Before we get into Business Accounting and Taxation Course in Patna, let’s first try and understand what exactly is business accounting and taxation. This article will not just provide you with details of the courses related to business accounting and taxation offered in Patna but also help you understand the importance of this course, the boost that it provides to your career & by the end of this article you should be able to decide whether you wish to invest time and money on Business Accounting and Taxation Course in Patna.
What Is Business Accounting & Its Importance?
As per standard definition, accounting is a way of collating, analyzing, communicating, and summarising monetary and nonmonetary aspects of an organization. Business accounting plays an extremely critical role for businesses to make smart and objective decisions. Business accounting provides concrete, quantifiable data on the finances of the organization.
This data is backed by numbers. Accounting is important for any organization because it not only helps in understanding the profit/loss incurred but also helps in budgeting, planning, enhancing business performance, and changing the entire financial game of the business entity.
What is Taxation?
Taxation refers to the amount payable by an organization, business, or individual to the Government. The tax collected by the Government is then used to further Government projects for the welfare of the taxpayers, for example, projects on healthcare, infrastructure, etc. The amount paid and various components of taxes are dependent on the type of entity. Tax paid by individuals and tax paid by business organizations is different from one another.
History of Business Accounting
Accounting traces back to ancient civilizations going all the way to the Egyptian empire. Chanakya, a polymath from India, is one of the first known individuals who audited & managed accounting books during the Mauryan empire. The current accounting method has its origin in Scotland. Like any other field, accounting has evolved over the period of time.
History of Taxation:
Even though Taxations seem like a modern concept, the first tax system dates back to more than 2000 yrs ago. Tax, in principle, means “an estimate”. In ancient Europe, taxes were levied on profits earned in any financial transaction, be it in the selling of merchandise, livestock, or any other business which earned profit.
In India, the concept of tax is found in books like Manu Smriti, Arthashastra. Reference of taxes can also be found during Mughal rule in India. The method and the purpose of collecting taxes may have evolved with time, but taxes, in the broader sense, are collected so that the ruling Government can invest it back for the welfare of its countrymen in general.
Taxes are extremely important for any Government since it is one of the major ways in which the Government increases in monetary funding and is able to pay for its expenditures. It will become impossible for the Government to run the country in case entities stop paying taxes. Taxing organizations is also a way for the Government to control operations of various business entities in a country and level the ground for all organizations.
Here is a Guide to Cost Management Accounting
Why Should you Choose Patna?
Patna, the capital of Bihar is now on its way to becoming the next academic hub. The city is well equipped with schools and colleges that provide state of art educational facilities. The city has seen a tremendous rise in the number of educational institutes over the years. With students coming here to study from various parts of the country, the city is now investing heavily in upgrading the education sector in the state, especially Patna.
This article aims at providing you with detailed information on various Business Accounting and Taxation training so that you can take a step forward towards one of the major job providing sectors and increase your knowledge base by learning it from the best institutes in Patna
Let’s first look at the various Business Accounting & Taxation Course in Patna, offered by the top in the game institutes.
We will be discussing in detail what these respective courses have to offer. Post learning about Business Accounting and Taxation training, we will focus on the key aspects of courses to look at while finalizing any course.
1- GST Training Solutions CA Gurukul:
With the tagline that says “To provide the Education and Skills necessary to any individual taking on the responsibility of their own safety and becoming their own First Responder, GST stands for Grand Scheme of Things. Ranked as one of the top Business Accounting and Taxation course in Patna.
Their aim is to dilute the vast amount of information present and channel it in a way that suits best the current and future market demands. They also provide skill development training since their belief is that all theory and no practice do not lead to success. GST provides courses that are dual facet in nature, one is teaching the tools and the other is teaching how to use these tools.
With experienced professionals teaching GST courses, the institute has become a student favorite with batches becoming full in no time. Present near Chanakya Law College, Mithapur, Bihar, you can check out and raise your queries on the helpline number.
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2- ICA Edu Skills:
With its presence in pan India, ICA Edu skills have a brand in Patna as well. ICA Edu Skills has been present in the education sector for more than 2 decades. It is one of India’s leading institutes with its focus on imparting knowledge on Accounts, Finance, and Tax. The institute has over 2000 training institutes and has won multiple awards in skills development.
In Patna, the institute runs 2 centers one in Ranipur Paizawa and the other in Kankarbagh. They offer Business Accounting and Taxation Course in Patna in 2 variations. One being Diplomas in Financial Market & the other NSE Certified Capital Market Professional.
