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How To Become A Tax Expert

Every person who dreams to earn millions faces taxes, companies plan elaborately to handle…

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Every person who dreams to earn millions faces taxes, companies plan elaborately to handle taxes, a common person goes through millions of web pages to understand taxes, but even after all of this, Tax is an elusive topic. For some taxes are a necessary evil for others a sign of equal treatment, but what is important is understanding taxes. These are the reasons why being a tax expert is so sought after.

Having the skills to understand an elusive topic like taxes, can take you to higher places in life. From small businesses to large MNCs, everybody is filing taxes. As a tax expert, your role will be to hold your client’s hands and teach them to maneuver the “tax world”.

You will also play a middle man role between tax authorities and your client when they prepare their tax papers. Being proficient in the tax laws of your country is essential to succeeding in this role. You will be studying lots of calculations, various rules and regulations, and the various schemes the country offers to taxpayers. Your primary task will be to measure taxes, inform your client of rules and regulations and coordinate with tax authorities.

Like any other profession, becoming a tax expert is not the result of reading a few blogs, but a quest for understanding. You will have to pursue professional courses from a recognized University along with nurturing a few key skills that we shall discuss later.

Courses To Swear By!

Ideally after your higher secondary your quest to become a tax expert starts. You will have to complete your undergraduate first and then pursue a post-graduation in taxation. There is a second path too that can be pursued after graduation. Let us have a closer look at what you should be doing;

  • Under Graduation
    Once you have completed your higher secondary, look for undergraduate programs related to taxation. Finding a bachelor’s course that offers specialization in taxation might be difficult. You can go for other related fields that you will need to become a successful tax expert, like taxation courses in Ahmedabad.

    Pursuing your bachelor’s from a reputed institute is also preferable. Choose carefully the institute to pursue a bachelor’s degree, as it will be the base to you becoming a good tax expert. Exposure and quality are the important factors while choosing an institute and not an advertisement.
  • Post Graduation
    The ideal choice after graduation is to pursue post-graduation. In this step, you set yourself for success as a tax expert. Your post-graduation should be in taxation. It will give you all the information you need on how the tax world functions. Keep in mind to get as much exposure to the real-world scenario as possible. An internship under a tax expert will set you up perfectly for your tax expert journey. Again, a reputed institute is advisable, but exposure and quality of education are key factors.
  • Chartered Accountant
    If you want to become a tax expert. Chartered accountancy course is most preferable course in India. The course includes in-depth knowledge of direct as well as indirect taxation. The course offers you to become expert in the field of taxation.

    There is also compulsory internship requirement.  You have to undergo with 3 yeas training under qualified chartered accountant so that you will get the practical exposure to the taxation and accounting. If you are not getting the work related to taxation in the internship you can also prefer to join taxation course in Ahmedabad.

Additional Skills To Add On!

So you have the required qualifications, but without skills, you will not be able to find employers. Let us see some essential skills that a tax expert must possess to become successful.

  1. Leadership
    As a tax expert, you will be in charge of the entire taxes of a huge MNC or a billionaire client. You must have the leadership skills to maneuver challenges and issues that your clients face during their filing of taxes. You might also be required to lead other departments and guide them through the process of tax filings. Thus, a tax expert who can lead from the front and find solutions to problems is bound to succeed.
  2. Up to Date
    The Legislature is always alive coming up with new tax regimes to better fit the society. A tax expert must have the skills to keep up to date with all these changes. A habit of reading newspapers, participating in discussions, seminars, etc. are a few ways to develop these skills. The client is only as aware as the tax expert handling them. Being up to date is crucial for a tax expert to make sure their clients can steer clear of fines and sanctions.
  3. Technical expertise and exposure
    As a tax expert, if you have early exposure to the tax world you will benefit a lot. An internship or a project that you were a part of during your education can help build the expertise needed to succeed. The world of taxes can get complicated with different sectors of the market subject to variable tax regulations. Technical proficiency is a must to understand and find out faulty metrics and partially informed tax filings. Having said that, there are many elite coaching institutes that provide taxation training in Ahmedabad that you could benefit from. Consider checking them out. 

Conclusion

Taxes are a tool deployed by the government to support the development of the country. As a tax expert, you have to make sure that your client pays their taxes without any hassle. You will essentially be the bridge between the government and the client. People might say that taxes are unnecessary, but you must know better. You will also have to be clear and educative with clients and help them better understand the tax regime. A tax expert must be abreast of all the changes in the tax regimes. They must also have the proficiency to deal with mishaps and the composure to work with teams. At the end of the day, a tax expert has to be the one who can see right through the elusiveness of the “Tax World”

All About PAN And TAN For Bcom Students

To collect and manage tax from various incomes, the Income-tax department issues various unique…

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To collect and manage tax from various incomes, the Income-tax department issues various unique identification numbers. While PAN (Permanent account number) is a 10 digit identity number allotted to taxpayers, TAN  is a 10 digit number allocated to Tax deductors.

