M.Com. in Taxation is a 2-year postgraduate course, the minimum eligibility for which is the successful completion of B.Com. Students enrolled to the course are taught to solve complex taxation problems, research tax literature, and complete analytical reviews of tax returns. Admission to the course is based on the candidate’s academic profile, and performance in a relevant entrance exam and subsequent round of interview.
The average tuition fee charged in India for the course ranges between INR 1 and 4 Lacs. Successful graduates of the course are hired in capacities such as Tax Recruiter, Tax Policy Analyst, Tax Advisor, Revenue Agents, Tax Examiners, Tax Manager, Tax Accountant, Tax Collectors, etc. The average annual salary offered to such postgraduates in India ranges between INR 5 and 20 lacs.
Organizations such as Genpact, Tata Consultancy Services Limited, WNS Global Services, Wipro Technologies Ltd., Tata Motors, Bharat Sanchar Nigam Limited (BSNL), National Small Industries Corporation Limited (NSIC), Heavy Engineering Corporation Limited (HEC Ltd.) etc. hire such postgraduates.
Top Colleges for Master of Commerce [M.Com] (Taxation)
- M.Com in Delhi-NCR
- M.Com in Maharashtra
- M.Com in Chennai
- M.Com in Uttar Pradesh
- M.Com in Telangana
M.Com. in Taxation: Course Highlights
Listed below are some of the major highlights of the course.
|Course Level||Post Graduate|
|Examination Type||Semester system|
|Eligibility||Graduation with Commerce subjects as the main subjects of study|
|Admission Process||Based on counselling after qualification of a relevant entrance test.|
|Course Fee||INR 1 to 4 Lacs|
|Average Starting salary||INR 5 to 20 Lacs per annum|
|Top recruiting companies||Genpact, Tata Consultancy Services Limited, WNS Global Services, Wipro Technologies Ltd., Tata Motors, Bharat Sanchar Nigam Limited (BSNL), National Small Industries Corporation Limited (NSIC), Heavy Engineering Corporation Limited (HEC Ltd), etc.|
|Job Positions||Tax Recruiter, Tax Policy Analyst, Tax Advisor, Revenue Agents, Tax Examiners, Tax Manager, Tax Accountant, Tax Collectors, etc.|
M.Com. in Taxation: What is it About?
The course has been designed to impart advanced learning to eligible students in concepts and processes of federal, State, and local taxes, and in provision of tax advice and planning for individuals or organizations. The program aims to train such candidates to contribute gainfully to the IRS, State departments of revenue, and such.
Taxation is the government-set mechanism for collecting money from the citizens to pay for public services, for example, public parks, libraries, etc. Auditors are professionals who perform audits for organizations and individuals, to check for discrepancies, inconsistencies, possible cases of financial deceit, and such.
Direct Taxes are the taxes which are directly paid to the government by the taxpayer, such as corporation tax, income tax, etc. Indirect Taxes, however, are those paid to the government by an intermediary, and are applicable on the sale of goods and services, such as service tax, sales tax, etc.
Taxation is a method of imposing financial charge (tax) on people who make ‘taxable’ income. Tax may be charged upon the tax payers by the State government, central government, or another such government authority like the local council or the municipality. Tax forms a major art of the government’s coffers. The course aims to familiarize candidates with:
- ethical issues surrounding taxes
- how taxation works in relation to national and global economies.
- concepts of financial reporting, estate taxation and planning, deferred compensation, property taxation, and sales tax.
- Intricacies of accounting methods, taxation of corporations, foreign transactions, cost management, etc.
Some of the specialized fields of the discipline arePublic Accounting, Budget Analysis, Real Estate Finance, Management Accounting. Enrolled students are taught todevelop vital collection, measurement, and communication of information skills, and are needed to complete a capstone project on the relevant subject.
