Top 5 Reasons To Study Tax Planning
Taxes chew up a large portion of a person’s income. If you earn well (above Rs. 10 lakhs), you fall in the highest income slab, where the tax rate is 30%. It does not end here! Then there is a surcharge and cess to be added over and above tax. To put it into perspective, you pay four months of your income into paying taxes. That’s huge!
One could not afford to pay four months of his income in taxes and meet 12 months of his expenditure with only eight months of his income in hand. This highlights the importance of tax planning.
Tax planning is not only knowledge but a skill one should possess for healthy personal finance. If you are willing to learn tax planning, you should undergo tax planning training to understand the world of taxes.
5 Reasons Why to Study Tax Planning
Here are the top 5 reasons why you should study tax planning:
- Will keep your taxes in check: One of the foremost benefits of tax planning is that you can plan your taxes yourself and wouldn't have to depend on anyone. Once you learn tax planning, you will realize that planning taxes is not a one-time exercise but a series of financial and investment decisions you make throughout the year. Further, you can also help your relatives and friends to plan taxes on their income. This will help you earn a good reputation among your peers and near ones.
- Helpful in banking and finance career: Taxes play an important role in banking and finance career. Every transaction has tax implications, and proper guidance must be given to the banking customers. Further, finance is an ocean of opportunities. Whether you get involved in loans, stock markets or project financing, it is important to understand the tax implications.
- Chart your path as a tax expert: How about becoming a tax expert or a consultant? Being a tax expert requires thorough knowledge and expertise that you can only attain through training. Everyone requires a tax planner who understands the laws and can provide guidance. If you undergo proper tax planning training, you can establish your tax consultancy firm to help people sort out their tax needs.
- Will open doors for many other opportunities: Understanding tax does not only open the doors for becoming a tax expert. You can be a person of value in a lot more areas. Many job opportunities open up for you, including investment firms, chartered accountancy firms, advocate firms, etc., where you can practice your knowledge and training. This will help you brush up your knowledge further and help you understand the intricacies of taxes in practical life.
- Good income opportunities: If you qualify as a tax expert, you can create good income opportunities. While the law may change, taxes are here to stay! Companies pay dearly to their tax experts. A person who can help people and companies solve their tax issues and save on taxes can earn well in his entire career. As there are frequent changes in law, those who stay updated stay relevant.
How to Study Tax Planning?
While you understand the benefits of learning tax planning, you might be curious to find out how to study tax planning. The primary law applicable for income tax is the Income Tax Act 1961 and Income Tax Rules, 1962. These govern the direct taxation in India. However, studying the bare act might be a little tricky. A good way out is to enrol with a professional institution that can help you not only learn tax planning but also guide and shape you for a better future in your tax expert journey.
Imarticus Learning is one of the pioneering institutes that has been training people and transforming careers across multiple industries, including but not limited to business analysis, artificial intelligence, analytics, financial services, core technology, etc. With a contemporary concept of professional degrees, also known as 'Prodegrees', it has tie-ups with various global giants, including KPMG, IBM, Rise Mumbai by Barclays, Motilal Oswal, Moody's Analytics, and more. Apart from tax planning, you can also jump in for banking and finance online training if you wish to proceed with a banking and finance career.
If you are willing to get tax planning training and stay relevant and up-to-date with the newest changes in the tax arena, then it’s time you enrol with the reputed organization and start your learnings now. You can contact us through chat support or drive to our training centers.