What is Taxation Law
What is Taxation Law?
Taxation Law is one of the major fields of the Indian legal industry and is a set of regulations that governs the tax that the citizens are required to pay to the government. The tax imposed by the Central and State government is submitted by the taxpayers from their income or property. Due to the daily effect of this area on the people of a country, there is a huge growth in this sector, and the aspirants are increasing day-to-day. The courses are offered at both undergraduate and postgraduate level, some of the degrees offered are Diploma, PGD, and LLM.
Taxation Law is a sub-discipline of Law and provides students with various career options and high paid jobs. It is a common myth that to pursue Taxation Law; one must have quantitative and mathematical skills but more than that it only requires an aspirant to have a reasonable level of intellectual capacity, knowledge of tax reforms and current trends in the field.In addition to that, it is also expected that the aspirant must have expertise in detailing and a problem-solving attitude.
Highlights: Taxation Law
Particulars | Values |
---|---|
Branch Name | Taxation Laws |
Degree | Diploma, PGD, and LLM |
Duration | UG: 5 years PG: 2 years |
Eligibility Criteria | UG: 10+2 PG: Bachelor’s Degree |
Admission Process | Entrance Exam? Direct Admission |
Top Entrance Exams | CLAT, AILET, LSAT, CLAT PG |
Top Colleges | ILS Pune, JNVU Jodhpur, MSU Baroda, Amity University, Noida, TNDALU Chennai, UNIPUNE. |
Career Options | Tax Attorney, Tax Collector, Tax Associate, Chief Financial Officer, Tax Analyst |
Average Salary | Rs 4.9 LPA ( for Tax Analyst) |
Recruiting Companies | Amarchand and Mangaldas, DSK Legal, Anand and Anand, Luthra and Luthra Law Offices, Platinum Partners. |
Top Taxation Laws Colleges in India
Taxation Laws courses are offered by many colleges in India by both private and public colleges. Taxation Laws fee is based on the degree chosen by the student, type of the institute, and location of the college. Some of the top Taxation Law colleges in India are listed below.
Colleges | Fees |
---|---|
Rs 11,045 | |
Rs 12,000 | |
Rs 15,070 | |
Rs 64,000 | |
Rs 12,073 | |
Rs 1.95 Lakhs | |
Rs 6,000 | |
Rs 2,050 | |
Rs 1.30 Lakhs |
Top Private Taxation Laws Colleges in India
Taxation Laws courses are also offered by many private Taxation Laws colleges in India. The admissions are often based on previous academic achievements and the results of the entrance examinations. In the table below we have listed the top private colleges offering Taxation Law courses in India.
Colleges | Fees |
---|---|
Modern Law College Pune | Rs 11,045 |
TCC Baramati | Rs 15,070 |
Amity Law School, Noida | Rs 1.95 Lakhs |
Rs 6,600 | |
ICFAI Law School, Hyderabad | Rs 1.30 Lakhs |
IIMT University, Meerut | Rs 1.10 Lakhs |
Rs 3.50 Lakhs |
Top Government Taxation Law Colleges in India
There are many government law colleges in India offering Taxation Law courses in India. Studying Taxation Law at a government institute is generally much cheaper than studying the same at a private institute. In the table below we have mentioned the top government colleges offering Taxation Law courses.
Colleges | Fees |
---|---|
TNDALU Chennai | Rs 64,000 |
UNIPUNE | Rs 12,073 |
Government Law College, Coimbatore | Rs 2,050 |
Rs 12,000 | |
Rs 11,068 |
Specialisation or Similar Ones
Taxation Law is a broad field that includes many similar specialisations in the field of Taxation Law. Taxation Law covers a wide range of topics such as Introduction to the Tax System in India, Income Tax Act, 1961, Managerial Accounting, and Goods and Services Tax. Some of the specialisations of Taxation Law are:
- Tax Practice
- Income Tax and Sales Tax
- Taxation Laws and Practice
- Tax Consultancy
In the table below, we have mentioned the major degree programmes in the field of Taxation Law and similar courses.
Diploma in Financial Accounting and Taxation | Advanced Diploma in Tax Consultancy |
LLM Taxation | PGD in Taxation Laws and Practice |
PGD Taxation and Insurance Law | Diploma in Tax Consultancy |
Eligibility Criteria (UG & PG) of Taxation Law
Eligibility Criteria for UG Courses
The candidates wishing to apply for the UG courses in India, students need to have completed their 10+2 in any stream such as Science, Arts and Commerce. They must also score a minimum aggregate marks of 50-60 percent. Mentioned below is the eligibility criteria for the UG courses.
