Top 4 Tax Accounting Courses Online Free
Revenue raised through taxation is one of the most important sources of income for any government. Governments prepare their budgets with a keen eye to how much they can raise through direct and indirect taxes and therefore how much they can spend on various expenditures like their social schemes, their defense expenditure or their fixed expenditures like salaries to be paid to government employees. Just as collecting taxes is one of the major administrative concerns for a government, so is the paying of taxes an important part of financial planning for the citizens of any country. Given the supreme importance of taxation both for the governments and for the citizens, professional expertise in tax-related services is one of the most sought after in all countries. The demand for tax accounting courses online free is always a high account of this.
The governments need the help of highly skilled professionals with the expertise to help them with policies on different types of taxes (direct vs. indirect or income-tax vs. business tax). The citizens, on their part, need the help of tax professionals to figure out how to account for their yearly income, what percentage of their income is accountable for tax purposes, or what kind of deductions in taxes they are eligible for. The tax professionals are expected to have the government’s tax policies at their fingertips so they can help a person with the above questions.
Who is a Tax Accountant?
People who possess such professional expertise to fall into two groups:
- (A) Those who are members of a nationally certified institutional system. In India, such people are called Chartered Accountants. They are members of a government-sanctioned Institute of Chartered Accountants in India (ICAI). Membership is granted if one passes ais of a pan-India examination. Similarly, in the USA such professionals are called Certified Public Accountants.
- (B) People who are not members of the Institute of Chartered Accountants but are nevertheless trained in the field of tax accounting from other accredited institutions and hold some kind of diploma or certification.
The demand for tax professionals exceeds the supply in most countries and notably so in India. Therefore, the usefulness and demand for tax accounting courses are increasing in India as well as internationally.
Advantages of Online Courses
- Online courses have the major advantage of being able to deliver high-quality training to students who do not have such resources available closer to home. Such courses, therefore, bridge the resource gap between the metropolis and the non-metropolis areas in a country.
- Formal degree courses are generally quite expensive. Since they are often not affordable to people of limited income, many organizations nowadays offer free online courses where one only pays for the Certificate that comes at the end of the course.
- Online courses, of which online tax accountant courses are one, therefore serve the very important social function of disseminating quality education widely in a country. They bridge the gap between regions that are rich in educational resources and the regions which are not.
Let us First Define Tax Accounting
To effectively search for tax accounting courses online free that would fit one’s career plans, it is necessary to have a sound idea of what is meant by tax accounting. Detailed knowledge of tax policies a student needs to learn varies from one country to another. However, it is still possible to provide a general description of the field of tax accounting that is universally applicable.
Features of Tax Accounting:
- It is an accounting method that focuses on taxes, not on public financial statements.
- It is governed by certain codes that individuals and businesses must abide by in filing their tax returns.
- For an individual, tax accounting focuses on her income, the kind of deductions she is eligible for, or what kind of gains or losses she may have made through her financial investments during the year.
- Tax accounting is more complicated for a business as one has to be very careful about what funds have been spent and, accordingly, what comes under the purview of taxes.
Any tax accounting courses online free worth its salt must provide solid training in the above areas to produce a well-trained tax accountant.
Recommended Read: Online Business Accounting and Taxation Courses
Two Types of Tax Accounting
Taxes are paid by legal entities that earn a bona fide income or profit. But tax returns are demanded by the government from retired pensioners as well as from non-profit organizations. This is done to ensure that they all adhere to the laws and regulations governing the financial dealings of a legal entity that enjoys tax-exempt status.
- Tax accounting for individuals restricts itself to incomes, eligibility for deductions, profits or losses from investments, and other financial dealings that may affect an individual’s income and therefore taxes.
- Tax accounting gets a lot more complicated for a profit-oriented business organization. The revenue the company earns has to be accounted for tax purposes. But tax accounting for business entities has to deal with the additional complexity which arises while tracking funds that are spent on legitimate business obligations. Such obligations are normally directed either to the shareholders or other business-related expenses.
Career Prospects for Tax Accountants
The higher the demand for a skill, the better the career prospect for the person possessing that skill! Let’s look into the state of demand for tax accountants in various parts of the world. This should also give us an insight into the nature of the demand for tax accounting courses online for free.
