Who is Tax Preparer?
In India, a tax consultant is a professional who gives advice relating to direct tax (eg. income tax, wealth tax, property tax) and indirect tax (eg. GST, customs duty tax). Tax consultants, often also referred to as tax advisors or tax preparers or tax accountants, are professionals, having financial proficiency and training in tax law, tax compliance, and tax planning of a country.
Both individuals and organizations hire a tax consultant to help them optimally complete their tax returns every financial year. Tax advisors use their knowledge of the tax code to assist their customers in making informed financial decisions about tax matters.
Typical day at work
What does Tax Preparer do?
Individuals and small businesses hire tax preparers to prepare their tax returns. Clients are interviewed to learn more about their taxable income, deductible costs, and allowances. To keep customers' taxes to a minimum, use all appropriate adjustments, deductions, and credits.
They assist in preparing simple to complex tax returns for individuals or small businesses and use all appropriate adjustments, deductions, and credits to keep clients' taxes to a minimum.
A Tax consultant in India is trained and educated about Indian tax laws and regulations. They attempt to minimize their client’s tax liabilities and maximize tax deductions and/or credits by advising their clients about tax laws and penalties.
They extract and analyse information from the client’s financial documents such as, wage, employment and mortgage, investment statements, etc. for the submission of prepared documents to the Internal Revenue Service and coordinate with tax authorities.
Along with tax filing, the job of a tax consultant is also extended in services such as:
- Income-tax and income-tax return filing.
- Planning with clients to reduce tax liability.
- Filing e-returns.
- Conducting research on tax laws and compliance issues.
- Captivating gains of current economy enhancing tax laws.
- Deferring taxes to future years.
- Completing and submitting tax forms like Form 16, Form 12 B, etc.
- Help clients make legitimate investment plans such as life insurance, term insurance, health insurance, pension plans, child plans, estate planning, and other tax-saving schemes by the government.
- Handling profit and losses on capital assets to counterbalance each other.
- To measure the tax and co-ordinate with the tax authorities.
- Oversee state and central audits.
- Help clients or companies to be aware of the state-run, local as well as global tax structures.
- Meeting clients and discussing their financial situation.
- Gathering information and data to calculate the amount of tax due.
- Auditing clients’ tax records.
- Explaining tax laws to clients and finding ways to reduce their tax liabilities.
- Producing reports or presentations for clients.
- Negotiating with HM Revenue and Custom on your client’s behalf.
- Keeping up to date with changes in tax laws and regulations.
- In some jobs, you may also provide other accountancy services for clients..
Abilities & aptitude needed
What are the skills, abilities & aptitude needed to become Tax Preparer?
- A career in taxation demands an individual to be a good communicator, be comfortable with numbers, be out-of-the-box thinkers and be creative.
- Besides accountancy skills, it requires excellent problem-solving skills, negotiation skills, commercial skills and analytical ability.
- They also need to be efficient in time management such as meeting deadlines, prioritizing tasks, and taking personal responsibility for a professional workload. One could take up this job if they have commercial awareness, willingness to learn about the taxation sector and current market scenario.
- One needs to pay great attention to details, as well as the ability to understand and explain complex regulations in a way non-specialists can understand.
Which course I can pursue?
Which are the best colleges to attend to become Tax Preparer?
