sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 What is tax deducted at source (TDS)?
 Income Tax Return filing 2018: Here are some important tips for you
 Change in Examination Venue in Thane, Zone – II, May 2018 Examinations
 Here’s all you need to know New Income Tax return for salaried class available on IT portal
 What to do if you missed the (second) tax deadline
 Income-tax (5th Amendment) Rules, 2018 - Notification under section 9A (3) of the Income-tax Act, 1961 in respect of Fund Manager Regime
 Income Tax department warns salaried class again filing wrong ITRs
 ITR-1 form for AY 18-19 now available for e-filing
 New Income Tax Return Form for Salaried Class available in Portal
 Income Tax Return: ITR-1 ready for e-filing, says I-T department
 6 Tax changes you need to keep in mind while filing ITR for FY17-18 Income Tax Return efiling

Tax experts in demand; salaries scale new heights
November, 06th 2009

An acute shortage of trained tax professionals coupled with a changing and complex tax landscape has led to a sharp rise in the pay packets of such experts with the average salary more than doubling in the past year alone, according to senior executives from tax and legal firms.

While an entry level tax professional today commands not less than Rs 10 lakh per annum in some of the countrys top firms, the salary range for a middle-level professional is between Rs 25 lakh and Rs 35 lakh; while for a partner it ranges upward of Rs 75 lakh.

The partner also gets a share of the profit of the firm. A middle-level professionally would typically have put in at least four years, while a senior would have more than 12 years experience.

Some of the top tax firms and some of the best paying firms in India include Ernst & Young, Khaitan & Co and RSM Astute.

The salary levels have risen sharply and in some firms have almost doubled, said KH Viswanathan, an executive director with RSM Astute Consulting, part of the RSM group which is one of Indias leading firms in tax practice. Movement of well trained tax professionals is also happening as the complexity in the tax regime is increasing due to GST (goods and services tax), the Direct Tax Code and IFRS and as the number of people who possess such skills is limited, he added.

IFRS or the International Financial Reporting Standards is an accounting standard followed mainly in Europe and is likely to be adopted in India from the fiscal year beginning April 1, 2011.

The government is also targeting an April 1, 2010 rollout of the GST, a consumption tax that aims at creating a pan-India market by allowing both manufacturers and service providers to offset state taxes paid on inputs sourced from another state. While this is a modern levy and a departure from the old sales tax and VAT (value added tax), the number of people well versed with its intricacies are few.

Similarly, the Direct Tax Code, which is scheduled to replace the Income Tax Act of 1961, is also very much work in progress that most tax experts are still studying. But for professionals who have spent long years in the tax arena, the ability to comprehend the changes and to apply them to business situations is faster. Hence the robust demand for such people.

There certainly is a finite number of professionals who possess the entire breadth of skills and experience in tax, said Sudhir Kapadia, partner (tax & regulatory services), Ernst & Young. To add to that, very few people have skills such as articulation, communication and converting specialised tax information into practical business applications.

On the demand side, the emergence of new laws and the implications of convergence of tax with IFRS and the spread of Indian companies overseas, means companies require highly specialised people.

Also, with the role of the CFO in a firm now changing to include more of strategy and increased partnership with the CEO, there is the need for more inputs from tax experts to ensure that the company meets all corporate governance norms. So large companies need tax experts to meet with the mandatory quarterly compliance deadlines.

Movement of tax experts from one Big Four firm to another has also become very common, mainly among mid-level executives. One of the most high-profile movements happened when Ernst & Youngs Kapadia moved from KPMG after spending 15 years there.

According to Nishith Desai, international tax lawyer and founder of Nishith Desai Associates, the demand for experts is mainly because of the ambiguities in Indias tax laws.

The desire to comply and pay correct taxes is definitely increasing. But the laws are so badly drafted and there are so many retrospective amendments that it creates an unhealthy situation. So demand to seek proper guidance has been going up.

Placement agencies say indirect tax experts are more in demand than direct tax professionals as advice on income-tax can given by chartered accountants, while there are limited experts in indirect taxes such as customs and excise.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Quality Assurance Services Testing and Re-testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions