Top 5 Income Tax Practitioner Course in India

Turn your money-saving attitude into a profession. If you are the one in your family who likes to manage the expense, do savings and bargains a lot. Then you have the quality to work as an income tax practitioner. Believe it or not, it is a lucrative career option. Every individual, entity, and the company works hard and tirelessly to earn profits after that comes the income tax. Income tax is to be paid even if you desire it or not. While doing all the management to run an entity a company, a self-professional needs someone to manage their income tax and represent them in front of the Indian tax authority. The income tax practitioner course will prepare you for this journey. 

Role of Income Tax Practitioner in India

India has emerged as the world’s fastest-growing major economy, and it is predicted to become one of the world’s top three economic powers in the next 10-15 years. All credit goes to the Indians, for their hard work, innovations, and unstoppable attitude. Economic growth is parallel to the income growth of Indians. Daily India witnesses crores of transactions, from 2 digit amounts up to 7 digits.

Income is the primary factor in individual growth. While doing all these transactions and working towards increasing income portfolios in this fast-growing economy, individuals are unable to manage and pay taxes. Here comes the Income-tax practitioner. Their direct role is to help evaluate, calculate and file the income tax return of their clients. Also, represent their client in front of an income tax authority when needed.

 Who Can Represent the Taxpayers or Accessor in Front of the Tax Authority?

1. Any person related to the tax payor in any manner or a person regularly employed by the assessee.
2. Any officer of a Scheduled Bank with which the tax payor maintains a current account or has other regular dealings.
3. Any legal practitioner like a lawyer, or advocate is entitled to practice in any civil court in India.
4. Any Certified CA or any company auditor.
5. Any person who has passed any accountancy examination is recognized on this behalf by the Board like the institute of a chartered accountant.
6. Any person who has acquired such educational qualifications as the Board may prescribe for this purpose from recognized universities.
7. Auxiliary personnel who have represented experts in tax authorities before this law.
8. Those who are the income tax practitioner under the Indian income tax act.

Above mentioned points show there is scope for every individual to represent a tax payor legally in India. Unless he does not fulfill the above-mentioned criteria.

Duties of Income-tax Practitioners

The duties of the income tax practitioners are:

• Firstly, the tax practitioner calculates and fills the income tax return on behalf of the taxpayer.
• Tax practitioners provide advice to the taxpayers in compliance with the tax law.
• Taxpayers are guided to save tax in a legal way, which benefits their income growth.
• Any query about income tax is to be resolved by the tax practitioner with help of professionals and experts from the tax domain if needed.
• They have to stay up to date with the latest tax laws and practices to help taxpayers to save time and money in the tax return journey.
• Representing taxpayers in front of tax authority with full responsibility and reliability.
• Work on client’s interest and abide by the secrecy of personal and income information.
• Tax practitioners must have ample knowledge of income, corporation, and capital tax.
• Excelled in the latest tax filling tools and techniques.
• Help the Indian tax system to run smoothly by guiding new taxpayers and striving in bringing financial literacy to society and Increasing awareness about tax obligations.

You may also want to learn Financial Risk Management

Tax Practitioner’s Sphere of Work

1. Income tax 

It Is a tax charged on the annual income earned by an individual. The amount of tax paid will depend on how much money he earned as income over a financial year.

Income Tax Paying Entities:-

1. Artificial Judicial Persons
2. Corporate firms
3. Association of Persons (AOPs)
4. Hindu Undivided Families (HUFs)
5. Companies
6. Local Authorities
7. Body of Individuals (Bois)

2. New Income Scope “cryptocurrency”

In response to the recent growth in the use of digital assets, India’s Finance Minister, Nirmala Sitharaman, unveiled a new taxation structure for cryptocurrency in her Budget address for the Financial Year 2022-23. Miners, traders, and investors are all part of the bitcoin ecosystem, and they all have various roles to play.

According to the proposed provisions of the Finance Bill, all cryptocurrency transfers will be subject to a fixed rate of 30% (plus appropriate surcharge and cess) in 2022, regardless of the type of the transaction.

In other words, someone who earns money by moving cryptocurrency tokens stored as inventory is viewed the same as someone who transfers tokens held as an investment.

• FTC ( Foreign Tax Credit)

Sections 90 and 91 of the Income-tax Act deal with the idea of FTC under India’s tax regulations. If a taxpayer is a resident of India and has paid taxes outside of India, he can claim a credit for those foreign taxes paid against his tax payable in India under these sections. Tax practitioners have a good opportunity to work with Non-Resident Indians (NRIs) and understand foreign tax laws and compliance, which might also open gates for income tax practitioners to work in foreign lands.

Indian diaspora officially known as Non-Resident Indians (NRIs) or Overseas Citizens of India (OCIs) are increasing in a foreign land. Due to this foreign remittance to India is increasing.

