IRS vs RBI

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Indian Revenue Service

Indian Revenue Service is the fourth most respected officer of the Civil Services after IAS’s, IPS’s, and IFS’s. IRS is the largest group A Central Service amongst the organized civil services in the government of India. Indian Revenue Service functions under the Department of Revenue under the Union Ministry of Finance. IRS is a civil services competitive exam in India conducted by Union Public Service Commission for recruitment of Revenue Department. An IRS officer implicated with the administration, policy formation of direct and indirect tax, revenue for development, security and governance. Therefore IRS officer often called as Assistance Commissioner of Income Tax. Ann IRS plays an important role in the collection of Direct Taxes which is the major part of the total tax revenue in the country.

Indian Revenue Service Consists of two Branches-

  1. IRS (Customs and Central Excise) is controlled by the Central Board of Excise and Customs, abbreviated as CBEC. CBEC is the national agency which administers Customs, Central Excise and Service Tax in the country.
  2. IRS (Income Tax) is controlled by Central Board of Direct Tax, abbreviated as CBDT. CBDT is responsible for administering a number of Direct Tax Acts.

Eligibility Criteria Indian Revenue Service

A candidate is required to follow the given criteria to be eligible for the Indian Revenue Service.

Nationality Only a citizen of India, Nepal, Bhutan or a Tibetan refugee who came to India before

1 January 1962 to settle in India and people of Indian Origin who migrated to from Pakistan, Burma, Sri Lanka, East African countries of Kenya, Uganda, the United Republic of Tanzania, Zambia, Malawi, Zaire, Ethiopia and Vietnam with the intention of permanently settling in India.

Age Limit Candidate should be in the age group of 21-32 years

Candidate who belongs to SC/ST category upper Age limit is relaxed up to 5 years for OBC category upper Age limit is relaxed up to 3 years and upper Age limit is relaxed up to 10 years in the case of Person with Disabilities

Educational Qualification Candidate should have graduation in any discipline from a recognized institute.
Number of Attempts General category candidate – 6 Attempts

OBC category candidate – 9 Attempts

SC category candidate –  No restrictions

Salary and Career progression of Indian Revenue Officer

Salary of an Indian Revenue officer depends on designation of officer. Salary Increases by the designation of the officer rank.

Designation Pay Scale Grade Pay
Principal Chief Commissioner of Income Tax 80,000 (INR) fixed salary NA
Chief Commissioner of Income Tax 75,500 – 80,000 (INR) NA
Principal Commissioner of Income Tax 75,500 – 80,000 (INR) NA
Commissioner of Income Tax 37,400 – 67,000 (INR) 10,000 (INR)
Additional Commissioner of Income Tax 37,400 – 67,000 (INR) 8,700 (INR)
Joint Commissioner of Income Tax 15,600 – 39,100 (INR) 7,600 (INR)
Deputy Commissioner of Income Tax 15,600 – 39,100 (INR) 6,600 (INR)
Assistant Commissioner of Income Tax 15,600 – 39,100 (INR) 1,400 (INR)

Perks &Allowances

  • IRS officer get a decent 2 BHK flat in the city which you are posted.
  • An IRS officer gets good vehicles at any post with a driver.
  • An IRS officer gets medical facilities for their family in private hospitals.

 

Work Hours

  • After selecting in IRS officer the new officer recruits undergo a three months fundamental training at Lal Bahadur National Academy of Administration (LBSNAA) Mussoorie (Uttarakhand).
  • A candidate who selected for custom and excise officers undergo 15 months rigorous training at National Academy of Customs Excise and Narcotics, Faridabad. After completion of training, the officers are designated as CBEC.
  • While Income tax officers are trained at National Academy of Direct Taxes, Nagpur headed by the Director General of Income Tax. After completion of training, the officers are designated as CBDT.
  • An IRS officer work during office time 10 to 6 but if revenue targets are not completed then may have to work beyond it.

 

Cons of Indian Revenue Service

  • An IRS officer doesn’t get a travel allowance. So if an IRS officer wants to travel abroad he needs to take prior permission from the Government. Make an alternate arrangement to manage their regular office activities. And don’t forget to bear the expenses for travel from their own account.
  • If you are new then may have a chance you’ll not get a bungalow but you get a decent amount for rent.
  • An IRS officer can be posted in cadre based area or can be stuck in one state.

