Trivia : Income tax was introduced in 1799 to raise revenue to pay for the war against Napoleon. The current PAYE (Pay As You Earn) system was initiated in 1944.
The month of April rings a death bell for most employees for it roughly translates to that time of the year when they've to calculate their tax payments. The complexity of the whole idea makes many shelve the topic until the last minute rush hijacks the situation. Enter tax consultants. These messiahs are well-versed with the analysis and calculation of tax payments in the country as per the stipulations of the governing body , the Income Tax Commission. They either sit down with their clients or discuss over the phone, ways to lower tax liabilities and come up with the correct tax amount to be paid so as to avoid the wrath of the ITC.
The primary role of a tax consultant is to assist and advice his client on the nuances of paying up a person's half to the government. He is a financial expert who is well-versed in the tax laws of the land. They are involved in preparing income tax returns and helping in filing them on behalf of their clients. This demands that consultants be well-versed in the latest tax reforms doled out by the Annual Budget Session and Tax Laws.
The most important job of a tax consultant is to streamline the tax return filing. Quick calculations will be an essential pre-requisite in the profile of a tax consultant. Being involved in such a booming profession, an impressive list of clientele ranging from corporate bankers to high-profile banks may align at his doorstep. Since tax frauds and evasions are very common, it becomes imperative upon the consultant to ensure that none of his clients are staging subterfuge. He will also have to advise the clientele on ways to lower tax liabilities , sudden inflow of cash, property taxes and ensure proper structuring of assets . An engrossing yet well-paying job awaits aspiring tax consultants whose average salary in India is pitched at nearly 4 lakhs.