ICA Edu Skills offers online courses as well as great placements making it one of the most sorted financial course centers in Patna along with its other centers across India. For more information on the institute, you can visit the institute’s websites and get in touch with their admission personnel.
3- The institute of cost accounts in India
ICAI is one of the oldest education institutes providing education in Business Accounting and Taxation Course in Patna while also teaching other aspects of finance-related education. ICAI has more than 6 decades of experience in handling finance courses. The institute is so famous that the course offered here has its own name which is “CWA course” which was later changed to CMA.
You can apply to this institute after completing Xth of X11th. The course at ICAI is provided in 3 stages which makes sure the student passes with exceptional knowledge in the field of Finance. The institute also offers live online classes, examinations, and placements. ICAI is located at Fraser road.
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4- Professional Commerce
The institute is led by Prof. Sushil Singh who has 17+ years of professional experience in teaching commerce subjects. The institute provides a free demo that helps the student understand if the course offered best suits them. The institute boasts of providing the best Business Accounting and Taxation Course in Patna.
They also offer courses in base classes for CA, CS, and cost management accountancy. The current number of students studying at Professional commerce is more than 21,000. The institute, at a given time, enrolls only 50 students per batch & 2 batches per class. Thus being able to concentrate on each student.
5- Sukrishna Commerce
With an aim to inspire students into becoming CA professionals, Sukrishna Commerce Academy focuses on building a talent pool of young students who have a thorough knowledge of accounting and taxes. One of the key aspects apart from state-of-the-art infrastructure and excellent education curriculum that contributes to Sukrishna being a student favorite is that they provide accommodations for their female students. They also have an E-Learning wing. The core team comprises CA professionals and ex-vice chancellors from reputed Universities.
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With a 15 years+ existence in the education sector, ITAA boasts of bridging the gap between skills that students learn in classrooms and the skills that are demanded by the industry. ITAA runs through a mode based on franchises.
ITAA is a leading education institute that runs a competitive Business Accounting and Taxation Course in Patna. There are 3 major courses the institute runs, namely accounting, tax pro, and GST pro. The course is 50 hours long with 5 modules. They also provide certifications by ITAA and Tally Academy.
7- iClass Patna
Iclass Patna provides training and accounts and finance. Their training is based on real-time and is placement-focused. The training programs range from basic accounting to advanced level. Their curriculum is divided into more than 10 modules. Each module consists of various sub-topics based on accounting and finance.
They have flexible timing for working professionals. They provide certifications as well as hands-on experience. They have more than 82 corporate professionals who are responsible for undertaking these courses.
Udemy offers a crash course in Business Accounting and Taxation Course in Patna Via its online module. Their curriculum consists of the basics of accounting. The course is 10 hrs long and has extensive information covered in those 10 hours. The course offered by Udemy in business accounting is definitely a course for all beginners who see their future in the Finance sector.
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9- Henry Harvin Education
Henry Harvin Education has become synonymous with online education. They offer multiple courses all excel in their respective ways. One such course offered is on business accounting and taxation. Its a 100 hrs course which undertakes subjects like GST, Income tax, TDS.
The certificates offered by Henry Harvin Education are recognized by UKAF, UK Cert, MSME & Government of India. They offer a dynamic course structure which is a mix of online classes & projects.
How to Select a Course That Best Suits Your Requirement
When you are investing your time, money, and efforts into any course or educational undertaking or as a matter of fact any task, it is extremely important to make sure that the course will act as a stepping stone towards your future goals. It has become even more difficult to narrow down to one course or certification because of the emergence of countless numbers institutes offering countless courses.
We are at a time in history where the skillsets demanded by corporate or business firms change from industry to industry or in fact from one business entity to another. So, while choosing any course, keep in mind the following tips to choose what works best for you
1- Understand the reason for undertaking a course: Are you undertaking a course for getting the basics right or enhancing your current knowledge. Is the course needed for admission into an institute or for a promotion? The answers to these questions will help you understand which level of the course you should enroll yourself into? A basic accounting and taxation course would work or an advanced level is what you need.
2: Research: It is extremely important to do your research first. Research means finding information on various institutes offering the course you are interested in. In this case, it would be Business Accounting and Taxation Course in Patna.
You will find multiple institutes offering multiple courses that are different in pricing, duration of the course, certifications, placements, mode of classes (offline & online), post-course completion assistance, the minimum qualification for admission, etc.
