What is Taxation? Taxation is interpreted as levying or imposing mandatory taxes on individuals or businesses by governments. In almost every country, the taxes are imposed. The main purpose being wealth and revenue collection for government expenditure. However, the revenue received from tax fulfills additional objectives too. Taxation is crucial as the system ensures the collection and re-distribution of revenue, capitalizes on public welfares and services, and furthermore stands as a protocol to impact the social policy.
Taxation involves the core elements within the general domain of law and finance, extracting the ideas from these domains and integrates them with the basics of economics. To understand the influence of taxation in society, more theories from other disciplines like sociology and psychology have been involved. However, there have been fluctuations in tax systems across jurisdictions, and throughout the span of time.
In modern policies, the taxation protocol prevails on both manual (material assets) such as wealth, property, etc., and automated (mechanized) assets like sales transactions, online transfers, and so on. Maybe that’s the reason why in modern politics, the system and formulation of tax policies are considered as one of the critical and controversial topics. So, if you are keen to explore more about why you should study Taxation, then this blog clarifies a few specific reasons for the same. Just go ahead and give it a quick reading.
#1. Growing career prospects
Industrial growth gives an upswing to more new career opportunities. The taxation sector is one of the rapidly advancing and as well as a transforming domain. Owing to this, a wide range of career opportunities thrive in almost every organization across the world. A degree in Taxation fosters your knowledge and skill in the said subject and attract multiple job opportunities.
#2. Career stability
Taxation is an indispensable component of any business. As a professional in this field, you will hold a crucial role in the corporation that you work for. Organizations are always in a lookout for eligible professionals. So, if you have good knowledge and skills, you will be an asset to an organization. As a tax professional, you will be dealing with the crucial entities of an organization such as evaluation and calculation of an accurate amount of tax, assisting and approving the right investment decisions, how to reap the benefits of tax rebates, revenue saving, and as well help to adapt to the laws and regulations of the Income Tax Act.
#3. Aid individuals & Corporations
During difficult times, good tax advice or guidance can improve a company’s performance and prosperity. As a professional or as a tax advisor, you will be apt to focus and analyze tax laws and render the best tax advice to the organization. Equitable tax advice can make an enormous difference in business or in a marketplace. Good tax advice can give rise to a huge difference in the organization and furthermore benefit in safeguarding the job of employees. You can even help the individuals, particularly old people by providing them the best advice to save enough budgets for their retirement days and for their needful families.
Also Read: What is Accounting and Why it is Important for your Business?
#4. Good pay scale
Who doesn’t want a good amount of salary? The taxation section is one of the highest paying niches in any corporation. Depending on where you work and the amount of time you spend, you will be earning a good amount of money. The study of taxation equips you with learning and skills that are a crucial requirement in the industry. With the right skills and knowledge, you will be able to land a lucrative career in the taxation niche, whether be it in a public or a private sector.
#5. Perfect work-life balance
While in a corporate world, work-life balance may be still a myth. But it’s otherwise if you are working in a taxation field. If you are employed in a taxation niche then you can actually have a perfect work-life balance. It’s apparent that there will be a hassle in every job every day, but as far as the taxation field is concerned, the month from February till April is regarded as the only hectic phase. Therefore, during the remaining months, the professionals in this niche will have comparatively less work pressure with fewer working hours. Due to this, professionals in this field can effortlessly take off for recesses or holidays without needing to hear much nagging about the pending work from their employer
