9 Best Accounting and Taxation Courses in India
Are you wondering how to do accounting and taxation? Are accounting and taxation different? Why are accounting and taxation necessary for business? Where to learn accounting and taxation? Who provides the best accounting and taxation courses? You’ve reached the right page. In this article, we enlisted the 10 best accounting and taxation courses in India for your needs.
When it comes to setting up your financial books, you have two options: enroll yourself in the best accounting and taxation courses to do it yourself or hire an accountant or bookkeeper. You may do both by maintaining your books and employing an accountant to prepare year-end financial statements and tax filings.
If you opt to keep your records, invest in accounting software such as Quickbooks or Quicken because they are simple to use and make bookkeeping nearly joyful. Most accounting software applications let you generate invoices, track bank account balances and merchant account information, and manage accounts payable and receivable.
To know more about this, we have listed a few of the best accounting and taxation courses. If you’re not confident in your bookkeeping abilities, even with the help of accounting software, you might want to engage a bookkeeper to complete your books monthly and a chartered accounting professional to audit the books quarterly and create year-end business declarations and income tax returns.
Why not enroll yourself in one of the best accounting and taxation courses? If you merely clean windows on weekends to generate a little additional dollars, you don’t require accounting software or accounting professional services. Simply purchase a standard ledger and keep track of all business expenses and sales.
Because you are doing it on your own, apply common sense when deciding how much to invest in your business versus the predicted earnings and profits. Also, retain any business and tax records in a dry and secure location for up to 7 years. This is the time limit for the Internal Revenue Service and Profits Canada to request prior business profits and expenses.
Taxation is the collection of money from individuals or businesses through the application of economic laws and systems. There are various forms of taxes, including sales tax, VAT, and income tax. Is taxation a subset of accounting? While they relate taxes to accounting, accounting is not necessarily related to tax. Accounting, on the other hand, can serve a variety of functions. You can account for your earrings to see if you can afford anything, or you can account for investments and other expenses. Accountancy, on the other hand, works with all figures about your organization.
For every sale, accounting is necessary. From selling content to purchasing clothes. As a result, even if you choose to work with an accounting professional or accountant to manage the books, you’ll still need to learn basic bookkeeping and money management principles and tasks including understanding credit, reading bank statements and tax forms, and knowing balance dues and payable.
At the end of the day, you either have to hire a person and pay them to work or do the accounts yourself for you to know your business better. Purchase a standard ledger and keep track of all business expenses and sales. You must also evaluate the purchase payment options you provide clients, such as cash, cheques, debit cards, credit cards, and online payment options, as well as setting payment terms and money debt recovery in the event of nonpayment.
Most accounting software applications let you generate invoices, track bank account balances and merchant account information, and manage accounts payable and receivable. All limited and unlimited firms must keep accounting records, whether they are trading, throughout the period.
The Role of Management Accounting
In terms of aim and method, management accounting differs significantly from financial accounting and tax accounting. Financial accounting and tax accounting are designed to be presented to the public, whereas management accounting is intended to be reviewed internally by the accounting department.
Because financial accounting is accessible to the public, it is based on corporate accounting principles; however, management accounting is primarily used to develop internal materials, thus there are no specific standards. Annual planning, departmental income statements,c cost-accounting thing are all typical and are dependent on the department that conducts account settlement.
These contributions will benefit both the organization as a whole and the business division in particular. So, what exactly is management accounting for corporate executives? Performance management will be interwoven with company strategy.
Also Read: Skills Required for an Accountant
There is a procedure in the manufacturing sector for obtaining raw materials, manufacturing, selling, and collecting money on things sold, and there is a process in the wholesale industry for purchasing goods, selling, and collecting money. When paying the purchase price of items before receiving money on products sold to compensate for the time lag, fixed cash is required in the course of the corporate activity of acquiring things, selling, and collecting payment.
This is referred to as working capital. When a company’s working capital increases, cash is required more frequently, and when it declines, cash is no longer required. As a financial metric, a company’s cash conversion cycle (CCC) measures the efficiency and speed with which funds are gathered.
Days Inventory Outstanding (DIO) + Days Sales Outstanding (DSO) – Days Payable Outstanding (DPO) = CCC (DPO)
Accelerating this cashing speed has not only strengthened the operation but also decreased the possibility of fraud accounting as much as possible. For example, in addition to fictitious sales and purchases, fraud on B/S will be confined to accounts receivable, inventories, and accounts payable.
After the fiscal year-end, it will not be necessary to use AI or big data to determine whether the financial statement of accounts is fake. As a result, it will almost certainly result in increased profitability and the generation of business value. Although the Cash Conversion Cycle is common in Europe and the United States, it has failed to gain pace in Japan, except for a few companies.
Five Critical Cash-Management Skills
To begin, here are five critical cash-management skills which can make or break a firm.
1. Adhering to a Budget
According to Babson College, small businesses are at the heart of our economy, making up an upper percent of all corporations in the United States. Even while your most important role as a small-company owner is to support your customers, learning about business financing is also important. Increasing your financial literacy is easier than you think, especially when you use budgeting software to assist you.
