Over the past few decades, post liberalisation of the Indian economy, the demand for young Chartered Accountants (CAs) has increased. Attractive remuneration packages tempt most CAs to choose employment over the practice. However, opportunities for CAs in practice have opened significantly in recent years.
This is due to the globalisation of economies and new regulations and laws being introduced in the country. As a result, there are endless career opportunities for practising CAs, especially those who specialise in specific fields, be it international taxation, IFRS, corporate law, or service tax, to name a few.
The process of globalisation has led to the following opportunities for practising CAs:
- Projects with the government on international harmonisation of taxation and corporate laws and standards
- Developing associations with professional and associated organisations internationally
Currently, every business needs an adviser to help them track their income and expenses. You can start a tax consultancy business if you are an expert in tax law, planning, and compliance. Starting tax consultancy will enable you to meet the global and domestic tax compliance requirements of clients. For starting tax consultancy, one needs to spend on an experienced team and other inevitable expenses of setting up the workplace, subscription to journals, etc.
Chartered Accountant loans are now available to meet your various practice expenses, integrated with various borrower-friendly features like Flexi loan facility, doorstep document pickup, loan disbursal in 24 hours, easy eligibility criteria, etc. Moreover, with pre-approved offers on your loans, the process of taking loans becomes simpler and quicker. All you have to do is share a few basic details and check out your pre-approved offer. Hence, tax consultancy is a small business that you can easily start.
International Taxation (including NRI taxation, DTAA, transfer pricing, and tax in foreign countries)
Transfer pricing and double taxation avoidance agreements (DTAA) have come into sharp focus with rapid globalisation and cross-border transactions. Revenue authorities across the globe are keen to ensure that their respective countries are not deprived of their legitimate share of taxes on these cross-border transactions.
In the international tax consultancy business, practising CAs provide guidance and consultancy services related to:
- Taxation of non-resident Indians following clause (6) of section 6 of the Income Tax Act, 1961
- Companies operating in multiple countries are subject to intense reviews and scrutiny of transactions with their related parties
- Members with deep knowledge and understanding of the DTAA, transfer pricing regulations can play a key role in an advisory capacity and assist these companies in the preparation of transfer pricing reports and other aspects of international taxation
Hence, tax consultants must understand the external environment in which the entity operates and the company’s internal structure. They help organisations and individuals effectively communicate to the authorities the justifications relevant for the posture adopted by them in various taxable jurisdictions.
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