Question 1

What is Accounting and Taxation?

Accepted Answer

Accounting and Taxation is a construction of accounting strategies zeroed in on charges instead of the presence of public fiscal reports. It is administered by the Internal Revenue Code, which directs the particular propositions that organizations and people should follow while setting up.

Question 2

What is the difference between Accounting and Taxation?

Accepted Answer

In Tax accounting, the accounting information is recorded only for tax purposes like income tax provisions. Whereas in financial accounting, records are maintained for every transaction that takes place in an accounting year

Question 3

Why is tax accounting important?

Accepted Answer

Tax laws keep changing and there is a lot of complexity. Tax accountants are there to make sure that companies and individuals obey the tax laws by filing their tax returns. Tax accountants can also help in planning taxes to save money.

Question 4

What is the scope of Tax Accounting?

Accepted Answer

The scope of tax accounting is quite high. The state taxes on anything, anytime, anywhere, and at any amount. Thus, it becomes essential for organizations to employ accountants to handle their filings and returns.

Question 5

Is Tax Accounting a good career option?

Accepted Answer

A career in taxation ensures an excellent salary package for you. As a trainee, payroll is quite low. But, within a few years of expertise, you can for sure expect high remunerations. Your earnings depend on the job profile and the organization you take up.

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