The budget capacity is at the heart of every successful firm. Understanding budgeting essentials, such as how much money you make and spend, is critical for assessing the health of your organization. On a fundamental level, budgeting enables you to determine whether you’re earning a profit–and, if so, how much. It also aids in tracking client spending habits from month to month and year to year.
Budgeting is also important for determining the efficacy of your business decisions. There is no other way to tell whether a previous action resulted in a profit or a bad influence on your bottom line if you are not meticulously managing your finances.
2. Setting Realistic Objectives
Speaking of goals, effective small-business owners understand how to set them. In reality, your objectives should be explicit, quantitative, reachable, results-oriented, and time-bound. Simply defined, this is using your current budgeting data to set monetary targets specific to your organization.
3. Tax Reductions
It’s all too easy to run your business from your bank account if you’re a startup or solopreneur. This produces difficulty when attempting to separate business revenue and expenses from personal financial resources, which could lead to problems during tax season. Without separate accounts, the IRS may consider your business to be a hobby, denying you the right to claim various tax breaks, such as home office expenses.
4. Keeping Documentation and Receipts
While record-keeping is not the most fascinating component of running a small business, it is critical. You’ll need to keep a record of each transaction, especially those that you plan to claim as company expenses, to have all of the paperwork you’ll need come tax time. This is true for all obvious business-related expenses, such as electricity bills and office rent, as well as all office expenses you want to claim on your taxes.
5. Working Together on Financial Management
Even if you are a “solopreneur” or the single founder of your company, you do not have to process all of your financial information on your own. Typically, you’ll want to work with business partners, bankers, or contractors (such as accountants) to examine your company’s financial data to make decisions or simply to make tax time a little easier.
Top 10 Accounting and Taxation Training Programs in India
1. IIM Skills
Its objective is to offer World Class Education at a reasonable price via live online and self-paced learning programs. Their programs are led by industry specialists with a minimum of 12 years of expertise. During the professional certifications program, they are focused on providing hands-on experience.
Their course is recognized as one of the best accounting and taxation courses. You will have unlimited access to live classes and recordings for the rest of your life. You will learn GST, Income Tax, Balance Sheet, Tally, Excel, Payroll, and MIS Reporting in this course.
BAT Course Syllabus
- Accounting Fundamentals and Tally Accounting
- GST Fundamentals and GST in Tally
- TDS Fundamentals and TDS in Tally
- Payroll and Tally Payroll
- Tally’s Income Tax
- MIS Reporting and Advanced Excel
- Digital Marketing Course
- Content Writing Course
- Technical Writing Course
- GST Certification Course
- SEO Course
2. Tezpur University
This Accounting and Taxation course is being launched by the Swayam Academy for Tezpur University in India. Candidates enrolled in university will obtain a thorough understanding of revenue and taxation. This course is a wonderful learning experience because of the skilled guides and trained instructors. Students are taught a core set of fundamentals. The course and materials are free of charge. An end-user charge must be paid to gain certification and access the test.
- Income Tax Act of 1961 – Fundamental ideas and definitions
- Exemptions from taxation based on residence and income
- Earnings from salary
- Profits and benefits from a business or vocation
- Other sources of income
- Deductions from total gross income
- Income accumulating, and also set-off and carry-forward of losses
- Income tax return and assessment
- Tax payment in advance and tax deduction/collection at source
- Individuals’ taxable income is computed.
- Calculation of a company’s taxable income
- Revisions and appeals
- Tax preparation
Recommended Read: Business Accounting and Taxation Courses in India
Due to its meticulously structured training program in Accounting and Taxation, NIFM is one of the most known educational institutions in India, with 15 focuses spread across the country. They offer the best accounting and taxation courses for their students. With live training sessions, learners may efficiently explore this huge field.
They provide participants with 6-month training sessions. Given the course material, they provide some JOB Oriented training with adequate preparation. According to the HR department’s future talent search, they identify the most recent market needs and plan for the course accordingly. NIFM offers a year-long confirmation course as well as a brief affirmation. The university also has other branches spread over the country.
- Goods & Services Tax (GST)
- TDS / TCS
- Tally ERP 9 with GST
- Income Tax
4. SLA, Delhi
The accounting and taxation certification training here combines E-Accounting and E-Taxation (E-GST and E-Income Tax) and is planned based on the employees’ existing workplaces. They provide industry-oriented certification training in accounting and taxation, allowing all types of students to advance in their careers.
After completing 70% of the training, the organization’s placement staff provides job support and arranges interviews till placement. The trainers are the specialists who provide hands-on compliance training and real-time online e-filing.
