There is a huge demand for tax professionals due to the complexity of tax laws and regulations. Additionally, changes to tax laws and regulations can create new opportunities for tax professionals to provide guidance and advice to their clients. So, stay up-to-date with changes in tax laws and regulations. Additionally, developing strong analytical and communication skills can help you succeed in this field.
What is taxation? Taxation is when a government or the taxing authority imposes or levies a tax on its citizens and business entities. From income tax to Goods and services tax (GST), Taxation applies to all levels. Taxation involves working with individuals or businesses to manage their tax obligations. This may include preparing tax returns, providing advice on tax planning and compliance, and representing clients in tax disputes with government agencies. Tax professionals typically work for accounting firms, law firms, or government agencies. A career in Taxation typically needs to have a strong background in Accounting, Finance, or Law. Many Tax professionals have degrees in these fields, and some also pursue professional certifications such as Certified Public Accountant (CPA) or Enrolled Agent (EA).
Types of Courses: Short-term, Certificate, Diploma, UG & PG level.
Courses Availability:
❖ Bachelor of Commerce (B.Com) in Taxation,
❖ Master of Commerce (M.Com) in Taxation,
❖ Master of Business Administration (MBA) in Taxation,
❖ Chartered Accountancy (CA),
❖ Certified Public Accountant (CPA),
❖ Certified Management Accountant (CMA),
❖ Master of Business Administration (MBA)/ Master of Commerce (M.Com) in Taxation,
❖ Certification- Chartered Accountancy (CA), Certified Public Accountant (CPA),
❖ Certified Management Accountant (CMA),
❖ Diploma in Taxation,
❖ Certificate course in GST and more.
Eligibility criteria:
Certificate: Candidates who have completed 10+2 or have a Bachelor's degree from a recognized university/ institution are eligible for most certificate courses.
Diploma: He/ She is required to pass a Graduation in Commerce or Law from a recognized university. This course duration is one year.
UG: Completion of 10+2 or equivalent examination from a recognized board or university. Score at least 50 - 60 percent aggregation marks in the qualification exam. There is a Bachelor of Commerce (B.Com) in Taxation. This course duration is 3 years.
PG: Completion of a Bachelor's degree in any stream from a recognized university or board is required. Some institutions may have specific requirements, like a minimum percentage of the Bachelor's degree and also work experience etc.
Master of Commerce(M.Com) in Taxation: This is a two-year postgraduate program. It provides in-depth knowledge of taxation, accounting, and finance.
Entrance exams: CLAT/ AIBE/ AILET/ LSAT, TS LAWCET & AP LAWCET.
Fee structure:
❖ Diploma: INR. 50,000 to 2 Lakh (total fee),
❖ Post graduate diploma (PGD): upto INR. 5 Lakhs(entire fee),
❖ Bachelor's: INR. 20,000 per year,
❖ Master's: Average INR. 12,000 per year.
Skills Required:
❖ Good Communication Skills,
❖ Knowledge of Tax Laws,
❖ Numerical Ability,
❖ Computer Skills,
❖ Strong Analytical Skills,
❖ Attention to Detail,
❖ Problem-solving Skills,
❖ Ethics and Integrity,
❖ Time Management and Adaptability skills.
Top Institutions:
❖ University of Hyderabad,
❖ Indian Institute of Management (IIM) - Visakhapatnam,
❖ Osmania University - Hyderabad,
❖ Institute of Chartered Accountants of India (ICAI) - Hyderabad,
❖ National Institute of Financial Management (NIFM) - Hyderabad,
❖ Institute of Company Secretaries of India (ICSI),
❖ ICFAI Business School - Hyderabad,
❖ Symbiosis Law School - Hyderabad,
❖ JNTUH School of Management Studies - Hyderabad,
❖ GITAM School of International Business - Visakhapatnam,
❖ Acharya Nagarjuna University - Guntur,
❖ Sri Venkateswara University - Tirupati,
❖ Andhra University - Visakhapatnam,
❖ National Law University (NLU) - Delhi,
❖ Narsee Monjee Institute of Management Studies (NMIMS) - Mumbai,
❖ Gujarat National Law University (GNLU) - Gujarat.
Top Sectors/ Fields:
❖ Banking and Financial Services,
❖ Manufacturing,
❖ Information Technology (IT) & Information Technology Enabled Services (ITES),
❖ Pharmaceuticals,
❖ Retail,
❖ Real Estate,
❖ Energy and Utilities,
❖ Public Limited Companies,
❖ Private Companies and more.
Job roles/ Designations with their salaries:
❖ Chief Financial Officer - Average INR. 10.9 Lakhs per Annum,
❖ Tax Analyst - up to INR. 9.8 Lakhs per year,
❖ Taxation Officer - up to INR. 9.5 Lakhs per Annum,
❖ Tax Manager/ Tax Auditor - Average INR. 6 Lakhs per Annum,
❖ Tax Associate - INR. 4.9 Lakhs per Annum,
❖ Tax Consultant - Rs. 3.8 Lakhs per Annum,
❖ Tax Collector - upto INR. 3 Lakhs per Annum,
❖ Audit Assistant - Approx. INR. 2.4 Lakhs per Annum,
❖ Tax Accountant,
❖ Financial Planner,
❖ Tax Consultancy,
❖ Tax Specialist,
❖ Tax Recruiter,
❖ Tax Advisor,
❖ Tax Policy Analyst,
❖ Tax Examiner,
❖ Revenue Agent,
❖ Tax Lawyer etc.
Top Hiring Companies:
❖ Deloitte,
❖ Amazon,
❖ Accenture,
❖ Ernst & Young,
❖ Infosys,
❖ Ford Motor Company,
❖ Wipro,
❖ Invesco,
❖ HDFC Bank,
❖ Citibank,
❖ ICICI Bank,
❖ HSBC,
❖ Google,
❖ Axis Bank,
❖ IBM,
❖ Cognizant.
Conclusion: In conclusion, Taxation courses in India provide specialized education and training in the field of taxation, equipping individuals with the knowledge and skills necessary to navigate the complexities of tax laws and regulations. So, after pursuing courses, getting professional certifications like, Charted Accountancy (CA), Certified Public Accountant (CPA), a Tax law certificate to enhance their prospects and credibility for the future in this field.
