Tax consultancy is the process of providing services regarding tax computation, filing, saving, dispute redress etc. Tax consultant is the person who provides these services and tax consultancy firms are those companies who hire tax consultants and provide these services to individuals or to the companies, within the ambit of the tax laws. These people are also called as tax advisors. They have advanced training in the tax law.
Any tax paying individual, company or trust has a complex financial situation because of multiple layer of income sources, expenditures, taxes at different levels and investments. They seek the services of those who are expert in these fields so as to save the taxes and minimise the tax payment to the government within the existing tax laws. The tax advisors help the companies and individuals in saving taxes. They also help in suggesting or advising people and company in investing so that the taxes are reduced to a minimum. They advise depending upon the need of the client. They are tasked with help in computing the tax liability, finding efficient ways of reducing the taxes, suggest investments and portfolios which can reduce the tax burden, find the right deductions and credits applicable and available and above all file the tax returns, as ad when required.
In India with GST already implemented, the tax advisors also need to understand the intricacies of the GST act and the provisions under the law of GST so that the companies can be GST compliant and the returns are filed within time.
Although a CA can provide all these services but these days there are people who are expert on one field and provide services.