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 value added tax (VAT), sales tax, customs duty, and excise duty etc. 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.
Tax accountants specialize in assisting customers with the filing of their federal and state taxes. While firms typically hire accountants, some are self-employed and find their own clients. Initially, a tax accountant must meet with a client to determine his or her needs. Some customers merely want a tax related question answered, while others want their taxes done for them.
In order for an accountant to file taxes for a client, they must request all their necessary information, including financial documents and pay stubs. Once all that information is collected, the tax accountant analyzes them, looks for any deductions and determines the amount of taxes owed. After this is completed, a tax accountant does a final verification before providing the documents to the client who may submit them or have them submitted on their behalf.
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 pictures, and deliver out of the box strategically-sound solutions to their clients.
Few careers are as changeable as those of tax experts. Tax laws, rules and regulations change every day. Then, there are the latest court verdicts and orders that serve as guidelines for those who dabble in finances and commerce. Hence, experts in taxation who can handle work with ease and in compliance with the latest tax rulings are always in demand among high net-worth individuals, corporate houses, and public sector under takings (PSUs). As tax professionals, you are continually challenged and it is extremely crucial to keep yourself updated, expand your knowledge, and adapt new strategies to stay relevant in the market.
Types of Taxation careers
Taxation job are available everywhere in the world. Your academic background and work experience really determines where you end up. Broadly speaking, most tax jobs can be clubbed under the category of administrative jobs, accountancy, consultancy, and handling legal matters.
Generally speaking, tax lawyers or defense attorneys work in a fast-paced and aggressive environment, while those who file tax returns for individuals or corporations have more laid-back jobs. It is true that you may have to work late nights in the field now-and then but the taxation cycles are mostly predictable and you can easily plan vacations around your lean days.
Tax professionals work at several levels, such as tax accountants, tax analysts, tax advisors, tax recruiters, tax examiners, tax managers, tax managers, business tax consultants, income tax consultants, property tax consultants etc. then, there are tax lawyers, counsels and defense attorneys that help you fight tax-related cases in court.
Indian Revenue Service (IRS) professionals, who hold one of the top administrative jobs in the country, get selected through the UPSC exam and hold immense responsibilities. While tax consultant’s advice clients on how to do tax planning, and provide assistant to them in filing their tax returns, IRS officers are responsible for collection of direct and indirect taxes, handle admistrative work and make tax policies. Typically, IRS officers are appointed as Assistant commissioners and can rise up to the level of Chief Commissioners. The top honchos may become members or even chairpersons of various government and financial institutions.
The staff selection commissions also organize an exam for Tax assistants, which are considered much easier than the UPSC exam. These lead to appointments at a Group ‘C’ Non-Gazetted ministerial post in various commission rates of Central Board of direct Taxes (CBDT) and central board of excise & Customs (CBEC). Graduates who are 20 to 27 years old and have a data entry speed of 8,000 key depressions per hour eligible to appear for the exam.
Courses in Taxation
The courses available in the field of taxation range from certificate courses in international taxation to the following:
- Diploma in Accounting & Taxation
- Diploma in Service Tax
- Diploma in Taxation Law
- Advanced Diploma in Taxation
- Bachelor of Commerce in Tax Procedure & Practices
- Master of commerce in Finance and Taxation
- Master of commerce in Accounting and Taxation
- Post Graduate Diploma in Taxation
- Post Graduate Diploma in Tax Management and Tax Administration
Students who have cleared Class 12 can apply for the graduate-level courses, while students who have completed graduation in relevant streams can apply for the PG-level courses. To do B.Com, one would need to have passed class 12 with Commerce stream and have subjects like Accounts, Maths, and Economics. A B.Com degree is mandatory to take admission in the two year M.Com course.
Students who do LLB or LLM can also specialize in Taxation Laws and join the field. Bachelor of Management Studies (BMS) or an MBA degree with specialization in Finance may also give you an edge in the field.
Some Good Institutes in India
St. Xavier’s College Kolkata, West Bengal
– Symbiosis Law School Pune, Maharashtra
– India Law Society Law CollegePune, Maharashtra
– D.A.V. Centenary College Faridabad, Haryana
– Indira Gandhi Government College Kurukshetra, Haryana
– Oxford College of Business Management Bangalore, Karnataka
– St. Peter’s CollegeErnakulam, Kerala
– Institute of Chartered Accountants of India, Bhawan New Delhi, Delhi
– Sanlok Institute of Management & Information TechnologyGurgaon, Haryana
Career in taxation is a very critical job but with it comes lot of incentives. A career in this profile invites you to be a progressive, innovative team member of a high-quality, professional organization. Tax consultants are those experts who are well aware of the different forms of taxes and use their knowledge in order to advice people of companies about tax returns. Giving suggestions and handy advice on how to deal with various aspects of dealing with taxes is a job of a tax consultant. To opt for a tax consultant job profile you have to undergo the taxation related courses that are there and should also gain some work experience in the field of taxation, then only you can achieve your goal. To sum it all up, we can say that the main goal of any tax consultant should be to make maximum use of all the knowledge and technical skills for the betterment of the client/company they are employed in.