Be it Intermediate or Final; Tax has always been a scoring subject in CA exams as long as your preparation is strong. Tax is an important paper in CA Intermediate Exam, and you can score high marks on this paper provided you proceed with proper planning and guidance.
Being a CA Intermediate aspirant, you must know that taxation is divided into two sections- Direct Taxes, i.e. Income Tax and Indirect Taxes, i.e. GST & Customs Duty. There is a provision of 50 marks for each.
Intermediate's direct Taxes section is not easy; you will need an effective strategy. In this blog, we share some important and effective strategies to get exemption in direct tax.
Step- 1 Selection of Study Material
It is often seen that candidates do not choose the right CA Intermediate study material for a long time. Running here and there for notes at the last moment will be your biggest mistake if you are doing this or are about to do it.
The earlier you start the preparation, the better, and you can start ensuring you have access to the study materials for all the subjects simultaneously. You can buy ICAI study material, refer to some reference books for study, or get quality study material from Best CA Intermediate Classes in Kolkata - Abhimanyyu Agarrwal Classes.
Nothing will happen just by taking the material. Revise it at least two to three times. Also, CA Intermediate candidates must solve at least one mock test paper on a daily basis. Do not go with any mock test paper or series which is either too difficult or too easy. Known as the Best CA Intermediate Classes in Kolkata, Abhimanyyu Agarrwal Classes provides its students with the best and exam-oriented mock test series.
Step - 2 Cover the Five Source of Income
To score well in the CA Intermediate Direct Taxes exam, it is necessary to make a proper timetable and realistically allocate your time between the five heads of income and the rest. The five heads of income include income from salary, income under the head PGBP, income from house property, income from capital gains and income from other sources.
CA Intermediate aspirants can strengthen their grip on these five heads to strengthen their preparation and increase their chances. Since the section of income from house property is small and easy to cover, students can start their direct tax study with this. By joining the best CA Inter Coaching Classes in Kolkata, students can thoroughly revise house properties in just an hour or two.
After this, choose Income from Salary as this chapter is important as well as a bit long at the intermediate level. Capital gains and profits from a business profession require good timing and a detailed understanding of concepts. So choose it after studying the income from house property and salary. Keep in mind that it is crucial to make notes at the time of study as it will help you a lot in the last minute of the exam.
Lastly, read income from other sources as well as it has equal weightage along with other sources in CA Intermediate Exam.
Step - 3 Cover other small topics with equal importance
Income Tax in the Direct Taxes section of CA Intermediate is not limited to these five heads only. Since this is a vast topic, it also covers other topics like advance tax, TDS, residential status, provisions related to filing returns and exempt income under section 10.
Hence a CA aspirant needs to give equal time and importance to all the topics and concepts to do well. By clearing the concepts well, you will not need to cram things. At the intermediate level, you are not expected to write case studies. However, the relevant provisions and conclusions should be factually correct while writing the answers.
Step – 4 Create Your Handwritten Notes
Whether you have the highest quality notes or are studying from the best reference book, preparing your handwritten notes will help you ace the exam effectively. No need to write in full; include essential points. If you want, you can prepare them in paragraph forms or chart forms and paste them on the walls of your rooms. This will help you in revision effectively.
You can crack the CA Intermediate Direct Taxes section rigorously by following these four critical strategies. If you wish, you can take guidance from the Best CA Intermediate Classes in Kolkata - Abhimanyyu Agarrwal Classes and take a big step towards realising your dream.