How To Make A Career In Taxation ?

Introduction

In this time of Pandemic, there is only one thing running without any break. That is compliances and litigation. No matter what is the situation outside, Businesses find it inevitable to do the compliances. This time has opened the floodgates of opportunities in the taxation and legal field for professionals. If you are trying to give your career a good direction, this is the best time to go for the taxation and legal area.

Ever considered making a career in taxation? This vital but often overlooked (and perhaps feared) industry is definitely one worth considering for employment purposes. Hosting an array of professional development courses to enrich your knowledge and potentially sustainable growth, taxation is a great domain to opt for. Let’s take a look at what’s on offer and why you should consider entering it.

Who can make a career in Taxation and legal area?

• Commerce Graduates
• Law Graduates
• CA, CS, CWA
• BBA and MBA
• Other students of different fields having the keen desire to learn the taxes.

Why should you choose taxation as a profession?

#1. The surge in the volume of various taxation compliances in the recent past

With the major overhaul of our taxation system here in India, the inception of GST (Goods & Services Tax) has revolutionized tax law. This has warranted the need to effectively retrain existing professionals, including chartered accountants (CAs) and other affiliated roles to understand the new framework. With this newly created protocol, the demand for freshly trained accountants has markedly increased. This is therefore a great opportunity to fulfill this deficit (as it were) by supplying newly graduated or even other professionals. Don’t forget that it’s never too late to learn something new or build upon existing skills. By acquiring this revised knowledge, one can really excel in the field of taxation.

Tax consultants can now focus on implementing the practical aspects associated with GST (for instance) to enhance their understanding and performance in this field. This also applies to accountants and promotes the concept of continuing professional development. The value addition, industry analysis, and seamless filing for commercial stakeholders are just some of the advantages of pursuing this stream (albeit already an experienced professional). 

#2. No business can survive without taxation compliances

Although this may seem obvious, let’s not take people’s misperceptions for granted here. Just consider the sheer volume of tax that is collected daily from various institutions or outlets on behalf of the government. Be it simple purchases of taxable products (including FCMG, ranging from electronics or electrical appliances), there are plentiful of taxation opportunities. Despite this being unwelcome for many, it still undeniably remains the case that this is levied. This creates various platforms for exercising taxation and abiding by these. The obligations and rules to follow are just some of the aspects when considering tax. 

Whether you need to balance the sheets, arrange rebates or even raise an invoice, the tax will almost certainly be involved. It’s therefore imperative that you have a fair understanding of what this involves and its implications as well. The penalties and consequences of failing to comply can be dire, so never shy away from respecting as well as following the legislation. 

#3. Huge demand for professionals having the knowledge of taxation

As aforementioned, with the surge of new rules and regulations, another neo industry for taxation has been created. This gives rise to many more career opportunities and training for newbies (albeit seasoned professionals who need a refresher for the updated guidelines). Hence, trainers who are spruced up with the latest knowledge have much to gain from this evolving industry. Courses specifically designed to cater for this are becoming increasingly in demand, whilst the people required to facilitate follows suit. 

Ranging from accountants themselves to lawyers, IRS officials, or even tax consultants, all must now be fully aware of the new changes. Imparting this information to those who need it to be able to collect, analyze and document the new structure is very useful, if not crucial nowadays. The vast array of taxes and their respective system counterparts creates a need to fulfill which is undertaken by such professionals. Who knows when a client needs their accounts to be tallied and calculate their tax liability. Perhaps a business will need to hire a lawyer in defense of their tax payments. The point is that the possibilities are almost endless now.

Expand your career opportunities with Online Courses in Taxation

At the time of the pandemic, it is very difficult to go for taking the classes. But online courses are bliss for the students. You can learn while sitting at home and that too in a more competitive environment. Here are the top reasons to enroll in online certification courses to grow your career in the taxation field.

#1. Lack of practical knowledge in courses offered by various institutions

The variation in tax brackets, situations, exemptions and eligibility means that it’s important to acquire practical knowledge. The problem is that many institutions still follow the rote learning approach, wherein students are merely presented with information that they’re expected to passively absorb. This assimilation process is weak and often ineffective.

