Taxation is a process of enforcing financial charge (tax) on the citizens who earn
‘taxable’ income. Tax is levied upon the tax payers by the State Government, Central
Government, or any authority of a state, such as the Local Council or the Municipality.
Tax collection is a significant role of the government, because the tax paid by
the people forms its vital source of income. Funds collected through tax in financing
projects for developing the infrastructure and other development projects of the
nation. All the tax collection in India is backed by laws formed by the legislature.
In India tax regulation and collection is handled by the Ministry of Finance under
the Government of India.
The Profession Career Option in Tax
The 'tax profession' includes all the qualified individuals who offer advice to
a client on tax compulsions.This tax advice can shape up into legal analysis and
formal advice. It needs to be further performed or assisted with compliance obligations
or designing and reviewing the system used by the client to accomplish tax risk.
The tax profession has been majorly comprised of lawyers and accountants functioning
in the tax field. But, in the present times the Government has set up the Tax Agent
Services Regime under which Tax Practitioners can be known as a 'tax agent'. This
certification is backed by standards of entry and a code of conduct. It has seized
the professional distinctiveness of tax advisors. This identity is based on respect
and understanding of the exceptional and dedicated work executed by tax professionals
and the vital role tax practitioners play in the trades and individuals whose tax
affairs they advise on. Tax experts enjoy intricate problem solving and technical
calculations, tackling strategic planning issues, developing information management
systems, applying changing legislation and leading teams to develop creative ways
to solve the problems of a client.
Course Details Career Option in Tax
Many universities and colleges in India conduct courses in the field of taxation.
These courses are conducted both at diploma as well as certificate levels. To start
with a graduate has to have a 10+2 certificate or should have passed the Higher
Secondary Certificate Examination to begin with the bachelor’s course in taxation.
After one has completed the bachelor’s degree in a relevant stream one can go for
the master’s degree in taxation. There are many colleges which provide education
in the field of taxation. Some of them are Nagpur College of Taxation, Annamalai
University, Institute of Chartered Accountants of India andIndian Institute of Taxation.
Apart from this taxation is a prominent subject in many commerce colleges.
Career Prospects Career Option in Tax
Public sector undertakings are always in demand of well-organized professionals
who can provide good performance in the field of taxation. The aspirants can become
a part of any related organization such as Employment Tax Specialists, Tax Accountant,
State Local Tax Attorney specialists, Tax Recruiter,tax advisor, Tax Policy Analyst,
Tax Examiners, Tax Manager, Collectors, Revenue Agents etc.
Remuneration Career Option in Tax
Remuneration in the field of taxation varies from organization to organization.Beginners
can earn a salary of Rs 200000-Rs500000 per annum. This increases with depth of
knowledge and experience.