Owing to the series of tax reforms in India, there has been an introduction of several newer tax laws in our country. This has led to a surge in demand for Chartered Professionals as several business entities who have been outside the purview of tax compliances, now suddenly found themselves struggling to understand various legal requirements. As a result, the profession of CA has grown to be one of the most sought-after career choices by students who are aiming for a lucrative and high-paying job opportunity.
Today, Indian economy is in need of skilled Accounting and Auditing professionals, such as CAs who can understand and decipher the latest tax and law updates in order to make business entities legally compliant. Students who are studying to be a Chartered Professional are subsequently expected to gain an in-depth knowledge of every subject taught in the curriculum. This makes for a strong foundation of knowledge basis upon which they can build a rewarding career.
CAs can take up additional skills and gain proficiency in a particular field of accountancy or taxation
Even after qualifying as a CA, learning never ends. In the past few months, there have been some notable tax reforms which have led to the introduction of newer tax laws by repealing the older ones. It means every working tax professional has to constantly unlearn and re-learn in order to update their knowledge. This is the only way they can remain on the top of their game and be capable of delivering best services to their clients. Apart from learning the latest developments in the field of accountancy, taxation, and laws, chartered professionals these days, are also required to brush up their soft skills in order to facilitate effective communication with their clients.
CAs can take up additional skills and gain proficiency in a particular field of accountancy or taxation. For instance, with the introduction of Insolvency and Bankruptcy Code in 2016, many professionals pursuing a career in law and taxes made a switch and became Insolvency professional whereby they provided assistance regarding insolvency of businesses, partnerships, etc. There has also been a demand in the number of professionals in Forensic Accounting who possess the skills of detecting fraud and embezzlement in the business transactions.
In the recent times, India is progressing towards a digital economy where paperless transactions are highly recommended. Various Government Departments have switched to e-Filing utilities so that the taxpayers can now file their tax returns electronically, through tax compliance software like Taxmann's One Solution to their web portals. This, in turn, makes it necessary for the tax professionals to be well versed with the information technology aspect of dealing with tax compliances. Also, they have to stay abreast of the latest developments in the field of technology so as to maintain the ultimate standards of data privacy and data integrity. For a Chartered professional, learning is a lifelong process. They always face a demanding and an uphill task of keeping themselves updated with the latest developments so as to be best in their respective field.
An LLM in International Taxation from University of Florida and WU (Vienna University of Economics and Business), Ansh Bhargava had received his LLB degree from O. P. Jindal Global University. Currently, he is holding the chair of Director at Taxmann Publications.