Primary hands-on skills are imperative to not only understand your subject matter but also to excel at reproducing this acumen when needed. Situations may be unfamiliar and demand practice prior to real events and for seamless execution. Practical-based learning also ensures better retention of concepts, given the plethora of written guidance that needs to be memorized. There’s also the added benefit of potential (virtual) placements or internships, as accreditation on your profile serves to entice prospective employers. Having a knowledge base does certainly put you in better stead when commencing a career in just about anything – and taxation is no exception to that. 

#2. A practical course by a working professional can expose you to great opportunities in this field

Live classes and practical demos

These demonstrations serve a vital purpose: to be able to identify the topic being discussed and decide accordingly which tax act or calculation to apply. The interactive element of asking questions in real-time serves to engage audiences and promote further participation. This way, you’ll understand a typical day of working in the taxation industry with valuations, issuing refunds, payments, supply, registration, raising invoices, returns, and of course interest (to name but a few)

Discussion on practical issues various industries are facing

Understanding the taxation market is key to developing an insight into the industry-level intricacies when operating taxable products. Be it higher rates, lack of compliance, common errors, or even misappropriation, these are all essential yet sensitive aspects to be mindful of. Always remember the significance of how your contribution to taxation can affect society. What are the current industry trends and do these favor or contravene the government’s drive to curb tax evasion? These are just some of the topics worth considering and having a discussion about. Deliberation about ambiguities in the tax act can really clarify your underlying concepts 

Query resolution to help at the time of Industry exposure

Career prospects are immense in the field of taxation, so why risk compromising opportunities, merely owing to a lack of clarity? Upon enrolling in such online courses, you’ll always have the option to ask questions to clarify any doubts you may have. It’s also important to note that with electronic material, it becomes easier to quickly refer to and distribute this across various platforms for better understanding. The concept of ongoing independent study does exist and this only augments such processes with active training as well. A great way to approach this whole subject of taxation is to mix some conventional teaching methods with digital learning. This way even assignments can be completed with the assistance of written and personalized resources. After all, the main aim is to master the area of taxation to a good extent. This will enable you to perform in your elected field in a more efficient manner. Now, you can be job-ready, having known and experienced the real-life scenarios that you could very well find yourself in!

Popular Online Certification Courses in Taxation 

1. Comprehensive Course on Foreign Exchange Management Act

This course is delivered by Ms. Sudha G. Bhushan, the pioneer of due diligence under FEMA in 2013. This is a great opportunity to learn directly from the expert, having written over 7 best-selling books and with a decade’s experience in intricate transactions, bank and corporate house advisor in their international operations.

Here, all the provisions (every section) under the Foreign Exchange Management Act, 2000, relevant notifications, circulars, regulations, and rules. It begins with basic concepts and builds on the subject, dealing with complex business transactions. There’s also a detailed discussion about all the practical aspects under FEMA.

This covers all types of entities – Company, LLPs, NRI, OCIs, Residents, FPIs, FVCIs, LO/BO/PO, and others. Furthermore, transactions relating to foreign investment in India and outside, its vehicles, as well as external lending and borrowing, advance payments and remittances plus their delays, Compounding, Guarantee, pledge of shares, etc.

Subjects are approached in a new and more practical manner. The first day is dedicated to a detailed framework under FEMA, covering its purpose, Capital, and Current Account Transaction, Residential Status, framework, regulators, various entities, rules, and regulations, plus the Liberalised Remittance Scheme.

This effective course is delivered by CA Ms. Sudha G Bhushan. She’s also a Company Secretary, an Insolvency Resolution Professional, a Registered Valuer, and is registered with MCA. Being a Co-Founder of Taxpert Professionals, a multifaceted consulting company, Sudha holds immense experience and acumen. Moreover, she’s an advisor to Bank of Baroda, NRI plus international operations, and an independent female director with Aurionpro Solutions Limited (a global technology solutions company). She’s also an advisor to many large multinational companies.

2. Certificate course on GST – 2021

This is our top-selling course. Providing a huge opportunity to learn and make a career in GST. This is a GST certificate course covering amendments introduced by FB 2021, practical discussion, and a live demo on the portal for updated compliance. This revised course has a concept and practical videos Each chapter is divided into manageable sections to help to understand the depth of provisions.

Course Delivery – This will be via the online dashboard of Consultease. Users will be provided with login credentials to access the dashboard. All resources (including PDFs, PPTs, Case laws, and studies) are uploaded for convenience. There will be unlimited access to this for one year. This also applies to any updates.