Hindu College, Delhi
Delhi | Delhi UniversityNIRF Rank : 2
Presidency College, Chennai
Chennai | UGCNIRF Rank : 3
National Institute of Technology, Calicut
Kattangal, Kerala | AICTE, UGCNIRF Rank : 3
Lady Shri Ram College for Women, New Delhi
New Delhi | Delhi UniversityNIRF Rank : 5
Loyola College, Chennai
Chennai, Tamil Nadu | University of Madras, ChennaiNIRF Rank : 6
Hans Raj College, Delhi
Delhi | Delhi University,UGCNIRF Rank : 9
Savitribai Phule Pune University, Pune
Pune, Maharashtra | Savitribai Phule Pune University, PuneNIRF Rank : 10
St. Xavier`s College, Kolkata
Kolkata, West Bengal | UGCNIRF Rank : 10
Ramakrishna Mission Vidyamandira, Howrah
Howrah | University of CalcuttaNIRF Rank : 11
Gargi College, Delhi
Delhi | Delhi University, UGCNIRF Rank : 12
Madras Christian College, Chennai
Chennai | University of MadrasNIRF Rank : 13
Punjabi University, Patiala
Patiala, Punjab | UGC, NAAC.AIUNIRF Rank : 18
Banasthali Vidyapith, Banasthali
Jaipur, Rajasthan | UGCNIRF Rank : 19
Symbiosis Institute of Business Management, Pune
Lavale, Maharashtra | Symbiosis International University, PuneNIRF Rank : 20
PSGR Krishnammal College for Women, Coimbatore
Coimbatore, Tamil Nadu | Bharathiar University, CoimbatoreNIRF Rank : 22
Symbiosis International University, Pune
Lavale, Maharashtra | Symbiosis International University, PuneNIRF Rank : 22
Thapar Institute of Engineering and Technology, Patiala
Patiala, Punjab | UGCNIRF Rank : 23
Fergusson College, Pune
Pune | Savitribai Phule Pune UnisversityNIRF Rank : 27
Mar Ivanios College, Thiruvananthapuram
Thiruvananthapuram | University of Kerala,UGCNIRF Rank : 29
Rashtrasant Tukadoji Maharaj Nagpur University, Nagpur
Nagpur, Maharashtra | UGC,AIUNIRF Rank : 29
Scott Christian College, Nagercoil
Nagercoil, Tamil Nadu | Manonmaniam Sundaranar University, TirunelveliNIRF Rank : 30
Women`s Christian College, Chennai
Chennai | University of MadrasNIRF Rank : 32
Thiagarajar College, Madurai
Madurai, Tamil Nadu | Madurai Kamaraj University, MaduraiNIRF Rank : 34
St. Joseph's College, Tiruchirappalli
Tiruchirappalli, Tamil Nadu | Bharathidasan University, TiruchirappalliNIRF Rank : 39
Queen Mary`s College, Chennai
Chennai, Tamil Nadu | University of Madras, ChennaiNIRF Rank : 40
Maharishi Markandeshwar University, Mullana
Mullana, Haryana | Maharishi Markandeshwar University, MullanaNIRF Rank : 41
Alliance University, Bengaluru
Bengaluru | UCCNIRF Rank : 42
Motilal Nehru National Institute of Technology, Allahabad
Allahabad, Uttar Pradesh | Uttar Pradesh Technical University (UPTU)NIRF Rank : 42
Xavier University, Bhubaneswar
Bhubaneshwar | UGC,NBA,AIUNIRF Rank : 44
National Institute of Technology Durgapur
Durgapur, West Bengal | Deemed UniversityNIRF Rank : 46
Sri Padmavati Mahila Visvavidyalayam, Tirupathi
Tirupati, Andhra Pradesh | UGCNIRF Rank : 46
Govt. College for Women, Thiruvananthapuram
Thiruvananthapuram Kerala | Kerela UniversityNIRF Rank : 47
Maharaja Agrasen College, Delhi
Delhi | University of DelhiNIRF Rank : 47
Sathyabama Institute of Science and Technology, Chennai
Chennai, Tamil Nadu | Sathyabama University, ChennaiNIRF Rank : 47
Pt. Ravishankar Shukla University, Raipur
Raipur, Chhattisgarh | UGCNIRF Rank : 48
Amity University, Gautam Budh Nagar
NOIDA | UGC?, ?NAAC?, ?WASC?, ?AIU?, ?ACUNIRF Rank : 49
National Institute of Technology Silchar
Silchar, Assam | UGCNIRF Rank : 51
VELS Institute of Science Technology and Advanced Studies, Chennai
Chennai, Tamil Nadu | ?UGC NAACNIRF Rank : 52
Lovely Professional University, Phagwara
Phagwara, Punjab | UGC, AIU, PCI, NCTE, COA, ACBSP,NIRF Rank : 52
Sri Krishna Arts and Science College, Coimbatore
Coimbatore, Tamil Nadu | Bharathiar University, CoimbatoreNIRF Rank : 53
Kurukshetra University, Kurukshetra
Thanesar, Haryana | UGCNIRF Rank : 53
