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CA IPCC Taxation Preparation Tips

imagesIPCC Taxation(Paper IV) Preparation Tips

1) Start with Service Tax, mainly focus on solving problems after learning every concept as Practical problems carry more weightage and this can get you marks very easily coming to theoritical questions Read selected topics which are frequently asked in exams

2) Secondly Start with VAT as the syllabus is less comparitively in VAT theortical concepts are asked mostly So don’t leave even single topic as the questions are asked from everywhere

3) Now Come to Direct Taxes Part i.e Income Tax Act 1961

You will be confident as you have completed syllabus comprising half of the weightage i.e (50 Marks)

Before Starting Heads of income have a look at Section 10,12,13 Exemptions
In Income Tax Act start with

a) Income from house property (very easy one and assured 4-6 marks as no difficulty)
b) Now come to Income from salaries In this you need to concentrate on the exemptions to various allowances or perquisites as this will help you in solving the problem More practice of the problems will make you remember the exemptions allowable
c) Now come on to Income from capital gains in this just remember the process of computation of CG and how to arrive Cost of Acquisition and Exemptions to CG
one more thing to remember is in some cases Tax is to be computed seperately on the Capital gains don’t club it in the heads of income

d) In Business/Profession Concentrate on the method of computation of Business Income alon g with that try to remember the allowability and Exemptions to Various Expenses More Practice enables u to remember the provisions..
e) the Last head of income is Income from the other sources this is residual head much efforts are not required as this is not complicated but remember what are the exemptions in other sources of income like Dividend Exemption 10(34) income recieved by HUF etc.,

Now At the Final step of preparation have a look at Final Steps like Setoff , Cf and Clubbing Provisions,Filing IT Returns and Due dates for Advance Tax and TDS (Basic Knowledge is sufficeint in these topics as questions are very simple Concentrate on Due dates for Adv Tax and TDS and Returns)

Wish You all good Luck for your Preparation

-Sudheer Paidi

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Posted on March 7, 2013, in Articles, CA IPCC, Exam Special and tagged , , . Bookmark the permalink. Leave a comment.

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