Tips to study Taxation papers Friends, as I discussed in the class, here are some major points which we need to keep in our minds to score good marks in Taxation paper. 1. Understanding the basic tax structure: In taxation (whether direct or indirect), first we need to understand the tax base, and its applicability. It means, we need to understand on which thing ‘income tax’ is levied, on which thing ‘wealth tax’ is levied and so on for service tax and VAT. Also understand what is ‘income’, what is ‘wealth’ and so on..! 2. Understand the classification and flow of chapters: After understanding the basic tax structure, we need to understand the series of events and their provisions in income tax. Like, in income tax: ♦ First event is earning of an income by the assessee [Thus, we must learn heads of incomes]; ♦ Second event is payment of advance tax by him [Thus, we must learn Advance Tax Chapter]; ♦ Next is making self assessment (i.e. Return of Income Chapter); ♦ Next is Filing of return… and so on..! 3. Attention in the class: Every faculty is prepared enough to teach you properly but the condition is that you are attentive in the class. Also, take note of every tiny thing the faculty explains by means of charts, diagrams, tables or examples. Sometimes, faculty gives you examples to solve in the class itself, always try to solve it and never miss. Coz by doing this you will be able to proceed to the next related provision(s). 4. Revision at home: Before going to the next class, you must ensure that you have revised the last class topics at home or at least in metro/bus etc. 5. Scanner plays a vital role: Every question paper contains 60% to 70% (approx.) of past exam questions/provisions. This proves the importance of scanners. Also, it will enable you to understand what type of question can be framed on a particular topic. 6. Preparing own study notes: In order to develop, fabulous skills, one must prepare his own notes. [Notes must be in summarised form having section no. and its heading]. This step is NOT advisable for December attempt students. 7. Teach yourself: I don’t know it would be practicable to you or not but if you teach yourself, it would be of great help. It means, you treat yourself as a teacher and try to explain the entire topic like a teacher does. 8. Discussion with friends: Although the faculty is primarily responsible to let you understand the provision, but sometime, your friends may also be more helpful to explain the complexity. “And finally, those who performs in the class will definitely perform in the exam also” Your friend, CA. SANDEEP SAHRAWAT
Posted on: Fri, 04 Oct 2013 15:01:14 +0000
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