You can get this information from their websites, testimonials from an ex or current student, calling or emailing the institutes directly for information. With the internet being easily accessible, it has become extremely easy to find this information on the web
3: Match their curriculum with your requirements: Once you have the necessary information from step 2, figure out what works for you the best. This involves deciding on the time and money you wish to spend, the kind of placements they are offering, the scope of the course that they are offering, do you wish to take an online class or you prefer an in-classroom experience. By matching your requirements and the offerings of the course, you will be able to narrow down on the select few courses you are willing to take.
4: Apply: Once you have narrowed it down to a few institutes or maybe even one, the final step would be to apply and get going towards your goals.
Benefits of Undertaking a Business Accounting and Taxation Course in Patna
- Keeps the foundation strong. A good course in the basics of finance is a building block for a career in the ever-evolving field of Business finance and accounting
- Working professionals can benefit from the advanced courses by enhancing their knowledge and grabbing that promotion in a work environment
- Courses in business accounting and taxation act in favor of understanding country law and taxation system thus benefiting the learner on a personal level as well
- A great stepping stone towards starting your own consulting firm
- Opens doors for placement in the accounting field across industries
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1- What is the difference between business accounting and finance?
Although both fall under the grand umbrella of understanding monetary inflow and outflow, the basic difference lies in the kind of role they play in an organization. Business Finance is related to financial mathematics, Financial management, Financial market, Financial planning, risk management whereas Business accounting is related to auditing, budget analysis, financial accounting, and reporting. A finance professional will have roles like a commercial banker, insurance officer, financial consultant and an accounting professional will have roles like an accountant, an auditor, credit controller, tax advisor, etc.
The difference also lies in the kind of skills needed in each profession. For example, a finance professional would need analytical, research skills apart from technical knowledge as well. An accounting professional would have to be thorough with technical knowledge for example understanding of government laws, in-depth understanding of the industry, quantitative skills, etc. The pay scale for both these professions also varies. A finance professional would have incentives attached to the profit or shares, but no such variable pay is added for an accounting professional.
2- What is the Curriculum of Business Accounting?
It clearly depends on the course level that you undertake. A basic business accounting course would include an understanding of what business accounting is and its need. The course would also teach you how to interpret financial sheets, understand basic technical terms in business accounting, how to prepare balance sheets, profit and loss analysis. An advanced-level accounting course would take the basic course a step further. It would involve topics like budgets, how to process orders, how to understand and analyze stock movement, accounting of inventory, etc.
3- What is the curriculum of the taxation course?
A current taxation course would cover areas like understanding basic income tax, GST, GST Accounting, GST returns, TDS Accounting, etc. It would also involve hands-on experience on various tax-related software and tools like EASY Office, Clear tax, etc. A basic course on GST and TDS includes topics like Imports and Exports Applicability of TDS and TCS under GST and Filing of Return, Taxable event, Time of Supply and Place of Supply, Composite & Mixed supply, Works Contract, Exempted supply Valuation under GST, TDS Return Procedure of TDS Challan generation, Section wise in-depth discussion on TDS on different types of payments along with amendments and case law TDS for Non-Residents Various penalties & consequences whereas an advance course on these topics would include subjects Analysis of TDS and TCS under GST Zero Rated Supplies, Imports and Exports E-Invoicing and Reconciliation of Credits and Job Work Analysis of Annual Return & Assessment, Analytical Approach of Registration
4- What are the duration and fees of the BAT course?
Generally, a typical accounting course would last from anything between 3 months to 6 months, depending on the level of the course and the institute. Courses may also range from a 60 hrs 100-120 hrs online course. In Patna the average fees for a certificate-based course in business accounting range from Rs 7000 going all the way to Rs 20000. However, a full-time Diploma may range from Rs 10000 to Rs 4,00,000
5- What is the best course for taxation?
To become a certified Income Tax Professional there are courses like CTP (Certified Income Tax Professional), CTC (Certified Income Tax Consultant), CTA (Certified Income Tax Advisor). There are several professional courses as well like CCA (Certified Company Accountant), CPTP (Certified Professional Tax Preparer). For Technician certificates, you can obtain certificates namely CIT (Income Tax Technician), CVT (GST Technician), CET (Excise Technician), CAT (Accounts Technician)
To summarise, in this article we covered what business accounting and taxation stand for and their importance in the growth of the economy both at a national and personal level. We learned why Patna is the new educational Hubspot and should definitely be on a student’s list if he/ she wants to pursue a course in accounting and taxation. We have elaborated on various institutes ( online and offline) offering Business Accounting and Taxation course in Patna. In the end, we also understood how and why you should choose a particular course as per your requirements.