Tax proffessionals
Demand for tax professionals on the rise: Report
Kolkata/IBNS: There was a significant surge in demand for chartered accountants and income tax consultants in FY-2023 with a 47% growth in demand in the Q1FY23 as compared to the same quarter of FY22, according to hyperlocal search engine Just Dial.
The non-metros like Indore (72%), Chandigarh (71%) and Lucknow (59%) witnessed the highest ever growth in the same period, it said.
According to the report, the demand for finance professionals is driven by the resumption of economic activities post-COVID, and the critical time for tax returns is from January to June.
While the government is simplifying the taxation regime, the option of two tax regimes and intricate details of the taxation laws, necessitates expert guidance while tax filing.
As expected, the report observed growth in searches from Q3-FY 2023 to Q4-FY 2023, especially in non-metro cities like Karnal (36%), Mangalore (22%) and Surat (15%).
Among Tier-I cities, Chennai witnessed a 12% growth, while Ahmedabad saw a spike of 10%. This growth in demand is expected to continue until June - July.
“Based on our experience, the demand for finance professionals peaks in mid-April as people rush to file their tax returns before the deadline. Our firm primarily caters to retail customers, freelancers, and smaller firms, with a turnover of 10 to 30 crore revenue,” said Santhaseelan, the proprietor of V.S. Santhaseelan & Associates, Chennai.
He further added, “With the startup ecosystem booming, we have seen a significant spike in demand for CA/IT consultants from new businesses seeking guidance on tax compliance and other financial matters. The demand for finance professionals is expected to grow in the coming years as the Indian economy recovers and more businesses enter the market.”
Commenting on the search insights, Shwetank Dixit, Vice President, Justdial, said, “The increased demand for Chartered Accountants and Income Tax Consultants reflects the resurgence in economic activity as well as need for expert guidance to navigate the constantly evolving financial system. We expect the demand to grow in the upcoming year as well.”
The COVID-19 pandemic has resulted in many professionals switching to freelance work or starting their businesses, which has further increased the demand, the report said.
The government's focus on digitization and preventing tax evasion has made it essential for businesses and individuals to seek expert guidance to avoid penalties.
With the Indian economy growing, the demand for chartered accountants and income tax consultants will continue in the coming years, the report noted.
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