Top Institutes offering M.Com. in Taxation
Listed below are some of the top institutes offering the course in the country with the corresponding locations and fees charged by each.
|Name of Institute||City|| Average Fees|
|IGNOU||Delhi||INR 7,000 (course)|
|University of Rajasthan||Jaipur||INR 20,000 (course)|
|Veer Narmad South Gujarat University||Jaipur||INR 10,000 (course)|
|AISECT||Raisen||INR 10,000 (course)|
|Smt. Champaben Balchand Shah Mahila Mahavidyalaya||Sangli||INR 25,000 (course)|
|Annamalai University||Tamil Nadu||INR 20,000 (course)|
|IIS university||Jaipur||INR 20,000 (course)|
Eligibility for M.Com. in Taxation
The minimum eligibility criteria needed to be met for admission to the course are:
- Graduation (B.Com./ BBA/ BBS) completed from a recognized university, with a minimum aggregate score of 55%.
- Commerce subjects such as Economics, Math, Accounts, etc. as the main subjects of study at the level of graduation.
|Top Taxation Colleges In Kerala||Top Taxation Colleges In Madhya Pradesh||Top Taxation Colleges In Maharashtra||Top Taxation Colleges In Karnataka|
M.Com. in Taxation: Admission Process
Admission to the course at some of the top institutes in India is based on the candidate’s performance in a relevant entrance exam. Rounds of group discussion and personal interview follow, based on performance in which, admission is granted to qualifying candidates. A few institutes offering the course in India, however, admit students to the course based on the merit obtained at the level of graduation.
Some such entrance exams held in the country for admission to the course are:
- Acharya Nagarjuna University M.Com. Entrance Exam
- Alagappa University M.Com. Entrance Exam
- Aligarh Muslim University M.Com. Entrance Exam
- Andhra University M.Com. Entrance Exam
- Annamalai University M.Com. Entrance Exam
- Assam University M.Com. Entrance Exam
- Avinashilingam University for Women M.Com. Entrance Exam
- Banaras Hindu University M.Com. Entrance Exam
- Bangalore University M.Com. Entrance Exam
- Barkatullah Vishwavidhyalaya University M.Com. Entrance Exam
- Berhampur University M.Com. Entrance Exam
- Bharathiar University M.Com. Entrance Exam
- Bharathidasan University M.Com. Entrance Exam
- Calicut University M.Com. Entrance Exam
Latest Master of Commerce [M.Com] (Taxation) Admission Alert
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M.Com. in Taxation: Syllabus and Course Description
A section-wise breakup of the course’s syllabus is tabulated here.
|Law of Direct Taxes & Practices||Return of Income and Assessment (Section 139 to 158)|
|Income Tax Act||Advance Payment of Tax (Section 207 to 219)|
|Basic concepts, definition and charge of Income Tax Act (Section 1 to 4)||Wealth Tax Act|
|Income Tax Authorities (Section 116 to 130A)||Rules and Central Excise Tariff Act, 1985|
|Scope of total income and Residential Status (Section 5 to 9)||Special Features of Indirect Taxes|
|Computation of Gross Total Income||Excise Law|
|Income from Salaries (Section 15 to 17)||Excise Liability|
|Income from House Property (Section 22 to 27)||Excise Duties|
|Rebates & Relief||Excisable Goods |
|Double Taxation Relief||Valuation under Central Excise Act|
|Tax Authorities and Tribunal||Custom Act, 1962 & Custom Tariff Act, 1975|
|Returns||Payment of service tax and registration (Section 68 & 69)|
|Assessments, Recovery of Tax Refund||Central Sales Tax Act 1956|
|Liability to pay tax in certain cases||--|
|Interest and refund of excess payment||Assessment, Demands, Recovery and Refund|
|Tax deduction and collection at source (Section 192 to 206C)|| Small Scale Units and applicable laws for duty payment purposes|
| Appeals and Revisions (Section 246 to 264)||Adjudication, Appellate and Revision provisions.|
|Penalties and Prosecutions (Section 270 to 280)||-|
M.Com. in Taxation: Suggested Books & Study Material
Listed here are some books for reference for candidates aspiring for admission to the course.