There are tax exemptions on income from foreign remittances. Indians working abroad are young and they send money to their parents in India, as their parents are old and some lack financial knowledge and need help with income tax filling. Here income tax practitioners can provide a helping hand as well.

The Qualification for Income Tax Practitioner Course Are:-

• Law degree with a second division.
• Bachelor of Commerce degree with subjects such as income tax law and accounting.
• Degree in business administration and management with the subject of accounting, and law at the very least.
• Bachelor of Accounting.

The degree must be from a qualified university. This will make you trustworthy in your field,

Is It Possible to Make a Living as a Tax Practitioner?

The income tax practitioner course equips you with the skills and knowledge you need to make sound financial decisions. After which tax practitioners are highly valued, and often receive a premium compensation that increases with their skills and experience. Because achieving a specialization in the subject it gives motivation to you.

This allows your clients to trust your work. Tax practitioners can work for the government or the commercial sector, and they can work independently. Many people become tax consultants after studying auditing and taxation in commerce because of their management skills and strong career growth prospects.

The Qualities Required to Become a Tax Practitioner

Mathematical and Analytical Skills

A lot of numbers are involved in taxation. Making predictions, calculating percentages and interest, and accounting for profit and losses are all essential skills for a tax consultant. As a result, a solid understanding of math, economics, and financial principles is necessary which you can master by enrolling in an income tax practitioner course.

Detailed Scrutiny

Preparing tax return paperwork is a lengthy and detailed procedure with numerous potential for errors. Tax consultants should be able to recognize these errors immediately during a review and must have a high level of attention to detail in order to spot even the tiniest anomalies. One of a tax consultant’s greatest assets is accuracy, as any error in the tax filing procedure might result in non-compliance or a violation of the law.

Problem-solving

Tax consultants are frequently approached by businesses and people who have unique financial situations. Tax experts must put their knowledge to use and offer their clients the best possible solution. As a result, strategic thinking and problem-solving are critical aspects of the profession.

Client Management

Tax consultants must manage their clients and ensure their satisfaction to succeed. A tax consultant must be able to keep clients informed with regular updates, provide the finest advice, and establish a personal rapport to retain them. You can retain a file folder for each client with their unique financial and tax situations, as well as their contact information and any other essential information, to do well in client management.

New Opportunities

Recently, tax software and websites have become quite popular as they offer both ease and convenience. Just make an account by entering basic details and you are ready to go. You will receive notifications and suggestions on taxes from time to time. This seems a very simple process at first.

There is the majority of Indian citizens and senior citizens as well who lack technological knowledge. when they are stuck at any step they have to call customer support for help. The backend team of these software and websites are tax practitioners.

They arrange face-to-face meetings, on-call suggestions, and guidance which is also an opportunity for emerging tax practitioners which is a nontraditional practice. Tax practitioner can also start their startup, This form of tax filling is limited to individual persons only.

Here Are the Institutes for Income Tax Practitioner Courses. 

Rank# 1. Income Tax Practitioner Course

1) Institute Of Chartered Tax Practitioners India  

One can attain this high skill-oriented professional & practical qualification by completing a rigorous pathway, to distinguish himself from the crowd of Tax Professionals. This course also allows existing enrolled tax practitioners to convert themselves into qualified professionals, organized by a professional membership organization.

This certification is jointly issued by MEPSC (sector skill council), an arm of NSDC working on government skill development initiatives under the Ministry of Skill Development & Entrepreneurship.

The Course Has Two Routes

• Regular Route – for fresher students / Recently Enrolled Tax Practitioners
• Fast Track Route- for Senior Tax Practitioners –

Minimum Eligibility for admissions –

1. The candidate should be a graduate in commerce or accounting/ finance, business administration/management, law, etc
2. CA/CMA Intermediate exam passed candidate is also eligible

Three Main Stages of the Course

1. Pre IT Training
2. Main Course Exam ( Includes Practical)
3. Professional Orientation Course

Rank# 2. Income Tax Practitioner Course

2) The Institute of Cost Accountants of India

• Certificate Course on Return  Filling (Income Tax)

Course Duration: 30 hours

Modes of Class: online only

Course Fee: Rs. 10,000 + 18% GST

Course Eligibility

• Qualified Cost & Management Accountants(Members)
• Other Professionals
• Tax Practitioners
• Students who are either CMA qualified or CMA pursuing

Course content

1. Basics of Income Tax Return Filling
2. Introduction Concept of Belated Return,
3. Revised Return,
4. Defective Return Duties and Responsibility for deducting tax at source
5. Various penalties & consequences
6. ITR 1, ITR 2, ITR 3,ITR 4,ITR 5,ITR 6,ITR 7 [Timeline for filling Return and practical approach]
7. Recent Amendments in Filing of Returns as per Finance Bill
8. Recent Case Laws for guidance