- Advanced Goods & Services Tax Practitioner Course
- Advanced Income Tax Practitioner certification
- Advanced TDS Practical Course
- Finalization of Balance sheet / Preparation of Financial Statement & Banking
- Banking & Finance
- Customs / Import & Export Procedures
- Advanced Tally Prime & ERP 9
- Tally Prime & ERP 9 With GST Compliance
- Financial Reporting – Advanced Excel & MIS Accounts & Finance
- Advanced SAP FICO Certification
5. Practical Accounting and Taxation Institute
The Practical Accounting and Taxation Institute in Bangalore is one of the top places to study the best accounting and taxation courses. IPAT provides the greatest accounting and taxation training available. It is one of the top places in the world to work as a professional Accountant/HR. The PAT Accounting School offers a unique type of education.
This program is specifically developed for students who want to become professional chartered accountants. Learners can attain better employment if they have the right tools and abilities. PAT Accounting School can train you to work as a professional accountant.
- Finance and accounting
- Tally software
- Indirect taxation (Service TaxVATAT, CST)
- Direct Taxation (Income Tax, TDS)
- Tally Payroll Advance (EPF, ESIC, Professional Tax)
- Quick Books
- Excel Advanced for MIS Reporting
Here are the Most Important Accounting Interview Questions Answers
K-FAT provides a 200-hour, 6-month certification program for new entrants to help them gain the skills required to meet the current demands for expertise in the Financial Accounting and Taxation profession. Undergraduates who complete this course and the necessary preparation can undertake Accounting and Taxation tasks in all three industries, including Manufacturing, Transactions, and Services.
- Advance Excel
- Business Accounting
- Direct Tax
- Indirect Tax – GST
- Tally Prime
- BFSI (Banking, Financial Services, Insurance & Investment)
- MCA & IND AS
- Costing & Auditing
- Soft Skills and Personality Development
7. IMS Pro School
IMS Pro School has been voted CIMA India’s Best Learning Partner for the year. The CIMA professional course is modified typically for professionals. Through a real-time case study approach, the course delivers practical insight into finance and business management. IMS Professional School and the great instructors provided tremendous support to CIMA students throughout their journey. Financial analysis, wealth management, financial planning, and management accounting are just a few of the skills that its personnel has acquired.
- Strategic Management
- Risk Management
- Financial Strategy
- Managing Performance
- Advanced Management Accounting
- Advanced Financial Reporting
- Managing Finance in a Digital World
- Management Accounting
- Financial Reporting
The online Postgraduate Program in Accounting and Taxation (PGP-BAT) course gives students practical experience and abilities that will prepare them for professional jobs in accounting. They provide excellent training in accounting and taxation. With years of experience in tax and accounting, a team of industry specialists planned, vetted, and structured the program’s modules.
Each module is divided into two parts: the computed agreement and the real implementation. The computed agreement is associated with workforce-driven LIVE web preparation for that hypothetical portion of the course program.
The groundwork is created in these live internet instruction sessions for moving on to the lab-based actual study hall training, which covers the practical application of the theories. As a result, the active experiential training will emphasize actual situations activities, contextual analysis using bookkeeping software, and other tools used in the workplace.
- Basics of Accounting & Accounting in Tally
- Basics of GST & GST in Tally
- Basics of Income Tax & Income Tax in Tally
- Payroll and its components
- Excel for Accounting & MIS
- Finalization of Financial Statements
- BUSY Practicals
- Soft Skills
Recommended Read: Finance Accounting and Taxation Courses in India
9. Henry Harvin Institute
Henry Harvin Institute is one such accredited institute that offers the best accounting and taxation courses. In addition to accounting and tax collection courses, Henry Harvin provides accounting and tax collection course accreditation. Without a question, Henry Harvin provides one of the top accounting and taxes courses available. It can assist both financial professionals and students. After completing this course, you will receive an MSME and Government of India-affiliated certification.
- GST Practitioner Course
- Income Tax Course
- Financial Statement Analysis
- Advanced Tally ERP 9
- Advanced Excel
- HR Payroll Management
Frequently Asked Questions
1. What is Tax?
Taxes are government contributions collected for a variety of social security, health, and infrastructure purposes.
2. What is Accounting?
Accounting is the collection, calculation, and organization of financial statements. Tax deductions and payments are calculated using accounting techniques.
3. What is the best part of accounting and taxation?
With the help of the best accounting and taxation course, you will have employer stability and possibilities for promotion are available. You can work as an appraiser, clerk, account manager, financial expert, administrator, or accounting manager, among other things. Regardless, you can obtain certification for the professional accounting and taxation courses from an approved institution.
Accounting and taxes courses are primarily designed for newcomers to the trade whose primary areas of interest are money and taxation. Accounting and taxes professions are typically acknowledged to be highly valued. Government – both federal and state; public accounting firms; financial services; insurance companies; banking; academics; and nonprofits are all places to work. It’s no secret that tax professionals have numerous job options. Such people are in high demand, and the program collaborates with industry leaders to provide work that is demanding, diverse, and interesting. Enroll yourself in the best accounting and taxation courses you like. So, to win the race, you must make a sensible option.
The indepth explanation on accounting,tax and the guidance on the courses are very helpful.