Eligibility – Although there are no specific criteria but the zeal to learn taxation is important. Moreover, participants should be willing to revise the provisions, to improve their knowledge.

Duration – The course consists of 25 hours of videos and PDF have written material for 10 hours. Hence the total duration of the course is around 35 hours.

Assessment – The course has continuous tests along the way. Practical case studies are discussed and the answers are explained in each session. Participants can take the self-assessment for every chapter.

Award of Certificate – A certificate from Consultease will be provided upon completion of the course.

Salient Features of GST Course 2021:

Entirely online, full access at any time and from any location. 

This contains short videos on every topic, hence no compulsion to watch for hours on end. You can even easily access the relevant video for reference later (owing to the accessible uploads).

Every provision is linked to a practical issue with its industrial application being covered and the solution.

Query resolution is a major issue that may arise even after you have completed all the videos. Hence we have designed monthly sessions to address this. These will help you and everyone can view the queries of others, helping to grasp other related issues in various industries. Even if you are a newcomer or a student, you will have complete practical knowledge of various issues.

Study materials Included in this certificate course:

The other great part of this course is 2 unique books on GST. These will assist you as the need arises. The first book contains the sections and rules with summary charts, whilst the second has these along with the updated provisions in GST. This is for quick ease of reference whenever required. You just need to click on the index and visit the relevant section. All related information will be provided.

Who should buy this?

• This course offers many benefits and is a must for everyone looking forward to pursuing a career in GST.
• Professional practicing in GST
• Senior employees in the taxation department of corporates.
• MSME business owners.
• Founders and directors of start-ups.
• Legal practitioners engaged in GST Litigation.
• Newly qualified professionals engaged in GST litigation.
• Employees in the taxation department who are in charge of GST.
• The student seeking a career in GST.

Written by CA Shaifaly Girdharwal who is a GST consultant, author, trainer, and famous radiant YouTuber. She has conducted several seminars on various topics of GST and is a partner at Ashu Dalmia & Associates, also heading the Indirect Tax department. Shaifaly has authored a book on GST published by Taxmann.

3. Certificate GST course for Real Estate Sector

Learn the intricacies of the property industry with Adv. and CA Pawan Arora He’s handled client matters from diverse industries and specializes in indirect taxes (having almost a decade’s worth of experience). Pawan currently leads “GST Advisory Services” of ALA Legal at the position of Joint Partner.

The indirect tax structure of Real Estate is often disputed between the revenue authorities and taxpayers. This is owing to the complexity of the structure (be it either in VAT/Service Tax or GST Regimes). Consultease decodes the technical and complex law with an easy approach for better GST compliance. 

In this course, we shall discuss (i) Constitutional Aspect and Legal History (ii) Levy and Taxability on outward Supply (iii) Joint Development Agreement (iv) Input Tax Credit (V) Sale of Developed Land (vi) Liability under Reverse Charge and other compliance of New Tax Structure of Real Estate Sectors and (Vii) Anti-profiteering provision. One hour session in a week has been allotted to each topic and 2 sessions for JDA.

Who Should Buy?

CEO, CFO, MD, Decision Makers and Tax Heads of Real Estate Companies

Legal and Tax Compliance Team of Real Estate Companies

Professionals having Real Estate Clients

Course Features:

One Hour per week session on each topic of the Real Estate Industry to easily learn the complex Tax Structure of the Industry. Pawan has experience in the Advisory and Litigation of GST, VAT, and Service Tax to more than 25 Reputed Real Estate and Infrastructure Construction Companies.

Areas Covered:

• Constitutional Disputes of works contract
• Levy and Valuation Disputes of Service Tax and VAT
• Tax Implication on Outward Supply
• Taxability on providing Development Rights by Land Owner to Developer
• Taxability of providing Construction Service by Developer to Land Owner
• Valuation of Development Rights provided by Landowner to Developer
• Valuation of Construction Service by Developer to Landowner
• Input Tax Credit available
• Other ITC related Issues such as Non-availability of ITC w.e.f. 01.04.2019
• Proportionate Reversal of ITC on receipt of Completion Certificate
• Tax-efficient models for Sale of Land
• New Liability under RCM on Developers w.e.f. 01.04.2019
• Issue related to Anti-profiteering

4. Certificate Course on FEMA – A Complete Dissection

After first understanding the framework of FEMA in detail, the coverage extends to Foreign Direct Investment Policy, (Non-)debt instruments, Manner of investment, types, vehicles, downstream and modes of investment, procedure, and compliance.

