Taxation is one of the most important aspects of finance. Consequently, it is also one of the most coveted career spaces that most finance students seek to pursue. (mostly because of the abundance of career opportunities and growth in the domain) In this piece, we'll be sharing some of the most vital information that you absolutely need to know to pursue a career in taxation! Questions like:

• How to pursue a career in Taxation?
• How taxation is better than other related fields like Auditing and financial analysis?
• How rewarding a career in taxation can be?
• What's the scope of future growth in the profession?

And more will all be answered as you breeze through this article piece. 

Taxation is a field with a plethora of opportunities

Employment in taxation is a career that is evergreen, fairly stable, and rapidly growing. We're all aware of how complicated tax systems can be. There are two types of taxes: direct and indirect. A direct tax is one that is collected directly from individuals, such as income tax, wealth tax, property tax, and so on, whereas an indirect tax is one that you pay when you buy certain goods or use certain services.  Value-added tax (VAT), sales tax, customs duty, and excise duty are examples of indirect taxes. People frequently seek out experts to assist them in determining how much tax they must pay, filing their tax returns, and locating legal ways to save money on their taxes. So, the relevant skills, formal education, and experience, as much as possible, are required to make it big in this industry. Not to mention that your determination and discipline will also play a big role in shaping your taxation career.

The job profiles in taxation

The most crucial aspect of any job search is deciding on a career. We've put together some job profiles related to taxation to help you make an informed career decision and gain a better understanding of what goes into a variety of tax-related jobs. Entry-level

• Tax Trainee
• Graduate Tax Trainee

Part Qualified

• Trainee Tax Accountant
• Tax Accountant

Qualified

• Tax Associate
• Chartered Tax Adviser

Apart from it, a tax career has two main parts and it is important to know about those as well.

Compliance

The subtleties of tax are compliance - the paperwork. One important compliance task is to prepare and file your client's tax return in accordance with current regulations. Calculations, accounting, and paperwork may be required for things like establishing family trusts or estate planning, depending on your specialization. You can expect to focus on compliance at the start of your career as you learn the ropes.

Consultancy

The problem-solving side of the tax business is consulting. Tax professionals ensure that their clients' finances are tax-efficient (simply put, they find ways for their clients to pay the minimum tax possible). It entails being well-versed in tax regulations and being able to take advantage of all available tax structures, breaks, and loopholes. You can serve your client in different ways depending upon your expertise in the field.

Business tax consulting:

Handles all tax issues that businesses face on a daily basis. You could also serve as your clients' tax and finance department.

Income tax consulting:

Income tax consulting: Individuals and corporations may be among your clients. 

Property tax consulting:

Handles cases involving agricultural lands, residential and commercial properties, and other property tax rules and regulations.

Sales tax consulting:

Knowledge of VAT and sales tax issues is required. As a sales tax consultant, you can provide your clients with information, advice, or clarification.

Responsibilities in taxation profile

A tax professional or consultant's primary responsibility is to comprehend the company's or individual's business, optimize one's tax position, and identify and mitigate various risk areas. A tax consultant's main goal is to put his or her technical and legal knowledge to work for his or her clients. Tax professionals also prepare their clients' tax returns, research their tax and compliance issues, forecast their tax liabilities, and supervise state and federal audits. Tax professionals in-house may also serve as team supervisors or train associate accounts on how to handle taxes.

Formal education is a stepping stone

The typical path to pursuing a career in taxation has been to do graduation and then a post-graduation in commerce and then land a job. However, with rising competition, some extra efforts have become necessary. Certification courses on GST can be achieved to make you a cut above the rest of the competition. Moreover, LLB or LLM students can specialize in Taxation Laws and enter the field. A bachelor's degree in management studies (BMS) or an MBA with a finance specialization may also give you an advantage in the field. In India, tax consultants are mostly law graduates or people with professional qualifications from The Institute of Cost Accountants of India, such as Chartered Accountancy (CA), Company Secretary (CS), or Certified Management Accountancy (CMA) (ICAI). Students pursuing a B.Com or M.Com from IGNOU can also specialize in Finance and Cost Accounting through ICAI.