- Candidates applying for the admissions to the UG courses must have qualified a 10+2 examination or an equivalent from a recognized board or university.
- They should also score at least 50-60% aggregate in whichever qualifying entrance exam he/she is appearing.
Top Entrance Exams for UG Courses
CLAT- Common-Law Admission Test (CLAT) is an entrance test in the area of law that is conducted by the National Law University at a national level in India. It is an offline examination and is widely accepted in most law institutions and colleges.
LSAT:LSAT is an Indian national level law entrance exam, conducted by the law school admission council. The mode of exam is online and counselling is done offline.
AILET:AILET or All India Law Entrance Test is a national level entrance examination conducted by the National Law School, Delhi. AILET exam offers 110 BA LLB courses and 70 LLM seats.
MH CET : Maharashtra Common Entrance Test is a state level entrance examination for law courses conducted by Directorate of Higher Education Mumbai for admission in the law colleges across Maharashtra.
Eligibility Criteria for PG Courses
The Taxation Law courses are also offered at postgraduate level, students need to have completed their Bachelor’s degree in the field of law or related discipline with a minimum aggregate marks of 50-60 per cent in the final examination to be eligible for the admissions. Candidates can check the eligibility criteria by visiting the official website of the institute.
- Completion of LLB or an equivalent degree from a recognized university in India is a must for a candidate to be eligible for a postgraduate program.
- The candidate who has completed a 5-year integrated course in law is also eligible for PG Diploma course or LLM in taxation law. The aspirant must have secured at least 50-60% marks in the qualifying examination.
- They must also appear for relevant entrance examinations specified by the desired institute, popular Law entrance examinations at postgraduate level is CLAT PG.
Top Entrance Exams for PG Courses
CLAT PG: CLAT PG or Common-Law Admission Test Post Graduate is conducted by the National Law University. It is a national level entrance test in the area of law which. CLAT PG is conducted in the offline examination and recognised by most of the law institutions and colleges.
College Predictors VIEW ALL
Scope of Taxation Law in India and Abroad
With the growing opportunities in Tax law, there are various options available for candidates who are skillful and have good knowledge about their subject. Law students have opportunities such as internships where they can apply their theoretical knowledge and fresh graduates come out with some considerable experience. It becomes easy for the candidates who have acquired some practical experience in this field to land a job they dream of.
Government and private firms are always looking for graduates with highly competitive abilities and expertise. When it comes to salaries, the starting salary in tier 1 law firms is 10-12 lakhs, and in tier 2 firms it is 2-6 lakhs. In addition to that, the scope also extends to International taxation where students can learn the reforms and trends of the tax system that functions in foreign countries which can help them to acquire skills and knowledge useful in applying for international firms and organisations.
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Course Fees Taxation Law
Minimum Fees | Maximum Fees | |||
---|---|---|---|---|
Private | Government | Private | Government | |
UG | ||||
PG | ||||
DIPLOMA |
Course Subjects
In this section we will discuss the syllabus of Taxation Law courses at undergraduate and postgraduate level. The syllabus of the course will vary depending on the institute and the level of education but the overall structure of the course is almost the same for every institute.
Taxation Law Syllabus for UG Course
The Taxation Law course is not offered as a specialisation course at undergraduate level but the course is offered as a subject. In the table below we have mentioned the topics covered in the BBA LLB course of Christ University, Delhi NCR.
Semester- IX | |
Law of Taxation | Law of Evidence |
Drafting, Pleading, and Conveyance | Alternative Dispute Resolution |
Competitive Law | |
Semester- X | |
Public Interest Litigation Legal and Para Legal Services | Moot Court and Internship |
Professional Ethics and Professional Accounting | Dissertation |
Taxation Law Syllabus for PG Courses
The syllabus of PG Courses of Taxation Law might differ from institute to institute but it remains almost the same. The duration of the course is 2 years divided into four-semesters. In the table below we have mentioned the syllabus of The Tamil Nadu Dr. BR Ambedkar Law University syllabus for their LLM Taxation Law syllabus.
