As you all know there have been major changes in Indian tax structure recently and deadline is very close to implementing Goods and Service Tax (GST) i.e. 1st April, 2010. The new tax framework is not so simple to comprehend for the layman. Corporate sector is also searching tax profession, who has well qualified and experienced in the changing algorithm of tax laws in India. Almost every company is searching for tax professionals, who are well versed in these typical laws.
As per “economic times news” a beginner tax professional can get salary up to Rs. 10 Lakh per annum in India. Tax professionals with 5 to 6 years experience can get up to Rs. 35 Lakh per annum, while experienced professionals can approach up to Rs. 75 Lakh in top companies.
The salary has almost doubled in current year as comparison to previous years. A leading tax firm RSM Astute Consulting part of the RSM group said that “Movement of well trained tax professionals is also happening as the complexity in the tax regime is increasing due to GST (goods and services tax), the Direct tax code and IFRS and as the number of people who possess such skills is limited,” he added. IFRS or the International Financial Reporting Standards is an accounting standard followed mainly in Europe and is likely to be adopted in India from the fiscal year beginning April 1, 2011.
The direct tax code will replace to Income Tax Act of 1961. There are lots of conversions in income tax laws. The most of the tax professionals are still studying to comprehend the changes and to execute them to their clients. On the distinct side April 1, 2010 deadline for applicable of GST, is very near. So all small and big undertakings, is looking for trained tax professionals, who can grab an application of changes in the tax arena. There are very few, who well versed with its intricacies.
So my recommendation to all of my readers, always stay in touch with etaxindia.org or other websites like simpletaxindia.org, taxguru.in and other sources like tax journals, tax books, tax news, finance updates etc. for latest updates on tax law applicable in India. Specially on these coming days, you have to comprehend all modifications in direct and indirect tax laws.
Related posts:
- Union Budget : Suggestions from the Industry and Trade Associations for Budget 2011-12 regarding changes in direct and indirect taxes
- Highlights of Union Budget 2011 – Indirect Taxes
- Direct Taxes Code Important Provisions – Everyone Should Know
- Revised Discussion Paper on the Direct Taxes Code Now Released June 2010
- Download Direct Tax Code Bill 2009
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{ 3 comments… read them below or add one }
We keep hearing from the present FM Mr.Pranabda that “tax-simplification procedure” is taking place….even PC(our EX-FM) sometimes takes the opportunity to remark that IT procedure is “simplified”.
With the DIRECT TAXES CODE,with GST coming up by 01-04-2010,I think INDIA will have the “MOST SIMPLY LIED” TAXES.:)-
Dear Sir,
This artical is realy very good and very usefull for Accounts and Finance Professionals. Can you please help me regarding how i can be more educated about recent tax changes or i can get more educaton on it.
Regards,
atul
Happy to read your article.Would be very much thankful to you if you kindly provide me any coaching classes for the upcoming tax system . As i have worked in different countries in the field of account and finance and just back in india, i am very much new to the existing system. Timely support from you will help me to look in this matter to be able to be in main stream of my profession of account and finance .Thanking you -raashid shaikh