Courses in taxation

Whether you go for private jobs or government ones, skill-building is supremely important. It is wise to enroll in upskilling courses and training programs to become adept at Taxation and gain a thorough insight into the field. Though government jobs required certain exams with three to four stages or more, you should still be able to breeze through most job interviews if you comprehensively study and grasp the fundamentals of the following courses:

• Diploma in Accounting & Taxation.
• Diploma in Service Tax.
• Diploma in Taxation Law.
• Advanced Diploma in Taxation.
• Bachelor of Commerce 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.

The relevant skills for taxation

Communication

You must be able to explain intricate regulations to non-experts if you work in tax. Clear verbal or written communication is essential.

Numeracy

You don't have to be a math whiz to get into Tax; consequently, humanity students can also pursue a career in Taxation. However, you must be comfortable with numbers.

Time management

You'll need to prioritize tasks, meet deadlines, and take personal responsibility for a professional workload if you want to be successful.

Business awareness

Employers want employees who are genuinely enthusiastic about their jobs. Commercial awareness demonstrates an interest in your field and the ability to keep up with changes as they occur.

Skills in problem-solving

You must regularly use your creativity in the field of taxation. For example, if you want to help a client save money on taxes, you could suggest trusts and tax-free investments. It's up to you to come up with a creative solution.

Details are important.

The regulations in tax law say exactly what they mean, and you must interpret them correctly. This necessitates paying close attention to every word.

Organization

Throughout your Tax career, you will be faced with large, complex tasks. You must be able to break them down into sections that you can work through sequentially.

The path to government jobs

Tax accountants, tax analysts, tax advisors, tax recruiters, tax examiners, tax managers, tax collectors, revenue managers, business tax consultants, income tax consultants, property tax consultants, and other tax professionals work at various levels. Then there are tax lawyers, counsels, and defense attorneys who can assist you in court with tax-related cases. Professionals in the Indian Revenue Service (IRS), one of the country's top administrative jobs, are chosen through the UPSC exam and have enormous responsibilities. While tax consultants advise clients on tax planning and help them file their returns, IRS officers are in charge of collecting direct and indirect taxes, handling administrative work, and developing tax policies. IRS officers typically start as Assistant Commissioners and work their way up to Chief Commissioners. The high command may be elected to various government and financial institutions as members or even chairpersons. The Staff Selection Commission also conducts a test for Tax Assistants that is considered to be far less difficult than the UPSC exam. These result in appointments to non-gazetted Group 'C' ministerial posts in the Central Board of Direct Taxes (CBDT) and Central Board of Excise and Customs (CBEC) Commissionerates (CBEC). Graduates between the ages of 20 and 27 who can type 8,000 key depressions per hour are eligible to take the exam.

Remuneration

Government jobs in the field of taxation pay well and provide a lot of security. Tax professionals can also find stable and well-paying jobs in corporate accounting departments or with accounting firms. Tax consulting has a lot of advantages. A newcomer to the field can easily earn Rs 3 lakh to 5 lakh per year, but as one's qualifications and experience grow, so does one's income.

Keep moving on

A career in taxation can provide you with the business experience you need to advance into business consulting. Moving sideways into a related accountancy role can be difficult - you may need to re-qualify or accept a significant pay cut. There are options for taking your accounting career elsewhere once you've gained some experience. You could work for the government, which provides a good work-life balance and benefits. Alternatively, you could go it alone. As a freelance tax professional, you're likely to work with individuals or small businesses. You can work from home and set your own hours.

Finally…

Communication skills are more important than numeracy in the field of taxation. On a daily basis, you'll navigate tax laws to find innovative ways to help your clients save money on taxes. You'll explain complicated rules in layman's terms. You'll have to be meticulous with paperwork and calculations as well. As a taxation professional, if you garner enough experience in the profession, then you can make it big in the industry. A career in taxation also brings about career security in the sense that there will always be taxes! (Unless we overthrow the government. lol!)

To apply for fresh jobs in taxation, visit the Jobaaj job portal.