St. Thomas College, Thrissur
Thrissur, Kerala | Affiliated to University of CalicutNIRF Rank : 54
Shivaji College, Delhi
Delhi | Delhi UniversityNIRF Rank : 54
St. Xavier's College, Ahmedabad
Gujarat | Gujarat UniversityNIRF Rank : 56
Sacred Heart College, Ernakulam
Thevara, Kochi | Mahatma Gandhi University, KottayamNIRF Rank : 57
Stella Maris College for Women, Chennai
Chennai | University of MadrasNIRF Rank : 58
Koneru Lakshmaiah Education Foundation University(K L College of Engineering), Vaddeswaram
Guntur, Andhra Pradesh | University Grants Commission, All India Council for Technical EducationNIRF Rank : 58
St. Teresa's College, Ernakulam
Ernakulam Kochi, Kerala | Mahatma Gandhi University, KottayamNIRF Rank : 64
Silver Jubilee Degree College, Kurnool
Kurnool | Rayalaseema UniversityNIRF Rank : 66
NSHM Knowledge Campus, Kolkata
Kolkata, West Bengal | Maulana Abul Kalam Azad University of Technology, KolkataNIRF Rank : 68
Govt. Arts College, Thiruvananthapuram
Thiruvananthapuram, Kerala | Kerala UniversityNIRF Rank : 69
Farook College, Kozhikode
Kozhikode, Kerala | CALICUT UNIVERSITY, CALICUTNIRF Rank : 71
St. Xavier's College, Palayamkottai
Tirunelveli, Tamil Nadu | Manonmaniam Sundaranar University, TirunelveliNIRF Rank : 74
V. O. Chidambaram College, Tuticorin
Thoothukudi, Tamil Nadu | Manonmaniam Sundaranar University, TirunelveliNIRF Rank : 77
Newman College, Idukki
Thodupuzha, Kerala | MG UniversityNIRF Rank : 78
Lady Doak College, Madurai
Madurai | MKU,MaduraiNIRF Rank : 79
TKM College of Arts and Science, Kollam
Kollam | KU, ThiruvananthapuramNIRF Rank : 80
Women's Christian College, Nagercoil
Nagercoil, Kanyakumari | Manonmaniam Sundaranar UniversityNIRF Rank : 81
St. Joseph's College, Kozhikode
Devagiri, Calicut Kerala | University of Calicut, MalappuramNIRF Rank : 82
Mepco Schlenk Engineering College, Sivakasi
Melamattur, Tamil Nadu | Anna University, ChennaiNIRF Rank : 88
Hindustan Institute of Technology and Science, Chennai
Chennai | NAAC; UGCNIRF Rank : 95
St. Xavier's College, Mumbai
Mumbai, Maharashtra | University of MumbaiNIRF Rank : 96
Sri Krishna College of Engineering and Technology, Coimbatore
Coimbatore, Tamil Nadu | Anna University, ChennaiNIRF Rank : 97
Sri Meenakshi Government College for Women, Madurai
Madurai, Tamil Nadu | Madurai Kamaraj University, MaduraiNIRF Rank : 97
Muthurangam Govt. Arts College, Vellore
Vellore, Tamil Nadu | Thiruvalluvar University, VelloreNIRF Rank : 98
Kongu Engineering College, Perundurai
Erode, Tamil Nadu | Anna University, ChennaiNIRF Rank : 99
New Horizon College of Engineering, Bengaluru
Bengaluru, Karnataka | Visvesvaraya Technological University, BelagaviNIRF Rank : 106
Sri Sairam Engineering College, Kancheepuram
Sirukalathur, Tamil Nadu | Anna University, ChennaiNIRF Rank : 123
NMAM Institute of Technology, Nitte
Nitte, Karnataka | Visvesvaraya Technological University, BelagaviNIRF Rank : 128
NITTE Meenakshi Institute of Technology, Bengaluru
Govindapura, Karnataka | Visvesvaraya Technological University, BelagaviNIRF Rank : 142
Pimpri Chinchwad College of Engineering, Pune
Pimpri-Chinchwad, Maharashtra | Savitribai Phule Pune University, PuneNIRF Rank : 192
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What does the future look like for Tax Preparer?
Tax consultants can search for career opportunities in industries, companies, business establishments and so on. Most of the Tax Consultants carry out the private practice, as it is more profitable. Professionals in tax find stable and well-paying jobs in accounts departments of corporate houses or CA firms. After gaining adequate experience, candidates can work as-
- Tax Senior
- Tax Manager
- International Assignment Specialist (TAX)
- Tax Associate
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