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How to easily pass CA IPCC Taxation

Balamurali Krishna

6-7 minutes

For most of the IPCC students, Paper 4: Taxation is a

troublesome subject in the exams. However, I would like to tell
you that this is one of the scoring subjects and you can easily
make it.

How do I tackle this subject?

Beginning: First of all, start your preparation early. Since CA

IPCC Taxation is a voluminous subject, you need to start the
preparation early. Study on a daily basis. Devote at least an
hour in a day for this subject.

Own Notes: As you begin your studies start making notes in a

separate dedicated notebook for Taxation. Keep separate
sections for Direct tax & Indirect tax. Understand the provisions
thoroughly. Once the concepts are clear you can solve any kind
of problem in exam.

Revision Points: At the end of each chapter note down unique

points or provision s which you tend to forget. Also note down
questions which you want to revise frequently. These questions
should be carefully chosen such that they cover provisions of
entire chapter.

Revise. Revise. Revise: Revision is very crucial for Taxation

subject since it consists of lot of provisions. Each day, before

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you commence your study take out your notebook and revise
whatever you have noted down and studies the previous day.
Try recalling every provision you have studied. If you feel you
have forgotten anything, go back to your study material and
read it again.

Fine-tune your understanding: As soon as you finish studying

a chapter, solve practice manual (PM) questions of that chapter.
This will fine tune your understanding of the chapter. This cycle
should repeat after preparation of every chapter.

Suggested order of Study: Examination point of View:

You may study in any order. However, it is important to know

that, understanding Taxation requires you to study in the order
of Chapters given in the Study material because each
chapter is linked to the previous chapter. You cannot start with
'Heads of Income' without knowing the basics.

IDT First: Finish off Indirect taxation part first. It covers 50

marks and is high scoring part. Suggested order - VAT, Service
Tax, CST, Excise, Customs, CENVAT Credit Rules.

Then complete Direct Tax part. I would not like to quote

important topics here because every chapter is important.
Questions are asked from all areas. TDS Provisions and Filing
of Returns are practically very important.

Practice for Performance:

Solve as many illustrations as possible. Not with the calculator.

Sit with a pen and paper. This will help you to attempt 100
marks in 3 hours. Many students make repeated mistakes in
this area. You don't do this. If you do this mistake, take it from
me you may not be able to complete the paper in the
examination hall.

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Don't Mess with Assessment Year:

The relevant assessment year for November 2017 exams is

A.Y.2017-18

Amendments:

Taxation is a dynamic subject. Amendments made in the

Finance Act, 2016 would be applicable for November 2107
Examinations. Also you should be updated with the
notifications, circulars and other amendments made up to 30th
April, 2017. Make use of Supplementary Study Papers and
Latest RTPs to get these updates relevant for the examination.

Write Mock test Papers:

ICAI conducts mock tests at regional offices and branches.

Appear for them and check your preparedness. You may even
download Mock Test Papers from ICAI website (Students Home
Page) and try answering the same at home in Examination
conditions.

How to remember section numbers and case laws?

When you start learning the provisions, you will come across
various section numbers. Now make a separate sheet for
Sections and a separate sheet for Case Laws. Start listing them
in the order you study them (Not in the ascending order). Every
day when you come across new sections and case laws, add
them to your list. Revise this list daily. You will never forget a
section number again.

Check out this example:

Sl No. Section Particulars or Details

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1 2(7) Definition of Assessee

2 2(31) Definition of Person

3 2(9) Definition of Assessment Year

Sl Case law Particulars or Details

No.

1 CIT vs Govinda Advocate general is a professional,

Swamynathan not an employee. Chargeable under
Income from PGBP.

2 CIT Vs Nature of Income in the hands of

Chidambaram the partners is same as the nature
Pillai of income in the hands of the
Partnership Firm.

Actual Examination: Subject Specific Tips:

Support your answer: Always support you answer with

relevant provision.

Section Number: Quoting a section number is always a value

addition. However, please do not misquote a section number.
Remember, the examiner who is checking your paper would be
a qualified CA. You can't fool around him.

No Shortcuts please: Shortcuts in your answers are a strict

'NO'. Example: Do not use IT Act instead of Income Tax Act or
ST for Service Tax etc.

Presentation: Maintain good presentation throughout your

answer book. This will give a good impression.

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Working Notes Very Important: Working Notes are very

important while solving practical problems. Give as much as
working notes to supplement you answer. Remember, it's not
the arithmetical accuracy, the examiner is looking for. It's your
understanding of the provisions.

I would like to remind you again 'Revise Regularly'.

All the Best

Tags :Students

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