- Systematic Approach to Income Tax, ST, and VAT, by CA. Girish Ahuja and Dr. Ravi Gupta
- Students’ Guide to Income Tax, by Dr. Vinod K Singhania and Dr. Monica Singhania
- Students Handbook on Income Tax, VAT and ST, by T.N. Manoharan and G R Hari
- Principles of Auditing & Other Assurance Services, by Ray Whittington
- IT Auditing Using Controls to Protect Information Assets, by Chris Davis
- Accounting Quality, Auditing, and Corporate Governance, by Imhoff, Eugene A., Jr
- A Guide to Tax Audit and Other Certifications under Income Tax Act, 1961, by CA Amit Ashok Purohit
- A Practical Guide to Taxation of Capital Gains and Gifts, by N.S.Srinivasan
M.Com. in Taxation: Career Prospects
Tax Accountants usually perform the following roles:
- Preparing and submitting accounts and tax returns
- Advising on business plans, investment opportunities, etc.
- Assisting clients with financial and income tax statements.
- Developing or planning strategies to minimize income tax.
Auditor, however, are responsible for the following:
- Presenting an actual view of the profit and loss records of the company.
- Test documentation and supporting account balance.
- Preparing audit reports.
Such postgraduates fit smoothly into professional roles such as Certified Public Accountant, Budget Analyst, Financial Analyst, Loan Officer, Auditor/ Financial Manager, Tax Recruiter, Tax Policy Analyst, Tax Advisor, Revenue Agent, Tax Examiner, Tax Manager, Tax Accountant, Tax Collector, etc.
Other jo roles include:
- Revenue Agent
- Marketing Manager
- Financial Analyst
- Tax Policy Analyst
- Tax Attorney Specialist
- Employment Tax Specialist
- Personal Finance Consultant
Some of the popular professional avenues open to such postgraduates are listed below with the corresponding salaries offered for the respective positions.
|Job Profile||Job Description||Average Pay Scale in INR|
|Certified Public Accountant||In addition to preparing individuals' taxes, Certified Public Accountants (CPA) often advise clients on issues related to taxes and income.||4 to 9 Lacs|
|Financial advisors||Financial Advisors assess the financial needs of individuals, corporations, or nonprofits. Advisors help their clients plan both long-term and short-term goals, including education expenses, retirement plans, budgeting, and general investments.||6 to 9 Lacs|
|Chief Financial Officer||A Chief Financial Officer (CFO) is responsible for the finances of a corporation. They may review financial risks, create business plans, and keep financial records. The CFO may analyze the financial data of a company and report such findings to the company's Board of Directors and chief executive officer.||10 to 20 Lacs|
|Directors (Accounts)||To the Account Director the Account Supervisor and Account Executives look for support, guidance, and counsel. They oversee the overall growth and development of accounts in their team.||5 to 19 Lacs|
|Tax Collectors, also called Revenue Officers, gather money owed to the government by individuals or businesses late in filing tax returns. Most Tax Collectors work for the government at federal, State, or local levels.||2 to 3 Lacs|
|They deliver a full range of tax services in compliance with laws and regulations within a set timeframe. They build relationships with, and interact with clients to provide expert planning, consulting, and such advice, regarding tax planning and reviewing complex income tax returns.||11 to 13 Lacs|
|Tax Examiners typically deal with tax returns filed by individuals and small businesses, at municipal, State, or federal level. They ensure that taxpayers are claiming the appropriate deductions and credits, and assess penalties, interests, and fees as necessary.||8 to 10 Lacs|
|Revenue agent||Along with Tax Examiners and Collectors, Revenue Agents help ensure that federal, State, and local governments collect tax revenues from businesses and individuals. They are responsible for reviewing tax returns and conducting audits, as well as identifying and collecting overdue taxes.||6 to 8 Lacs|
|Audit Manager||Audit Managers are responsible for organising and overseeing internal audits in accordance with the annual audit plan, often managing a team of auditors.||10 to 12 Lacs|