Income Tax Department launches ‘young professional scheme’, opportunity for domain experts
Income Tax Department introduces 'young professional scheme,' enlisting skilled under-35 experts like CAs and lawyers to bolster revenue arguments in tax appeals. 50 talents to be selected, with Rs 40,000 stipend, the program is set to run for 2 years.
The Income Tax Department of India is set to embark on a journey to harness the potential of young, skilled professionals with domain expertise. Under the innovative ‘young professional scheme’, the department aims to attract individuals such as chartered accountants and lawyers, capitalizing on their specialized knowledge in law and accountancy.
This pioneering initiative will kickstart with the appointment of 50 young professionals under the age of 35, who will provide valuable assistance to departmental representatives. Their primary role will involve researching to strengthen the revenue’s arguments during appeals before the income-tax appellate tribunal (TAT). Acting as the foremost judicial appeal level and the ultimate fact-finding authority, the ITAT holds significant sway. Currently, a network of 63 benches spread across 27 different locations across the nation handles appeals.
The job description for young professionals encompasses a comprehensive range of responsibilities. These individuals will analyze previous judicial verdicts relied upon by taxpayers in litigation cases. To achieve this, they will diligently study the paper books of listed cases, among other tasks. Furthermore, the young talents will be tasked with identifying judgments favouring the I-T department and skillfully crafting briefing notes and written submissions.
As part of this promising initiative, the selected young professionals will receive a monthly stipend of Rs 40,000. The program’s first batch of 50 enthusiastic individuals will be dispersed throughout various regions of India. Notably, 12 young professionals will be stationed in Mumbai, while nine will contribute their expertise in Delhi, and five will be designated to serve in Gujarat.
The forthcoming advertisement for the initiative is expected to be released by August 25, heralding the beginning of this transformative endeavour. Mentoring will play a pivotal role in nurturing the potential of these young talents, and the scheme is slated to run for two years, followed by an evaluation for possible extension.
The Income Tax Department is poised to tap into the energy, skills, and expertise of the youth, paving the way for a brighter and more dynamic future for tax appeals and revenue enhancement in the country.