PAN: Permanent Account Number
PAN is an identification number that is mandated by the Income Tax Department for any individual who carries out financial transactions or pays the income tax.

PAN Card For Students
A PAN card is issued by the NSDL and UTI on behalf of the government, to all the individuals. It is generally adults over the age of 18 who apply for a PAN card. However, a student can also apply for a PAN card.

The government of India has made it mandatory for all the individuals who has taxable income to possess a PAN card, including a PAN card for students as well. Since PAN card is an official document for identity proof in India, it should be used by all income earning individuals and non-individuals.  For students, a PAN card can act as an alternate identity for a school ID card.

Benefits Of Having A PAN Card
A PAN card comes into a student’s life with numerous benefits, keeping all the prospects in mind. Students should apply for a PAN card as early as possible since  it comes with numerous perks like:

  • Proof Of Identity: It will serve as one of the major sources of identification proofs in both governments as well as private institutions. It is one of the Indian documents that is accepted universally. Any student who wishes to go abroad for further studies should apply for a PAN card making the entire journey hassle-free.
  • Applying For Student Loans: A PAN is a must for getting loans from the bank. If a student going through a crisis, wishes to apply for a bank loan for further studies, they should apply for a PAN card first.
  • Life-Long Validity: Once applied, the PAN card doesn’t require any further replacements. This document will link all your lifelong financial transactions through one single identity card.
  • IT Returns Filing: Let’s admit, all of us have to start paying taxes one day, all individuals who are eligible for IT are expected to file for their IT returns. A PAN card is necessary for filing IT returns, hence it would be advisable to get familiar will the IT culture beforehand and be well equipped rather than applying for a PAN card at the heat of the moment.
  • Starting A Business: If you are a young budding entrepreneur who is fascinated by the start-up culture in India, you have to know that to start a company it is mandatory to have a PAN Registered on its name. The earlier you start to learn about taxes and banking, the more beneficial it is, here is the link of a verified tax practitioner course in Ahmedabad that will give you a better perspective about taxes and transactions.

Linking Of PAN With Aadhar
Being a responsible citizen one should link their PAN card with their Aadhaar to help our nation avoid the problem of issuing numerous PAN cards under a single name. Government has mandated to have aadhar card and linking of the same with PAN. No New PAN can be issued without Aadhar card. Even issued PAN has to be linked with Addhar, Your PAN will be cancelled if it will be not linked to Addhar in near future.

How Can One Apply For A PAN Card?

PAN card is issued by the IT Department of India under the supervision of the Central Board of Direct Tax. There are different steps to apply for a PAN card online and offline.

  • For the online process of PAN Card UTIITSL, NSDL is the most authentic platforms for students to apply.
  • If an applicant is from India they should pay Rs.110 as the application fee.
  • A 49A form has to be filled for both online or offline proceeding of the application.
  • One has to carry 2 latest passport size photographs, and a copy of Aadhar Card required as address and identity proofs. If Aadhar card don’t have date of birth then birth proof is required to be attached.
  • TAN: Tax Deduction And Collection Account Number: While filing for Tax deducted at source (TDS) or Tax Collected at Source (TCS), quoting TAN is a prerequisite. As a 10- digit alphanumeric identifier for individuals or entities that deduct or collect tax at source, TAN helps streamlining or collection of tax at source.

Do Students Need TAN?
As TAN Furnishes details about Tax deducted at source and is used for Filing TDS return it is not required by students as they are not. Tax Deductor or TDS return filer.

However, students should have a brief idea about Taxes as it is not taught in educational institutions and can be quite a tedious task once they start adulting. Understanding taxes can be quite arduous at times, here is a link to one of the best tax courses in Ahmedabad that will help you learn better.

Is PAN Compulsory For A TAN Application?
The Central Board of Direct taxes is considering making PAN mandatory as a requirement for allotting  Tax Deduction Account Numbers (TAN) to companies that deduct tax at source.

Can PAN Replace TAN?
PAN should never be quoted in the field where TAN is required to be quoted. However, a person required to deduct tax under section 194-1A can use PAN in place of TAN as such a person is not required to obtain Tan.

Procedure To Apply For TAN
Just like PAN a person has the choice to apply for TAN either through online or offline methods.

  • One has to fill a TAN Application form 49B to avail a new Tax Deduction and Collection Number.
  • While applying for TAN the applicants are not required to submit any documents, they only have to submit an acknowledgment slip if they apply for a new TAN.

As we grow older Taxes become an essential part of our life, PAN card will become a core part of our identity, due to their lack of knowledge a lot of people get cheated in the beginning process of their tax filings. Here is a link to a taxation training course in Ahmedabad, that will save you on a rainy day.