DMC & Co.

job Summary

Tax Assistants provide support to an tax consulting firm or its accounting department.
Their role is a combination of administrative assistance and accounting support.
They must be able to run an office, as well as perform higher level functions, such as processing tax returns and maintaining databases.
Tax Assistants work under the supervision of a Tax consultant , but many of their duties are performed with little or no supervision.
Tax Assistants should be self-motivated and comfortable working alone.

Responsibilities and Duties

Perform tax assistant duties to the office

Assist seniors in handling taxation matters.
Answer and respond to clients’ inquiries on their tax problems.
Assist and support and Schedule and organize tax works and assignments for new interns and freshers and administrative staff .

Assist and support in filing tax returns on time.
Organize and manage all tax reports, statements and documents relating to clients.
Assist and support audit team in their tasks of tax audits.
Maintain strict client confidentiality relating to their tax matters.
Adhere to tax professional standards and ethics in tax assistant functions.

Qualifications and Skills

Maintained professional relationships with clients.
Supervised bookkeeping in preparation for internal and external auditing.
Managed and organized seasonal employee's tasks and monitor their performance.
Respond to notices from various departments of income tax and respond them with consulting with senior for clients.
Advanced skills in Microsoft Office and Tally .
Updated existing accounting system to provide greater operational flexibility.
Compute taxes and file the income tax returns with various forms

Benefits
A career in taxation is an evergreen, relatively stable, and a fast-growing career opportunity. We all know how intricate tax structures can be. There are direct taxes and indirect taxes. Direct tax is the one that is directly collected from people, such as income tax, wealth tax, property tax etc, while an indirect tax is the one that you pay whenever you purchase certain goods or use certain services. Indirect taxes may include GST .Often, people look for experts who can help them in assessing how much tax they need to pay, filing their tax returns, and finding ways to legally save their tax money.
The common stereotype says that tax professionals live a boring and monotonous life but the truth is that working in tax is quite dynamic and fast-paced. Besides accountancy skills, it requires excellent problem solving skills, commercial skills and an analytical ability. To really thrive in the career, tax professionals also need effective communication skills, be able to see the big picture, and deliver out-of-the-box strategically-sound solutions to their clients.

The GST Council, in its 33rd meeting held on 24th Feb 2019, addressed the reports of slowdown in the real estate sector and low off-take of under-construction houses. Real estate sector, being one of the largest contributors to the national GDP and with the Government’s vision on “Housing for All by 2022”, following recommendations were made by the GST Council in this meeting to boost the residential segment of the real estate sector:

(I) Rationalization of GST Rate:
Residential Segment Type Existing Effective GST Rate New Effective GST Rate to be levied ITC Availability
Residential properties outside affordable segment 12% 5% Without ITC
Affordable housing properties 8% 1% Without ITC

For the purpose of the above new GST Rate, coverage of affordable housing shall be – A residential house/flat of carpet area of up-to 90 sqm in non-metropolitan cities / towns and 60 sqm in metropolitan cities having value up-to Rs. 45 lacs (both for metropolitan and non-metropolitan cities).

Metropolitan Cities are – Bengaluru, Chennai, Delhi NCR (limited to Delhi, Noida, Greater Noida, Ghaziabad, Gurgaon, Faridabad), Hyderabad, Kolkata and Mumbai (whole of MMR)

(II) GST exemption has also been proposed on Transfer Development Rights (TDR) / Joint Development Agreement (JDA), long term lease (premium), Floor Space Index (FSI) – GST Council has specified that an Intermediate tax on these development rights will be exempt from GST for such residential properties on which GST is payable.

Press release document states that details of the scheme shall be worked out by an officers committee and shall be approved by the GST Council in a meeting to be called specifically for this purpose.

The new GST rate shall be applicable from 1st April 2019.

(III) Benefits of the above recommendation made by the GST Council are outlined below:

The buyer of house gets a fair price and affordable housing gets very attractive with GST @ 1%.
Interest of the buyer/consumer gets protected; ITC benefits not being passed to them shall become a non-issue.
Cash flow problem for the sector is addressed by exemption of GST on development rights, long term lease (premium), FSI etc.
Un-utilized ITC, which used to become cost at the end of the project gets removed and should lead to better pricing.
Tax structure and tax compliance becomes simpler for builders.

GST Council also decided that the issue of tax rate on lottery needs further discussion in the GoM constituted in this regard and the same shall be addressed in the upcoming meetings. Other agenda’s of this meeting – GST rate cuts on cement and duty drawback scheme for exporters remained out of the discussion