Semester- I | |
Judicial Process | Legal Education and Research Methodology |
Principles of Taxation | Law of Income Tax |
Constitution and Law of Taxes | |
Semester- II | |
Constitutional Law: The New Challenges | Law and Social Transformation in India |
Law of Good and Services Tax | Corporate Governance and Taxation |
Applied Research Methodology | |
Semester- III | |
Law of International Taxation | Law of Taxation and IPR |
Law of Transfer Pricing | Law Relating to Tax Planning and Economic Development |
Semester- IV | |
Comparative Tax Law | Law relating to International Trade and Taxation |
Skill Enhancement Course | Dissertation |
Careers in Taxation Law
Taxation law as a career prospect has been an evergreen area and is emerging daily. There are innumerable opportunities and career choices in the field of taxation law. In the last few years, there has been a growth in the number of candidates appearing for the specialisation and postgraduate programs in this sector. As a result of that, there are various government and private recruiters that are hiring tax law graduates and the number of job profiles has largely increased giving out handsome salaries to the candidates. Therefore, if you are looking for a career in tax, you are choosing a secure job and great prospects.
Tax Attorney | A tax attorney is a professional who works as an advisor to the companies and individuals regarding tax law areas and financial management.He or she keeps an eye on the legal aspects in the tax area and interacts with clients regarding the changes to be made in their businesses and personal finance according to the legislation. |
Tax Collector | A tax collector is a professional who collects money from individuals and businesses that are late in filing returns and owe to the government. He or she conducts auditing and keeps a check on Financial data, and keeps records regarding the same. |
Tax Associates are professionals who are responsible for preparing tax returns of businesses and properties and any other area depending on the firm requirements. They verify bills in the tax area, tracking assessment, income tax compliance etc. | |
Chief Financial Officers are professionals who manage the financial section of a company. They also keep track of cash flows and to help in planning finances.They also advise on strategies that can be adopted by companies concerning their strengths and weaknesses. | |
Tax Analysts are found in various industries such as transportations, manufacturing, banking, IT, or telecommunications. They ensure that the company or organization pays their taxes after analyzing their finances and following the central and state tax obligations and laws. They make sure that the returns are filed timely. | |
A Financial Advisor is a professional who advises and consults the individuals and businesses about their financial strengths and weaknesses. They are responsible for companies and individuals to reach their financial goals by providing them with easy solutions and strategies to acquire more wealth by taking advantage of credits and eliminating extra costs. | |
Lecturer | Teaching tax law in various government and private law schools. |
Upcoming trends
This is not an unknown fact anymore that in almost every professional field there has been a gradual shift in the trends of work due to the introduction of new technologies. That being said, taxation law is also not untouched by that. The following are the trends that it looks forward to:-
- Automation
- Artificial intelligence
- Machine Learning
- Accounting systems for digital handling of invoices
- Online portals for tax returns
- Blockchain
- Cloud collaboration
- Data Analytics
- Efficient movement of data and processes
Job Profiles and Top Recruiters
Tax litigation and tax advisory jobs include working as a tax attorney for consulting firms, the government sector, in- house member for-profit or non-profit organisations. Some of the top recruiters hiring Taxation Law graduates are:
Following are the top law recruiters in India who have been in the business for a long time and deal in various legal fields including taxation law: -
Amarchand and Managaldas | DSK Legal |
Anand and Anand | Phoenix Legal |
AZB and Partners | Khaitan and Co |
Luthra and Luthra Law Offices | Desia and Diwanji |
Average Salary
The average salary after a Taxation Law course depends on the location, experience, job location, and job profile. In the table below we have mentioned the average salary of some of the top profiles of the course.
Job Profile | Annual Income |
Tax Attorney | 10-15 lakhs p.a. (Approx.) |
Tax Collector | Rs. 6-8 lakhs p.a. (Approx.) |
Tax Associate | Rs. 3-6 lakhs p.a. (Approx.) |
Chief Financial Officer | Rs. 15-20 lakhs p.a. (Approx.) |
Tax Analyst | Rs. 3- 5 lakhs p.a. (Approx.) |
Note: These salary figures may vary depending on various factors, such as designation, experience, skills, and job location.
Required Skillset for Taxation Law
It is a mandatory aspect that the candidate must acquire a particular set of skills regarding the career or job he/she is looking for. Every company or organisation looks for candidates that are experts in their field and who can become an asset or the company. In the table below we have listed some of the necessary skills for the candidates wishing to apply for Taxation Law courses.
Excellent Numerical and Accounting Skills | Communication Skills |
Analytical and Critical Thinking Skills | Good listening Skills |
Eagerness to Learn | Good Knowledge of recent tax reforms and experience in drafting and briefing |
Course Curriculum for Taxation Law
The curriculum of taxation law results in providing students with stability in their career. As there is a high demand for tax lawyers and advisors and because it’s an evergreen area of practice; therefore, the job security in this field is higher than many of the other fields. Apart from that, there are rarely any poor tax officials. Most jobs in this field are highly paid. There are also different kinds of specialisations available in the field of taxation law, and hence there is a variety of job options available for the candidates to choose from.
