Internet search for CA, Income Tax consultants increasing: Report

Queries up 47% in Q1 of FY23 as people seek expert advice in filing returns, managing invesments

Justdial, an internet search engine for hyperlocal trade, has reported a surge in demand for chartered accountants and Income Tax consultants in FY23.

The company’s report said the first quarter of FY23 saw a 47 per cent growth in demand, compared to the same quarter of FY22. Non-metro cities like Indore (72 per cent), Chandigarh (71 per cent) and Lucknow (59 per cent) witnessed the highest demand growth for these finance and tax professionals in the first quarter of FY23.

According to the report, the demand is driven by economic activities resuming in the country after Covid-19 and the January-to-June period to file tax returns. People still need expert guidance while filing their returns, as the government simplifies the process and gives the option of two tax regimes and intricate details of the taxation laws.

The report said searches grew from Q3 FY23 to Q4 FY23, especially in non-metro cities like Karnal (36 per cent), Mangalore (22 per cent) and Surat (15 per cent). Among Tier-I cities, Chennai witnessed a 12 per cent growth and Ahmedabad’s searches increased 10 per cent. Search growth is expected to continue until June-July FY24.

“The increased demand for chartered accountants and Income Tax consultants reflects the resurgence in economic activity as well as the need for expert guidance to navigate the constantly evolving financial system. We expect the demand to grow in the upcoming year as well.” said Shwetank Dixit, vice president at Justdial.

Covid-19 has resulted in many professionals switching to freelance work or starting their own businesses, strengthening demand for their expertise. Businesses and individuals need expert guidance to avoid penalties as the government focuses on preventing tax evasion, said the report.