Interested in Tax Laws want to make a career in that field but confused between litigation or tier1 job and Indian revenue service- income tax. while the former gives money the latter gives power which one would you choose.
power money saturates after a point dosent matter how much you make in tier 1 job you will find it difficult to spend better make decent living and enjoy
the money is very less in income tax job u can make double of that as a A0 associate in tier 1 law firm abd with digitization aspect of under the table income also decreases stagnant govt work culture
tough hours better to start as an associate and transition into opening an independent tax practise
IRS officers are among the richest bureaucrats (im talking over 50 cr- 100 cr), simply because of their connections with their seniors and colleagues. ive honestly never heard of an IT officer being arrested for this.
No government officer can become rich out of the salary that they are paid legally. If you wish to indulge in corruption, then you can get rich in most of the legal careers.
Income tax and lawyers ? Not many do well given the fierce competition for chartered accountants. Unless you are financially well placed and have funds to take care of in the first three to four years, avoid the path.
Be clear that switching jobs is also the toughest given the dearth of firms who want lawyers to do income tax. No company would hire you for your tax expertise as the litigation work is outsourced by the companies and inhouse work is taken care of the by the CA along with the litigation work.
At the risk of being slightly off topic what would you recommend if I have got the funding secured and want to just engage in some productive (or maybe clerical haha) work with decent hours
IRS officers work as tax agents. They work in an administrative set up. very few officers deal with hard core legal issues, and that too, not throughout their career. If you want a challenging career in law, IRS is not the right place. It is a career for tax administrators and not tax lawyers
work profile of irs depends on the department they are posted in you can always change your department depending upon the kind of work you want to do the work differs from research to investigation to raid to adminstration you also have the privilge to go on deputation to different bodies such as ed, cbi, dri,
Money and power- IRS. You will make more than Senior partners. But very few people become IRS.
Law Firms- they are more interested in advisory and structuring than litigation. So if you want a steady income from day one and don’t mind doing advisory, then this is for you
Litigation- no steady income for the first 4-5 years. Have to grind it out. But if everything goes well, you will catch up with your friends in law firms in 12 years
Do you realise when you say you'll make more as an IRS than a senior partner that clearly implies heavy corruption? The highest salary you can get at Apex Scale of IRS is 2.5 lacs per month. You are comparing black money to hard earned retainer.
I am quite certain today that most who throng this forum are kids. Wise kids are comparing the ethical ways of getting clients by Partners to straight up looting the taxpayer by IRS.
God bless this country if people like you, by some stroke of luck, make it to civil services.
This shows that you have no idea about how assessments appeals and searches happen. You don’t do tax litigation and are in a bubble. Even in the faceless era things happen.
tough hours better to start as an associate and transition into opening an independent tax practise
Be clear that switching jobs is also the toughest given the dearth of firms who want lawyers to do income tax. No company would hire you for your tax expertise as the litigation work is outsourced by the companies and inhouse work is taken care of the by the CA along with the litigation work.
Good luck !
1 % of lawyers - the elite IRS
99 % of lawyers
1 % lawyers - top
then IRS
then 99 % lawyers
Law Firms- they are more interested in advisory and structuring than litigation. So if you want a steady income from day one and don’t mind doing advisory, then this is for you
Litigation- no steady income for the first 4-5 years. Have to grind it out. But if everything goes well, you will catch up with your friends in law firms in 12 years
God bless this country if people like you, by some stroke of luck, make it to civil services.