Then investments outside India by any Indian party are covered. This includes detailed manner and mode of making the overseas investment, Indian party plus their obligations, calculation of Financial commitment and net worth, as well as dos and don’ts while making ODI.

Furthermore, everything relating to lending and borrowing from outside India will be covered later on in the lecture. This takes the participants through all the related provisions along with practical problems. The penultimate day consists of participants learning about Non-residents Indians and compounding, including targeted coverage of compounding orders. The final day shall include case studies, structuring, due diligence and report writing in due diligence, etc.

5. Certificate Course On Income Tax

Certificate course in Income tax for practicing professionals, corporate employees, and students.

Created by CA Rohit Kapoor with over a decade of corporate training experience. He is a member of the Institute of Chartered Accountants of India (ICAI) and has vast experience in Direct Taxes. Rohit has also delivered training workshop sessions organized by RSMS, RAK, BCI, PSF, etc. He is also on the Board of Various Public Companies and National Level NGOs.

Corona is promoting make in India, bringing further opportunities for tax professionals who possess practical knowledge. A surge in industrial activities and startups ensues. Hence, we configured this Income tax course to train the professionals with concepts and practices. The biggest gap in education is that practical subjects are covered by teachers who don’t have any practical exposure. We’ve addressed this by deploying a practical expert, empowering participants to be ready for employment. Tax planning is crucial for individuals and business enterprises to succeed. Proper tax planning can be achieved with a detailed knowledge of all the Provisions of the Income Tax Act. These help to understand the applicability of the Provisions and how they will affect your entity. Enriching your concepts of the law will boost your professional development.

Upon completing this course, you will be able to handle Income Tax Challenges in your business and practice. This course will boost your confidence to handle the litigations matter with the Income Tax Authority and serve your clients efficiently. Now, you will be able to handle the routine compliances and the proceedings at the department.

This includes a detailed analysis of major aspects of Income Tax Law with a special focus on Tax Planning, filing essential compliances, handling online e-Assessments & e-Proceedings, Income tax Health Check-up, Limiting Taxation Disputes, etc.

Even after completing this course, you can connect with the trainer for practical requirements. He is an accessible and atypical teacher cum practicing professional, who knows what exactly is required at the workplace.

Who Should Buy?

• Finance professionals like CA/CS/CMA/Lawyers who deal in taxation to meet their professional needs.
• Business Heads, Business Owners, CEO, CFO, Finance Directors, Tax Directors, Analysts, Department Heads and Project Heads
• SMEs, Traders, Tax Officials, Finance and Accounts Officers,
• Professionals who want to shift from Finance to the Taxation domain.
• Income tax Practitioners.
• Individuals/beginners seeking career opportunities in the taxation field.
• Students of CA/CS/CMA/Graduation for gaining Income Tax Knowledge.

Course Features:

This Income tax course is designed with the following unique features.

Live Session where all the important provisions are discussed with real-life practical examples. The issues in various industries are covered as a part of the discussion. This will increase your capability and understanding of the implementation of these.

Online and Offline – Q&A Session with Speaker. You can discuss your issues with the speaker during the live webinar. Also, you can push your queries while watching the recordings also.

Short Notes and PPTs Available after the Course. This will help you for quick reference in the future. Also, these PPTs can be downloaded anytime from the dashboard.

Recordings and other resources like FAQs Case laws discussed will be available on your dashboard 24*7. You can access it from where and whenever you want.

Areas Covered:

• Introduction to the Income Tax
• In-Depth Knowledge of the PGBP Provisions
• Capital Gain Taxation
• Taxation on the Income from Other Sources
• Taxation on Salary Income
• Taxation on House Property Income
• Specified Financial Transactions (SFT) Reporting
• Deductions, Clubbing, Set-Off & Carry Forward
• TDS Compliances & Practical Knowledge
• Income Tax Returns Filing
• Assessment Procedures (Incl. e-Assessment & e-Proceeding)
• Appeals Under Income Tax (with Practical Training)
• Residential Status and Incomes Exempt from Tax
• International Taxation (DTAA, Transfer Pricing, Equalization Levy, Foreign Tax Credit, etc.)
• Tax Planning Tools
• Handling of Different Type of Income Tax Problems
• Important Case Laws