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If you are the one who is pondering how to start with Taxation for CA Inter, then we at E Scholars have a pathway to make your journey fruitful.
Life takes a different turn after passing school. No matter which professional course you choose, there's a lot of competition everywhere. To crack these competitive exams with flying colours, one has to prepare for them extensively and with full dedication & concentration. And if you're planning to prepare for CA, you need to make up your mind for the intensive study planning and proper approach to the study material available.
Taxation is one of the most scoring subjects in CA Inter Group 1. It would be best if you studied properly. This subject is a blend of theory and numerical that needs ample practise to mastery.
| Section A: Direct Taxes | Income Tax Law |
| Section B: Indirect Taxes |
Goods and Service Tax (GST) |
To start, begin with Direct Taxes, basic concepts. Once you are thorough with the basics, move ahead to Heads of Income.
While going through the course, refer to ICAI Module, and if you are watching videos by E-Scholars, they are sufficient as they are well aligned with ICAI prescribed syllabus and content.
After that, start with other smaller chapters like Clubbing of Income, Set-Off and Carry Forward of Losses, TDS & TCS, Residential Status and Provisions for Filing Returns.
After a thorough revision, move to GST, start with basics, and then move ahead with chapters.
While studying, do make sure:
1. You are making proper handwritten notes for each topic. Also, in your notes, including the questions or examples cited at the point.
2. Make a habit of writing proper and complete working notes with each answer.
3. Focus upon the formats and language.
4. With practice, you tend to remember the section, else do not learn the wrong section or write the same in notes.
5. It's very important to write a proper summary after each chapter that covers what we have learnt in that chapter.
6. On a daily basis, allot time to revision and go through the notes prepared so far.
7. Make a habit of attempting Mocks, tests or RTP-MTP on the ICAI website. At E-Scholars, we have unique Self Assessments designed for students' development that helps evaluate the complete understanding.
8. Once the syllabus is over, do sufficient revisions and practice the number of mocks.
9. Also, thoroughly go through RTP, MTP and Previous Year Question papers given on the ICAI website to get an idea about the pattern of the question paper.
10. Always revise and revise at least 3-4 times all the topics once read.
11. Do evaluate your performance and markdown your strengths and weaknesses.
SOME MAJOR STRATEGIES THAT WORK TO SCORE WELL in TAXATION:
1. Divide the subject into sub-topics and allocate time to each sub-topic.
2. Pay attention to peripheral topics as well
3. Don't forget to learn provisions because along with treatments, you must also write relevant provisions to score good marks. Unfortunately, many students lack this point.
4. While doing the direct tax preparation, solve a few questions immediately after reading a particular topic to improve retention.
5. After practising problems pertaining to different heads, attempting multiple problems related to total income will help you gain confidence in the overall application of theory in Taxation.
6. Any new amendments must be read and noted properly.
7. Go through the illustrations (part of E-scholars assignments) provided in the study material. They can help you give an edge over many aspirants.
8. Although writing section numbers gives an edge over other students, more than 90% of students do not write section numbers, so no need to worry about it if you cannot write section numbers but never write them wrong.
9. In Taxation Writing, the correct answer is not sufficient to gain marks in CA papers. Besides writing the correct answer, you have to present it properly. The answer must be given in a sequence as demanded by ICAI, and you should also support your answer with provision, section, or case law if possible. At last, end your answer with the appropriate working notes.
10. Keep in mind that Working Notes carry marks. Always mention brief working notes/assumptions. It's better to mention working notes separately under the heading Working Notes. Don't include Working Notes in the Main Answer.
11. In the heading of the calculation, must mention the relevant assessment year and name of the assesses.
12. Always mention Heads of Income properly in full-fledged questions.
13. Make a habit of attempting mocks in black ink only as for exam only the same is permitted.
14. Avoid too much cutting in your answers.
15. Never ignore the theory portion.
Tax is not at all tough, and it just needs lots of practice and correct guidance. We at E Scholars are there to provide the guidance, your work is to do a lot of practice and hard work. As it well said: "Practice makes Humans perfect!!"
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