Hello !!
I am here with a very simple questions & expecting that the professionals who are at present into practice in tier 2 & tier 3 cities will guide honestly.
1) Where do you see CA in practice in these cities after 10-15-20 years ?
2) Area of scope in traditional practice & other that traditional practice ?
3) Threat from technology oriented softwares ??
4) Average expected income from practice?
We know it is based on networking, knowledge & skills. But I want to know a range.
Thanks.
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Future of CA IN practice
Replies (5)
Quick Summary
New practice takes minimum 5 years.
The clients doesn't pay properly.
You may expect, 10lacs to 15lacs per annum.
Revenue may come down since Individual ITRs , Small business may do ITR by themselves. Even GST Filing is done by clients , Tds filing by clients .
Few works are allocated to CMA & CS .
So Tax Audits , Company Audits will be the major of source of income in the future
The clients doesn't pay properly.
You may expect, 10lacs to 15lacs per annum.
Revenue may come down since Individual ITRs , Small business may do ITR by themselves. Even GST Filing is done by clients , Tds filing by clients .
Few works are allocated to CMA & CS .
So Tax Audits , Company Audits will be the major of source of income in the future
I would answer from the Tier 1 perspective because according to me that is more important to understand the trend.
ITR filing, GST return,ROC filing all is price sensitive and does not pay well
Tax Audit is dwindling in numbers as limits are being increased year on year
Without an increase in number of clients, nothing will feel better.
Company audit is proposed to get voluntary.
So thr future doesn't seem bright in a traditional practice. If you are ok with 6-8L p.a after 5 years,then you may.
But possibly do further specialization and come to practice a bit later, then your growth will be faster due to specialized knowledge, network.
ITR filing, GST return,ROC filing all is price sensitive and does not pay well
Tax Audit is dwindling in numbers as limits are being increased year on year
Without an increase in number of clients, nothing will feel better.
Company audit is proposed to get voluntary.
So thr future doesn't seem bright in a traditional practice. If you are ok with 6-8L p.a after 5 years,then you may.
But possibly do further specialization and come to practice a bit later, then your growth will be faster due to specialized knowledge, network.
Due to Presumptive Taxation limits increased revenue may come down as said by above member.
So just open a tax consultancy business in your family member name and manage it for 5 to 6 years and you keep doing the job .
From this your client's base may improve and you will get good savings from your salary.
Compare your salary with business income after few years, if you feel it is okay then start the practice in your name
So just open a tax consultancy business in your family member name and manage it for 5 to 6 years and you keep doing the job .
From this your client's base may improve and you will get good savings from your salary.
Compare your salary with business income after few years, if you feel it is okay then start the practice in your name
It isn't easy doing salary and practice together. You have to commit to one. Part time doesn't work well. Quality of service is impacted and client aren't happy with it over long term
Start as a tax consultant, accounts or GST etc with family member as a owner and you may recruit semi qualified or other assistants
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