Options in tax in big cities

By Ranjan K Baruah

In our last edition, we published about few options in commerce stream. In this edition, we shall publish more options. One of the best options for commerce graduates is to join financial institutions like banks and insurance sectors.
In India or in any other countries, there are laws related to tax or trades which are very important. Paying tax in India is important for individuals as well as business houses and this brings more opportunity for commerce graduates as they are well taught on maintaining accounts for small or big business houses apart from maintaining individual’s income tax file. Few more options after studying commerce are as follows:
Accountant: An accountant is a practitioner of accounting or accountancy, which is the measurement, disclosure or provision of assurance about financial information that helps managers, investors, tax authorities and others make decisions about allocating resources. Roles are different depending on income or investments. One may work individually or under any firm or group. Apart from commerce knowledge it is advisable to have technological skills to be successful as accountant. All government departments have accounts sections and separate department too.

Tax Auditor: A tax auditor is a professional who evaluates financial records to determine whether they comply with the applicable laws. All tax auditors apply the principles of accounting in the course of their duty. They work to check if companies, individuals, agencies and organisations comply with the federal, state and local tax laws. This may be for small business houses or big corporate or even individuals. Tax auditors can either be internal, external or government auditors. Audit is done in all government departments apart from private business houses.

Tax Consultant/Tax Advisor: A tax advisor or tax consultant is a person with advanced training and knowledge of tax law. The services of a tax advisor are usually retained to minimise taxation while remaining compliant with the law in complicated financial situations. Tax advisors are also retained to represent clients before tax authorities and tax courts to resolve tax issues. In a country like India, there is a big demand for tax consultant as there are many rules and regulations related to trade and commerce.

Financial Analyst: A financial analyst is a person who performs financial analysis for external or internal financial clients as a core part of the job. Financial analysts are often employed by mutual and pension funds, hedge funds, securities firms, banks, investment banks, insurance companies and other businesses, helping these companies or their clients make investment decisions. Financial analysts employed in commercial lending perform balance sheet analysis, examining the audited financial statements and corollary data in order to assess lending risks. We don’t see more options in our region as trade and commerce yet to boom up in this region but the importance of financial analyst can be seen in metros and also in some other places. Aspirants may become financial analysts and also work for individual or small business houses by being anywhere in the country as many things are done online these days.
Though there are many options but students must focus on employability skills and prepare them as early as possible. Employability skills and required extra skills or life skill, one may excel by studying commerce stream.

(Ranjan K Baruah is a career mentor, skill trainer, academic consultant and strategic planner and can be reached at [email protected] or 8473943734 for any career related queries)