Career in Taxation: A thriving option for CAs!
When we talk about careers for Chartered Accountants, how we can miss out on the most challenging, interesting and rewarding career of taxation. When it comes to filling the annual taxes, not only individuals but big organisations also are extremely wary of any mistake as a lot is always at stake. All these individuals and organisations look forward to a hassle-free accounting experience that enables them to keep legal risks at bay.
At the outset taxation as a career choice sometimes might seem mundane and limited in scope to some. But there are a lot of less known areas to this profession that make taxation a top choice for chartered accountants.
Taxation as a career in the bigger picture also includes the following areas:
- International taxation where CAs are expected to manage the tax operations of organisations with international operations and explore opportunities for increased profits
- Services related to business taxation that are aimed towards legal compliances and advisory requirements for offices located in different parts of the world
- Accurately managing and optimising profits for the organisation from indirect tax
- Managing transactional tax while the organisation gets into a business venture or a deal and work towards minimising transactional risks
- Taking care of the legal aspects and reducing the related risks while the organisation thrives or plans to grow in different markets.
Following are the requirements that aspirants must necessarily have while they plan to make a career in this field–
- Updated knowledge in the area of taxation
- Expertise in key areas
- Analytical ability to interpret and guide
Why should CAs opt for Taxation Career in India?
Professionally rewarding: India is a nation where we have the most reluctant tax payers. In this scenario, a career in taxation for a CA offers a wide scope of professional skills and expertise. A CA will develop a wide range of technical, business and problem solving skills. Tax is a very exciting mix of legal and accounting analysis and business acumen. Businesses in India rely heavily on their tax advisors.
Financially rewarding: CAs who specialize in taxation have vast knowledge of taxes and their benefits. This coupled with business acumen give them an enviable position in the market, that translates into huge monetary gains.
Personally rewarding: Being part of the tax profession, CAs must change and adapt to the constantly changing taxation laws. Each change gives them a chance to learn and adapt and develop new skills.
Long-term benefits: Taxes will always be part of a country and advice on taxes is considered invaluable both for individuals and companies. Not everyone has the acumen to read and understand tax laws. Hence, taxation as a career is here to stay.
In order to make a career in taxation, all you need to do is first follow the usual CA path in which you clear all the three levels of the CA exam as conducted by Institute of Chartered Accountants of India (ICAI). Second, start practising with a CA who specializes in taxation. Take keen interest in learning about new laws and taxes. Hone your advisory skills and always keep yourself informed about the new changes. This is one of the most rewarding careers for CAs in India.