• Advanced Course on Income Tax Assessment and Appeal

Course Duration: 30 hours

Modes of Class: online only

Course Fee: Rs. 12,000 + 18% GST

Course Eligibility

• Other Professionals
• Executives from Industries and Tax Practitioners

Brief Filing of Return of Income

• Receipt of different E-Notices & procedures of Filing of response
• Assessment in response to Notice u/s143(2) – Section 143(3) including E-Assessment – Practical aspect such as preparation of pointwise reply to queries raised & filing of the same (Sample copy of the reply to Assessing Officer)
• Best Judgment Assessment u/s 144 – covering the filing of objection before the Dispute Resolution panel,
• Reassessment u/s 147, Issue of Notice u/s, 148 and practical aspects of how to defend or reply with a sample draft reply.
• Search assessment u/s 153A & 153C – include how to appear and related submission of reply Notice of Demand, Rectification of Mistake, – E process to be followed for response to Notice u/s 154. Drafting of Rectification Application and discussion
• Revision u/s 263 & 264 – Provisions and procedural aspect

Recommended Read: Business Accounting and Taxation Courses in India

Rank# 3. Income Tax Practitioner Course

3) The Institute of Professional Accountants

IPA the institute of professional accountants offers a diploma in taxation course (DTL) with the help of expert CA tax faculties in the field of Income Tax and GST ( goods and service tax ). This Diploma course is useful for those who are looking for a job in the taxation field or want to become a tax consultant, tax advisor, or certified tax [lanner to start their consultancy. for the full course, detail downloads the brochure.

Features of (DTL) Course

1 100% practical course

2 Experienced ca faculties

3 Focus on practical

4 ITR (online income tax return filing)

5 Online TDS return filing.

6 Online GST return filing.

7 Online examination.

8 Recognized diploma certificate.

Rank# 4. Income Tax Practitioner Course

4) Udemy 

Practical Indian Income Tax Course & Certification.

This course will include the important provisions of the Indian Income Tax which is more useful in the practical working of Accountants and audit of entities. The purpose of course creation is for every learner to understand the business income provision under the Indian Income-tax in a very quick time. Their course is updated on regular basis.

This Course Includes a Brief on the Following Topics of Income Tax:-

• Introduction of Indian Income Tax
• Income Tax Returns forms(ITR)
• Important Tax-Saving Investment/Deductions or Tips
• Calculation of Business Income under the Income Tax
• Allowed & Disallowed business deduction
• Depreciation under Income Tax
• Applicability of Audit under Income Tax
• Presumptive Taxation scheme for small businessmen/ professionals
• All about TDS provisions like TDS provisions, Important TDS rates, TDS Returns & Due dates of the TDS returns.

Recommended Read: Business Accounting and Taxation Courses in Delhi

Rank# 5. Income Tax Practitioner Course

5) Tax Return Preparer Scheme (TRPS)

The Income Tax Department created the Tax Return Preparer Scheme (TRPS) to help people file their taxes quickly. The process of filing taxes has been more pleasant and comparatively straightforward for a taxpayer since the introduction of TRPS, which provides these services at the taxpayer’s doorstep.

The program hires qualified professionals who have been educated by the IRS to help small and marginal taxpayers prepare and file their tax returns for a modest charge or, in some cases, for free. The many components of the Tax Return Preparer Scheme (TRPS) and its basics are discussed in this article.

The above-mentioned courses are meant to enhance your knowledge and skills. The will to work depends on you. You will be handling hard-earned money, lifetime savings, and the treasury of an entity. This job is all about money and its management.

Frequently Asked Questions:

1. Can I get a job after an income tax practitioner course?

The answer to this question is in the article itself. If you have competent knowledge of Indian tax laws and possess appropriate skills, no doubt the job is yours. There are multiple job roles for tax practitioners in various tax and accounting firms

2. Can I start my tax consultancy?

Yes definitely. After enrolling with the registration body and adhering to all the compliance with law of the land. You can start your firm. Starting a firm brings a lot of responsibility. Suggestion from our side will be to do detailed study for starting your firm.

3. What are the fees for an income tax practitioner course?

The amount to be invested in this education vary on the choice of specialty you want to learn. Tentatively it may start from 10,000 Rs and go up to 25,000 Rs. The most important thing is you grab the knowledge given in the course

4. Can I represent myself as a tax practitioner to my family member?

yes, there are provisions in the income tax act for representing your family member and peers. The best practice to start your career as an Income tax practitioner is to start from home, by filling out IT returns of your family members and your friends, this will give you confidence.

Conclusion

There are multiple courses and educational degrees by income tax practitioner course that will fantasies you in hope of making good money and status. But if you don’t gain knowledge from those courses and develop your skills in that particular domain. Other bright and hardworking ones will take your place and you will be in a circle of doing multiple courses. An income tax practitioner course is a good step to enter into the Indian financial sector, it will thrill you at every stage. You will gain a lot of respect among your clients and peers after working in this field.