Demand for Tax Accountants in India
Let’s look closely at some numbers. As of 2017-18, there were 3 lakh Chartered Accountants in India and 6.8 crores, taxpayers, out of a total number of citizens of 125 crores.
Since 3 lakh Chartered Accountants cannot possibly serve the need of 6.8 crores taxpayers, the non-certified tax accountants, i.e., tax accountants who have been trained online under reputable organizations but fall outside the charmed circle of the members of the pan-Indian Institute of Chartered Accountants of India, fill in the huge gap between the demand for and supply of Chartered Accountants.
Also Read: Accounting Interview Questions Answers
Demand for Tax Accountants in the USA
According to the Bureau of Labour Statistics, USA, the projected growth of employment for accountants is 7 percent from 2020 to 2030 which, when calculated in absolute numbers, comes to 135,000 jobs over the decade. This is certainly higher than the demand in India for the reason that the number of taxpayers is much higher in the USA.
The above comparison also explains the reason behind the high demand for tax accounting courses online free in both India and the US.
The range of jobs a tax accountant can apply for is vast:
- Government jobs
- Private companies
- Tax Manager
- Tax Preparer
- Tax Consultant/Advisor
- International Tax Specialist for MNCs
Expected Range of Salary in the Field of Tax Accounting
Research published in March 2022 reveals the average salary for a tax accountant in India is 368,671 per year. This of course goes up with years of experience. The average salary for a tax accountant with 10-19 years of experience, according to this report, is Rs.5,40,000 per year. The above are average salaries. The real salaries will vary depending on which company, public or private, big or small, one is working for.
The usefulness of Free Online Tax Accounting Courses Online Free
- In India, the new laws of GST have further intensified the demand for tax accountants in the business sector. Most Indian businesses are very unfamiliar with the requirements of GST laws and the taxation rules. The need for professional assistance, especially for GST, has thus sky-rocketed. If you are a tax accountant with a certificate from a trusted online course, you will be in great demand in the job market!
- The number of seats in Chartered Accountant Institutes is limited, which is unlikely to change in the short term. This is because it needs infrastructural extension which puts pressure on the government’s budget. If the government has to allot more money to the educational sector, it would first have to raise more money from taxes.
- Many young people do not have the time or the resources to go through the hard-working, rigorous, and long-term procedure of acquiring a formal Chartered Accountant degree. Moreover, these institutes all offer only offline live classes that take place in metropolitan areas. If you are a young aspirant who may live far from such areas often cannot travel to take such courses.
- Often the free online tax accountant courses are more suitable for small businesses outside of the metro cities. This is very relevant for developing countries like India where small start-ups are coming up in large numbers in suburban and non-metropolitan areas. The syllabus of the pan-Indian Chartered Accountancy course does not cover the complex and new types of problems that non-metro start-ups face in filing their tax returns, especially when confronted with the complicated GST laws.
- Intensifying globalization is expected to create more jobs for tax accountants who are knowledgeable about international tax laws.
Such training is generally not offered by government-certified institutes. Their syllabi are more rigid and focused on national policies. Our educational sector now has to become more agile and flexible to meet the need of the changing world around us. Online courses run by organizations that are less handicapped by bureaucratic red tapes are more suited for our rapidly changing world.
The online tax accounting courses cater to the above needs in the field. There are thousands of educated young people in the country who are in search of skills to lead them to stable and dignified jobs. tax accounting courses online free are extremely useful for such enterprising young people.
Here is a complete guide to BAT Course Details
What is meant by “Free” Course
Students Do Not Pay for the Lectures/Instructions/Assignments/Examinations
The word “free” is attached to these courses because the online classes, lectures, assignments, and examinations are conducted free of any cost to the students. The students, regardless of where they live in the country, can register without paying anything and attend the classes, receive the assignments and sit for the examinations. The classes may either be pre-recorded or live.
