Taxation is a process of tax imposing on citizens who earn taxable income. Tax is the sum of money that an individual also known as the taxpayer has to pay to a state or any authorized body. This process involves dealing with direct taxes, assessment of taxes, filing returns,s and providing advice on indirect taxes. Direct tax is the tax that is directly collected from the people e.g. property tax, wealth tax, income tax, etc. whereas indirect tax comprises taxes that are collected from the customers on the purchased goods or the services provided e.g. GST, customs duty, excise duty, etc. Taxation is the government’s main source of revenue which is paid by the citizens and is used in financing projects for development projects in various sectors.
Performance and growth of the industry in India
Taxation is a very lucrative and fast-growing career for those candidates who have an interest in this field. Today every organization requires people having expertise in this field such as public sector undertakings and corporate houses etc.
Options and Opportunities
The aspirants having sound knowledge of taxation are appointed as tax accountants, revenue managers, tax analysts, tax recruiters, tax advisors, tax examiners, property tax consultants, business tax consultants, income tax consultants, tax managers, and collectors. Tax people in the Indian Revenue Service hold the top positions. They are aggressive professionals in their field as they have immense responsibilities on them.
Courses Available
• B.Com. Taxation
• M.Com.Taxation
• Post Graduate Diploma in Taxation
• Diploma in Taxation
• Diploma in Taxation Laws
• Certificate Course in International Taxation
• Certificate Course in International Taxation
Some good institutes
• St. Xavier's College Kolkata, West Bengal
• 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
Job Roles –
• Prepare tax returns, payments, necessary paperwork, and reports.
• Assess and research difficult tax issues to identify solutions.
• Manage and maintain the company’s tax database.
• Determine tax savings and recommend strategies to improve profits.
• Ensure you comply with regulations by forwarding required information to federal, state, and local authorities.
• Offer support and guidance during audits.
• Evaluate tax regulations and suggest policies that diminish tax burden.
• Keep track of industry trends and changes related to taxes.
• Prepare accurate quarterly and annual tax reports.