Tax law is perhaps an area that has remained the same for a long time. Tax legislation can be defined as a set of rules, regulations and procedures relating to the tax a citizen owes to the state. It can be the central government or the state government. Although most people think that taxes are very general and different from laws, they are also part of the Indian legal system that applies to all Indian citizens. Therefore, tax law is considered one of the areas of work.
As India’s population grows, so does the demand for tax law graduates and professionals. If you think tax work is limited to the public sector, you are wrong. Employment in the field of tax law extends to both the public and private sectors. If some consider and comment on tax law as a dying field, they are wrong. Tax law is now one of the booming areas for new job creation.
Unlike other areas where quantitative skills are required, these skills are not mandatory in this field. To succeed and excel in this field, a candidate must have good ethics and passion.
Currently, there are several tax law courses offered in India, but not all of them are equally good. In this article, we will discuss two basic courses.
- Diploma in tax law or fiscal law
- Master’s degree in tax law or in tax law
While both courses focus on the same area. They differ in terms of duration, salary, programme of study, job opportunities and remuneration.
Diploma – Tax law
Diploma in Taxation/Tax Law (DTL): Compliance criteria –
The requirements for earning a degree in tax law vary from university to university and institution to institution. However, the general and basic eligibility criteria are listed below.
- The applicant was obliged to pay all 12.
- The candidate must hold a diploma of 12th secondary education and must have obtained at least 50% marks in the final examination.
- The candidate had to finish the twelfth grade. Complete the first year of school in a state-approved school.
- It has to come from the trade flow
Diploma in Taxation/Tax Law (DTL): Course duration –
The total duration of the programme Tax Law is approximately 1 year. However, recently we have seen some colleges and institutes offering a one and a half year degree in tax law.
Diploma in Taxation/Tax Law (DTL): Transaction received –
Even if it is a diploma course, there are colleges and institutes that organize their own entrance exams to select suitable candidates. The entrance test tests analytical ability, creativity, communication and problem solving skills. However, not all universities/institutes do this. Only a few universities/institutions do. All other colleges and institutes accept candidates on the basis of merit. The grades required to get a place on the merit list vary from one university/institution to another. If you plan to apply to a particular college or institution, call or email them to learn more about their admissions process. Some universities and institutes have both admission procedures and merit-based admission procedures.
Diploma in Taxation/Tax Law (DTL): Course fee –
As mentioned above, the cost of a tax law degree varies from college and institute to college and from state to state. However, since this is a diploma course, the total cost can range from INR 15,000 to INR 100,000.
Diploma in Taxation/Tax Law (DTL): Course syllabus –
The tax law program is not the same everywhere. In general, however, the following curriculum applies.
- Selling to the government
- Income from agriculture
- Introduction of a central sales tax law
- Liability for central sales tax
- Calculation of property income
- Assessment of persons
- Evaluation procedure
- Calculation of capital gains and secondary source income
- Deduction from total gross income
- Valuation of public limited companies
- Calculation of income from business or profession
- Liquidation of the company
- Estimates in different cases
- Obligation to pay tax on services
- Introduction to the Service Tax Act
- Summary of the provisions on the various taxable services
Diploma in Taxation/Tax Law (DTL): Vacancies –
Job opportunities for a candidate with a degree in tax law are not as varied. The number of jobs available is enormous. The following are some of the most common job titles that a candidate for a degree in tax law can obtain.
- Tax Specialist
- Tax advisor
- Tax advisor
Diploma in Taxation/Tax Law (DTL): Payroll package –
While most people think that undergraduate courses are inferior to graduate courses. In the case of tax law, it’s not so bad. The salary of a candidate with a degree in tax law can be around 5 lakhs per annum.
PG Course – Tax Law
LLM in Taxation/Taxation Law: Compliance criteria –
The LLM in Law and Taxation is a postgraduate course and the selection criteria for this course differ from those for the diploma courses listed above. The following are the general admission criteria for the LLM Tax Law.
- Applicants must have completed a law degree, which can be a three- or five-year program.
- The candidate must have obtained at least 45% for the bachelor’s degree.
LLM in Taxation/Taxation Law: Course duration –
As this is a postgraduate course, the training lasts only two years. While the other courses are divided into semesters. The LLM in Tax Law is not divided into semesters.
LLM in Taxation/Taxation Law: Course fee –
The average cost of an LLM in tax law can be around 65,000 per year. However, in some institutions, the cost of courses per year is relatively high. It could be about 1 to 2 varnishes per year.
LLM in Taxation/Taxation Law: Scope –
Compared to other courses in tax law, the LLM in tax law is very good. It is not because it is a postgraduate course but because the candidate who sees this course already has the UG degree that he or she knows in law and combined with this LLM course, the level of skills and knowledge that the candidate would have is unmatched. Graduates of an LLM in tax law therefore have many opportunities on the job market.
The demand for tax law graduates may increase in the coming years. So if you want to get familiar with working in this field, you can try the LLM course in tax law.
LLM in Taxation/Taxation Law: Transaction received –
Since this is a college, the admission process for this program is different. Applicants for admission to tax law must first meet the above criteria. The criteria for admission to the LLM in Tax Law vary from university to university. If you are eligible, you may register for this course on a merit or admission basis. Some institutions allow students to enroll according to their abilities, while others require grades and ratings on entrance exams. Few universities organize their own entrance exams at the state and central level. To enroll in the course, you must pass an entrance test and earn a high score or grade.
LLM in Taxation/Taxation Law: Curriculum –
The curriculum for postgraduate studies is almost the same in all universities and colleges in India. The curriculum is as follows.
- Direct tax legislation
- International Taxation
- Corporate tax
- National and local taxes
- Tax disputes
- Indirect tax legislation
- General principles of taxation
- Taxation of intellectual property and electronic commerce
LLM in Taxation/Taxation Law: Vacancies –
There are many employment opportunities for candidates who have completed the LLM Tax Law program. Here are some job titles that are suitable for candidates.
- Tax Advisor – Work includes solving tax problems of businesses, individuals and others.
- Tax Specialist – Assisting client with tax return preparation, tax deductions, tax payment adjustments, etc.
- Senior Tax Advisor – Assists and advises clients with tax planning and preparation of tax returns.
- Teacher – To provide students with knowledge of the subjects and content of tax law.
- Legal Assistant – Work includes conducting legal research, drafting memoranda, and liaising with the judiciary for the preparation and transmission of opinions.
- Tax Analyst – works with businesses and individuals to complete property and business tax forms.
LLM in Taxation/Taxation Law: Payroll package –
The salary of a graduate with an LLM in tax law can be around 10 lakhs per annum. Graduates of the LLM in Tax Law can find employment in both the private and public sectors.
frequently asked questions
What can I do after the TLD?
Upon successful completion of this DTL course, you can pursue the Master of Social Work Welfare (MLW). After completing this course, you can work as a tax auditor in tax consultancy organisations, in the banking sector and in tax services.
What is tax law for graduates?
The Diploma in Taxation is a one-year course in accounting and business administration that provides theoretical and practical knowledge of direct and indirect taxation, financial accounting and auditing. … The diploma in taxation is particularly suitable for income tax officers, consultants, accountants and company secretaries.
What are the best tax courses?
Best after-school courses, tax courses, tax courses …