B.Com (Taxation) is a degree program in which, apart from a general course study in Commerce, the primary focus is on the systematic study of the concepts in the specialized subjects and topics related to the fields of taxation and covers all types of taxes including Income tax, Sales Tax VAT Service tax, Property tax, etc and taxation laws and regulations.
In other words, B.Com (Taxation) is an undergraduate programme and a professional degree which is awarded after successful completion of a three years program or course that generally covers the study of principles of accounting, financial planning and economic theory along with a specialized focus on taxation which is termed as a process of imposing financial charge (tax) on the citizens who earn ‘taxable’ income.
Most Importantly, you can also learn about the implementations of Goods and Services Tax (GST)
Course Outline of B.Com (Taxation):
- Course Level: Under graduate
- Duration: 3 Years
- Eligibility: Minimum score of 50% marks on 10+2 or equivalent level.
- Course fee: Between INR 10,000/- to INR 300,000/-
- Job position: Auditor, Income tax officer, Cost accountant, Tax consultant, Budget analyst, Finance manager, Assistant accountant etc.
- Subjects of Specialization: 1. Direct Tax and its application 2. Goods and Services Tax, 3. Indirect Tax and Provisions, 4. Corporate Tax planning 5. Custom Duty and its application.
There are many reasons for studying taxation. Taxing citizens is a vital method of financing the most essential public sector activities, such as the courts, the legal system, national defense and police protection. In addition, it provides the means for producing social programs, such as public health services, education and welfare. Finally, taxation is one of the most important ways in which a community’s distributional goals may be attained.
B.Com in Taxation has plenty of options to choose from in terms of their career. One can choose to work as Auditor, Income tax officer, Cost accountant, Tax consultant, Budget analyst, Finance manager, Assistant accountant, Chartered Accountant, Companies Secretary etc.
Followings are the top Jobs/Areas which requires study of taxation system:
|Tax Consultant||The job of tax consultant involves tendering of advice to clients in regards to tax saving and tax benefits as per the legal mandate of the act.||INR 2.74-3.45 Lacs|
|Probationary officer||It is a typical banking job in public/private sector which requires one to take on various banking functions as a part of his/her job profile.||INR 4.62-5.55 Lacs|
|Finance Manager||The job involves efficient and effective management of finical resources of the firm through revenue collection and expenditure cycle mechanism.||INR 2.82-3.35 Lacs|
|Income Tax Officer||The job is a public sector job which involves ensuring compliance of the taxpayer with the stipulated law in that regards.||INR 4.69-5.85 Lacs|
|Audit||The job of an auditor involves timely audit and up gradation of financial accounts of the firm as per the update transaction receipts of the firms.||INR 2.68-2.93 Lacs|
Taxation is a crucial topic in public finance. It touches directly on the need for a collective choice mechanism, and it involves analysis of coercive redistribution arising from the use of majority rule. In addition, it requires an understanding of how tax systems are structured to deal with the welfare losses stemming from the separation of spending and taxing, a separation that arises from the very nature of public goods.
And apart from Importance of Tax in one’s life, we now know various career opportunities if you choose this specialization. And if you don’t want to pursue your career in Tax or any of the areas mentioned above, taxation is a subject which will help you to know about the Taxability criteria of your Income. Be on any country you will have to pay tax and to pay tax you should know the basic knowledge and its applicability.