How to Become a Tax Consultant in India: Steps and Skills Needed

One of the most rewarding career options that you can take up as a student in India after completing your education is that of a tax consultant. A career as a Tax Consultant  can be intellectually stimulating as it calls for a combination of analytical prowess, an eagle eye for detail, and updated knowledge of the latest tax laws, rules, and regulations.  

In this article, we will talk about how to become a tax consultant – the steps that you need to take in this particular regard and the skills that you need to flourish in such a demanding profession. 

Steps to becoming a tax consultant in India

STEP 1: Educational foundation: 

The first step in becoming an income tax consultant is to get the right educational foundation. This means completing a bachelor’s degree in a field such as Commerce, Finance, Accounting, or Law. Having such foundational knowledge is non-negotiable if you want to gain a solid understanding of the complex tax system in India.

STEP 2: Professional qualifications: 

It is very important to have a proper professional qualification in this regard from the top institutes. Following are the most prominent examples of the same:

• Chartered Accountancy (CA) from the Institute of Chartered Accountants of India (ICAI)
• Cost and Management Accountancy (CMA) from the Institute of Cost Accountants of India (ICAI)
• Company Secretary (CS) from the Institute of Company Secretaries of India (ICSI)

These are the best options you have for a tax consultant course in India

STEP 3: Specialized tax courses: 

You can improve your expertise further in this regard by enrolling in specialized tax courses or diploma programs that focus on indirect and direct taxes, transfer pricing, and international taxation. With such certifications, you can find work as an online tax consultant as well. 

STEP 4: Practical experience: 

It is imperative to gain hands-on experience in this industry as well and you can get that by getting employed at tax consultancy firms, corporate tax departments, and accounting firms, or working as an intern at such entities. The real-world experience that you gain through such jobs is invaluable, to say the least, as here you get the chance to practically apply all your theoretical knowledge.

STEP 5: Licenses and certifications: 

You can always acquire extra certifications such as a Certificate in Taxation Laws (CTL) as a way to become a more credible proposition for prospective employers. In India, however, you do not need any specific license as such to work as a tax consultant. If you are a member of a professional body such as the ICSI or the ICAI you are considered to be credible enough to work in this profession. 

STEP 6: Continuous learning:

Tax laws in India are always changing and as such you have to stay updated at all times. So, you have to keep abreast of all the latest tax amendments, practices, and rulings by taking part in workshops, webinars, and seminars.

STEP 7: Professional development and networking: 

You must also join professional associations, engage with peers, and attend industry conferences to create strong professional networks. This helps you grow your career and also keeps you informed about all the changes in taxation in India. 

Also read this blog:- How to Get a Job in a Finance Company?

Skills that you need to become a tax consultant in India 

If you want to become successful in this profession and earn a high tax consultant salary you must have diverse skills including soft skills and technical expertise. In terms of technical acumen, you must have complete knowledge of all tax laws, financial regulations, and accounting principles – they are the very bedrock of this particular profession. In terms of soft skills, you must have an eye for detail, commendable communication skills, and great problem-solving capabilities – all these will come in handy when navigating the complexities of the domain.

Conclusion 

The search volume for the term ‘income tax consultant near me’ is significantly high, hinting at the need for qualified Tax Consultants. If you wish to succeed as a consultant for tax in India, start with your preparation early. Besides the regular degree programs, you also have the option of enrolling in an online B.Com degree. These programs are designed to make you completely competent in the domain as they cover the basics of economic policies, accounting, and the various phenomena that affect the worlds of trade and business. The academic profile can be further strengthened with a postgraduate program in Commerce to acquire in-depth knowledge of corporate tax planning and laws. 

Check Out Our Top Online Degree Programs