A Price is Attached to the Certificate at the End of the Course
Technically speaking, however, the courses are not entirely free as the Certificate to be issued at the end of it comes at a price. This is where the organizations recover the cost of offering the courses. Since there are no infrastructural costs nor any paperwork, the cost for the organizations is minimal. The larger the number of students who take the course and want a Certificate at the end of it for job purposes, the greater the profit for the organization.
Why should You Choose Tax Accounting Courses Online Free?
You can use Tax Accounting Courses Online Free to Supplement a More General Skill. We often find students with engineering degrees opting to supplement their skills with a degree in one of the management sciences. The management diploma, certificate, or degree enhances their value in the job market as they qualify for a wider range of responsibilities.
Similarly, tax accounting courses online free are very useful for you if you have a general accounting degree but also want to qualify for specific tax accounting positions. Sometimes students with management degrees also want to learn tax accounting skills so they can have an edge over their colleagues at their workplace.
A large number of Law students opt for tax accountancy skills. Their legal background helps them in providing services for legal problems in the area of taxation.
Reasons why Tax Accounting Courses Online Free are Popular in India
- Flexible learning schedule that allows students to take the courses even while working somewhere else
- Cost-effective and time-saving
- Availability of experienced instructors from all over the world
- Exchange ideas in a non-intimidating platform
- Certifications help in finding jobs
Here are the Most Important Skills Required for an Accountant
Qualifications Necessary for Taking Tax Accounting Courses Online Free
- A Bachelor’s degree in accounting or business administration is necessary for aspiring tax accountants.
- You may also study General Accounting with a focus on tax to improve your chances of finding a job.
- A degree in Law is not mandatory, but often Law students are interested in adding the skills of tax accounting to their legal expertise to broaden their area of functioning.
Best and Most Popular Tax Accounting Courses Online Free
Udemy is one of the best-known online course providers. They have hundreds of in-demand online professional courses in their stock. Given the high demand for Tax Accounting courses, it is not a surprise that Udemy offers high-quality tax accounting courses online free.
Courses offered by Udemy are very rewarding because they recruit highly reputed, experienced, and skilled lecturers with hands-on experience in the topic and have them prepare structured lecture videos that are well-planned with lots of graphics. These pre-recorded lecture videos are therefore presented in very interesting as well as instructive ways.
One of the most popular tax accountancy courses offered by Udemy is: The practical Indian Income Tax Course and Certification
Duration of Course: 5.5 hours with on-demand video
Evaluation: 2 practice tests
- Students have full lifetime access to all resources used in the course
- Certificate of completion
Description of Course
The course covers Indian Income Tax comprehensively so it is useful in practicing accountancy and audit. It covers taxation rules for both individuals and business organizations. The course is updated on a regular basis.
- Income Tax in India: An Introduction
- Multiple forms of Income Tax Returns: An Introduction (Students learn about the different kinds of taxes existing in India)
- Tips on Tax Saving and Deduction (Helps tax-payers save money)
- Income Tax and Business Income calculation (trains in tax accounting for both individuals and corporate entities)
- Tax deduction for business: Allowed and Not-Allowed
- Income Tax and depreciation (Helps with a tax deduction for businesses)
- Documents and Books of Account
- Income Tax and the application of audit
- Presumptive Taxation scheme for small businessmen/ professionals
- FAQs about Tax Deducted at Source (TDS)
To keep their courses up to date, Udemy also offers several other courses that keep up with the changing tax scenario in the Indian business world.
Other Related Courses Offered by Udemy
- Indian Income Tax (Direct Tax): A Comprehensive Study
- Complete GST Course and Certification
- Practical GST with Latest Updates
Recommended Read: Online GST Certification Course
The USP of Coursera is its global orientation. It is very useful for students who want to specialize in subjects that would give them an edge in the global job market. For this purpose, Coursera offers courses through some of the top-ranking international schools like MIT, Harvard, Yale, and Princeton, as well as IT behemoths like Google.
If you choose a course from Coursera, you get to share a classroom with an international group of students which will broaden your understanding of the issues beyond the borders of your country. It will provide you with not just technical skills but also a global outlook which is essential in today’s world.
Starting from June 2020, Coursera has announced that college and university students can study online and get certificates for free. The following list of courses shows the global orientation of the courses offered by Coursera.