Popular Taxation Law Entrance Exams in India
Frequently Asked Questions (FAQs)
Question: What are the top entrance exams for Taxation Law courses at UG and PG level?
Answer :
The top entrance exams for Taxation Law courses include CLAT UG, CLAT PG, AILET, SLAT, MH CET.
Question: What are the career options in the field of Taxation Law
Answer :
After completing an undergraduate or postgraduate course in the field of Taxation Law, you can explore various opportunities in both private and public sectors. Some of the career options are Financial Advisors, Tax Collector, Tax Manager, Tax Accountant, and Tax Advisors.
Question: What are the top colleges offering Taxation Law courses?
Answer :
There are many private and government colleges offering various courses such as Modern Law College, Amity Law School, Noida, ICFAI Law School, IIMT University.
Question: What kind of soft and technical skills are required in the field of taxation law?
Answer :
Various skills are expected from a candidate who is applying for a job in the field of taxation law.
As the competition is pretty tough and the people working in this field are experts in their areas, some of the skills that are required from a fresher include representing clients in criminal, civil litigation and other legal proceedings, draft legal documents, manage and advise clients on legal transactions, numerical skills, awareness regarding tax reforms, good communication, English proficiency, teamwork, organized behaviour and problem-solving attitude.
Question: What kind of firms hires a tax Associate?
Answer :
A tax Associate has more than one option when it comes to firms and organizations. Accounting firms, government sectors, in house attorneys and tax advisory firms are some of the examples that hire a Tax Associate.
Question: What are some of the highest paying careers or job profiles in the field of taxation law?
Answer :
There are various job profiles in the field of taxation law which provide job security and a handsome salary. Some of them include Tax Attorney, Income Tax Consultants, Tax Accountants, Property Tax Consultants, Tax recruiters, Tax Advisors, Business tax Consultants, and Chief Financial Officers. All of these jobs are high paying and there is a large scope if you are consistent with building your experience in any one of them.
Question: Is there a diploma course in taxation law? What are the subjects of the course?
Answer :
In taxation law, Diploma course is for a term of one year. It includes Accounting and commerce specialization which focuses on imparting both theoretical and practical knowledge in auditing, financial accounting, direct and indirect taxes.
This course is suitable for people who want to have their career in Advisory and Consultancy firms, and who want to work as Chartered Accountants and Company Secretaries. It is also beneficial for people who want to pursue their career in teaching or as a lecturer in different law schools or a teacher in accounting and commerce subjects.
It is a career-oriented program and is available as a full-time course as well as correspondence. The subjects taught in this course include Managerial Accounting, Direct Tax (Application and Procedure), Goods and Services Tax I, Goods and Services Tax II, Income Tax Act, 1961, Financial Accounting & Analysis, Organization & Management, Assignments and Dissertations.
Question: What are the key roles and responsibilities of a tax consultant?
Answer :
Tax Consultants' key roles and responsibilities include making good financial decisions about tax issues. They work with clients to help them manage their tax liability by collecting information on their financial strategies and situations.
Questions related to Taxation Law
I have completed my MBA in finance but now i want to do taxation law so what should i now
For Postgraduate Taxation Law Course
Fulfillment of LLB or a comparable degree from a perceived college in India is an unquestionable necessity for a contender to be qualified for a postgraduate program.
The competitor who has finished a 5-year coordinated course in regulation is likewise qualified for PG Diploma course or LLM in tax collection regulation.
i am b.com graduate . and i want to do llb in taxation law it is poosible now if yes so what is procedure for doing it
Greetings,
It is possible to do LLB after graduation. To do so you have to give LLB entrance exam for 3 year LLB course. The premier college for 3 year law is Campus Law Center of Delhi University. Alongside you can do diploma in taxation laws as well. However, you will be taught commercial and taxation laws in your curriculum.
I am 34 year old. I have done M. Come; Diploma in Taxation law; Govt. Diploma in co-operative Accountancy. Can I get Govt. job
Hi Sonali,
Different government jobs have different age limits ranging from 18 to 40 years for general category, however reserved castes (SC, ST) and ex-servicemen can avail additional 5 years age relaxation while OBC candidates can avail 3 years.
Now, coming back to your question... Yes, you can get a few government jobs after 34 years of age.
Some of the opportunities you may try out are:
- Rajasthan Subordinate and Ministerial Services Selection Board (RSMSSB) Rajasthan Lab Technician/Radiographer
- UKSSSC JE Recruitment
- IBPS Associate Professor Recruitment
- UPRVUNL TG2 Recruitment
- RUHS Medical Officer
Hope this was helpful.