RBI Grade B

RBI Grade B

RBI Grade B service is the best one among all bank jobs. It’s an opportunity to which can give you one of the most prestigious posts in the country. In this job, you’ll be working with the country’s most intelligent minds and will be handling the country’s finances directly. It is a big privilege to work with the Reserve Bank of India. RBI is the backbone of India’s financial and economic status. An RBI officer directly impacts the life of every Indian. As an RBI officer, you’ll have to directly manage all the government and central Bank accounts. RBI officer maintaining the circulation of currency and coins issued by Reserve Bank of India and RBI officer is responsible for the smooth circulation of these coins and currencies to various nationalized banks under the orbit of RBI. Apart from this, the RBI Grade B officer is responsible for the smooth functioning of the economy and designing various guidelines which is Public Sector Bank and other banks follow.RBI officer has to control the supply of liquidity for the productive sector of the market.

RBI Grade B eligibility Criteria

Candidate is required to follow the given criteria to be eligible for RBI grade B exam.

Nationality Only a citizen of India, Nepal, Bhutan or a Tibetan refugee who came to India before

1 January 1962 to settle in India and people of Indian Origin who migrated to from Pakistan, Burma, Sri Lanka, East African countries of Kenya, Uganda, the United Republic of Tanzania, Zambia, Malawi, Zaire, Ethiopia and Vietnam with the intention of permanently settling in India.

Age Limit Candidate should be in the age group of 21-30 years i.e. they should not have been born before 2 May 1988, and not after 1 May 1997.

Candidate who belongs to SC/ST category upper Age limit is relaxed up to 5 years for OBC category upper Age limit is relaxed up to 3 years and upper Age limit is relaxed up to 10 years in the case of Person with Disabilities

Candidates with aM.Phil degree and PhD qualification have a relaxation of 2 and 4 years in the upper age limit. Upper Limit for such candidateshas 32-34 years respectively.

Candidates having experience as an officer in any of the commercial Banks or financial institute in public sector as also prior experience in RBI, Upper age limit is relaxation of 3 years. Upper age limit for such candidate should not exceed 33 years.

Educational Qualification General Category applicant secured at least 60  aggregate marks whereas SC/ST/PwD category applicant secured at least 50  aggregate marks in their Bachelor’s degree, as well in 12th (or Diploma or equivalent)
Number of Attempts General category candidate – 6 Attempts

OBC category candidate – No restrictions

SC category candidate –  No restrictions

Read More: RBI Grade B eligibility criteria

Salary and Career progression of RBI Grade B Officer

RBI’s organizational hierarchy is divided into three classes Ist, 3rd, and 4th. In which Class Ist is further divided into Groups A to F. Group A stands for lowest and group F stands for highest position. The salary of group B officer is varied as per the area. The Basic pay is 35,150 INR and the initial monthly gross emoluments will be close to 67,000 INR, after all the deduction an RBI officer receive 61,000 as current in hand salary.

Hierarchy level of Grade B officer as follows-

RBI Grade B Organisational hierarchy

If you are recruited at a young age, then you can easily go up-to deputy governor after clearing Departmental exams. There are lot of departmental exams within RBI for officer to speed up their promotions. With so much experience in the RBI even if you don’t continue with the RBI lots of other banks will willingly invite you to fill their executive positions & pay you a very handsome salary.

Perks &Allowances

  • Conveyance allowance is paid on the basis of declaration and you need not necessarily have a vehicle. At the Big Centre, the amount is additional 14000 in hand.
  • LFC Travel- It is one of the best allowances offered by RBI. One can go for a tour with his/entire family at the bank’s cost every 2 years. RBI pays almost 107,000 per head for the tour.
  • RBI offers accommodation for RBI Grade B officers in RBI colonies which are well maintained. These colonies are generally located in heart area of city and close to offices. RBI generally often 2/3 BHK flat which depends on the availability depending.
  • RBI providesmedical allowance for Grade B officer.
  • RBI Officer’s receives approximate 3000 per months for maid services.
  • Loan Facilities- If any RBI Grade B officer wants to take loan then Loans are cheaper for employees of the RBI. They also get lesser interest rates on loans.

Work Hours

  • After selection RBI officers will have approbation period for two years and after the completion of the probation period they are allotted to the respective department.
  • RBI grade B officer works 5 days in a week. And the work hour are typical of a 9 to 5 job. So you have enough time to do your hobbies and prepare for other competitive exams.

Cons of RBI Grade B

  • RBI Grade B known as for slow promotions that means the later you are join the lower are your chance to reaching at the top position.
  • RBI Grade B is highly underrated.