Courses offered by Coursera
- Rethinking International Tax Laws (Universiteit Leiden)
- Multistate Taxation (University of Illinois)
- Taxation of Business Entities (University of Illinois)
- European Business Laws (Lund University)
- Introduction to Corporate Finance (University of Pennsylvania)
3. Class Central
They Offer tax accounting courses online free from top universities and colleges. Like Coursera, Class Central too has a global orientation and collaborates with top-ranking global educational institutions by providing pre-recorded videos of live classes being offered by international experts in various universities of the world.
Courses offered through Class Central are:
- Finance and Accounting (Harvard Business School)
- Accounting, Business, and Society: The Multifaceted Role of Accounting (Hong Kong University)
- Direct Tax: Laws and Practice (Tezpur University)
- What is Financial Accounting (University of California, Irvine)
Recommended Read: Course in Finance Accounting and Taxation
4. Tezpur University
The Swayam Academy in India has initiated this accounting and taxation course. In collaboration with Tezpur University, their tax accounting courses online free provides you with a comprehensive knowledge of revenue and taxes. The course is a great learning experience as they are taught by trained experts.
It focuses on the details of tax accounting as it is practiced in India and the issues that are relevant to this country. For example, the Income Tax Act 1961 is the prime legislation in the area of direct taxes in India. Various facets of this Act give the taxpayer a wide scope for tax management and tax deduction with the help of various provisions in it.
The students are taught about this Act in detail. Compared with Coursera or Class Central, the Tezpur University course provides more intensive training in the complexities of tax accounting in India.
Duration of course: 15 weeks
Method of Evaluation: Internal Examinations every 4 weeks
Eligibility: The course is interdisciplinary. Any graduate or anyone pursuing a graduate course can enroll.
- Comprehensive coverage of the direct taxation system of India
- Practical training in how to compute income tax.3. The idea on various avenues for tax planning and tax management
- How to comply with tax laws
- How to file income tax returns
Topics Covered in the Course
- Income tax and its residual status
- Difference between income and salary
- Conceptual understanding of profit
- What are capital gains
- Difference between an individual and a company in computing taxes
- Multiple sources of income and tax calculation
- Deduction from total income
- Merging of income and carrying forward losses
- How to assess income and the return on it
- How to pay tax in advance
- How to make appeals for tax revisions
- How to plan your taxes
- How to comply with tax laws
- How to file Income Tax returns
- Qualifications necessary to become a tax consultant
- Comprehensive coverage of the direct taxation system in India
- How to do tax planning and manage taxes
Frequently Asked Questions (FAQ)
1. How To Select the Best Tax Accounting Course in India in 2022?
The “best” course will be determined by whether one is looking for a paid offline course, a paid online course, or tax accounting courses online free. For example, very high-quality offline courses are offered by Gurukul Mantra Professionals, Tally Training Institute in Chennai, or the Institute of Company Accountants. High-quality online courses are offered by IIM Skills and Henry Harvin.
2. What are the Qualifications Necessary to Be a Tax Consultant in India?
In India, there are no stipulated qualifications to become a tax consultant. Individuals with interpretive skills and expertise in Tax Laws can act as Tax Consultants.
3. How do You Define a GST Certification Course?
A GST course that covers all the important and practical aspects of EduPristine GST Good and Service Tax (GST) is offered by EduPristine.
4. What are the Career Prospects after a GST Course?
You can be quite certain of getting a job after a GST course because GST is one of the newest additions to the Indian tax regime. Therefore there is a very high demand for tax accountants with GST skills.
The demand for tax accountants has always been high, but recently with the introduction of GST in India that demand has increased manifolds as businesses at all levels have been affected by it. Moreover, with increasing globalization businesses have to deal with income from and payments to other countries. They, therefore, need tax accountants who know the tax laws of those countries as well as international tax laws. The job market for well-trained tax accountants with cutting-edge skills has never been better in India. Online courses have opened the door to thousands of young aspirants to this lucrative field with ever-increasing job opportunities for those who are enterprising. With many MNCs now operating in India, the prospect for young people who get some additional training in international aspects of taxation has never been brighter.