Tax law in India

The Direct and Indirect Tax Laws in India are as follows:

• Direct Tax: Based on their income and wealth, people and companies are subject to direct taxes, like Income Tax - Capital Gains Tax, Corporate Tax - Gift Tax, and Securities Transaction Tax - Wealth Tax.  
• Indirect Tax: Imposed by the GOI on goods and services, like Sales Tax - Custom Duty, Service Tax - Value Added Tax (VAT), and OCtroi Duty - GST.

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There are various organizations that offer good packages to Tax law graduates, and it also depends on the skills of a candidate. The starting salary package for Tax law graduates can be anywhere between INR 4 Lakh to INR 7.5 Lakh.

The starting compensation package for taxation law in India varies according to a variety of criteria, including the candidate's experience, qualifications, and work location. The typical beginning income for a taxation lawyer in India, according to PayScale, is roughly 7.0 lakhs per year.

To become a Taxation Lawyer, one has to complete graduation or postgraduation in Tax Law specialization. After this, they need to clear AIBE, the qualifying profession exam for lawyers' Certificate of Practice. After gaining some experience, you can begin looking for taxation law positions.

Taxation law positions can be found in a variety of settings, including legal firms, corporations, and government bodies. Taxation law jobs can also be found on job boards and through your network.

Government agencies and private businesses are constantly looking for graduates with highly sought-after skills and knowledge. In terms of starting pay, tier 1 legal firms provide INR 10 Lacs to 12 lakh, whereas tier 2 companies offer INR 2 Lacs to 6 lakh. Additionally, the scope includes worldwide taxation, where students can study about the updates and developments in tax laws in other nations. This will enable them to develop the skills and knowledge necessary to apply for jobs with multinational corporations and organisations.

One of the key areas of the Indian legal sector is tax law. The taxation law is a body of rules that controls the tax that people must pay to the government. Taxpayers must submit their income or property as payment for the tax levied by the federal and state governments. Due to this area's everyday impact on a nation's citizens, there has been tremendous growth in this industry, and the number of applicants is steadily rising.