businesses must abide by when filing their taxes. You can seek advice from a tax consultant over the phone or meet in person to file your income tax correctly.
What is the taxable income of a consultant with CTC of 100?
So for CTC of Rs 100 the taxable income for consultant is Rs 50 only. The gross receipts (CTC) should be less than Rs 50 lakhs. You can take benefit of all chapter VIA deductions which include Section 80C, 80D, etc. along with Home Loan interest deduction, etc. All is not great for consultants.