Chartered Accountancy is a highly respected and rewarding career in India. The services offered by them are sought after across the entire economic spectrum; from large corporates to individual professionals. However, the present market space for CAs is characterized by stiff competition and rapid technological and legislative changes. This presents an opportunity for the practicing CAs to expand their horizon of professional expertise and service offerings. Out of the possible areas where CAs can extend their array of services, the domain of tax consultancy appears as a lucrative one.
Various niche services possible within the tax consultancy services
Tax consultancy services embrace various areas like direct and indirect taxation. As a service provider, it gives you the opportunity to seek your specialization and build on your strengths to gain a competitive advantage in the market. To address the requirement of funds, like hiring a skilled workforce, to offer specialized taxation consultancy, CAs can opt for a special business loan for chartered accountants. They are designed keeping in mind the requirements of the accountancy business and comes with a host of borrower-friendly features such as quick and hassle-free disbursal of funds within 48 hours*, etc.
A broad spectrum
India is emerging as one of the strongest economies of the world and as a result there is an ever-increasing demand for specialized tax consultancy services. The portfolio of modern CA businesses venturing into the area of tax consultancy may include services like tax estimation, tax calculation, tax filing for business entities as well as key employees of the organization, tax compliance and tax savings advisory. Moreover, with India Inc. gaining its clout on foreign soil, the domain of international taxation is increasingly becoming a target of tax consultancy services.
A dynamic market
Tax consultancy services are closely related to the legislative scenario of a country. Like its economy, the legislative sector of India is also undergoing continuous flux. The taxation rules are updated by the government to meet the demands of a booming economy and the stakeholders must keep pace with the change of this tide. As a provider of tax consultancy, the CAs must be equipped with the required infrastructure to cash on this dynamic legislative scenario.
Goods and Services Tax (GST) has opened new opportunities for CAs. A host of advanced GST ready software are available to meet the operational and compliance needs of the clients. For example, Thomson Reuter’s OneSource provides a holistic and integrated solution for tax determination and tax compliance. It can not only undertake CGST, SGST and IGST calculations but also provide updated information on GST legislation.
With support for up to 50 users, this tool is priced at over Rs. 70 lakh, which can be easily financed with business loan for chartered accountants. There are various other solutions available from developers like SAP, Tally or Reach Accountant. They are distributed over a wide price spectrum and can be implemented by the chartered accountancy businesses as per the requirements of the projects. Venturing into the field of tax consultancy not only broad bases the service portfolio, but also infuses modern technology and talents into the business which can reap rich dividends. With proper planning and financing options, tax consultancy services can be a game changer for CAs.
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