CA IPCC Taxation Study Plan
Know your syllabus and expected level of knowledge
It is important that you are aware of the scope of syllabus and the level of knowledge expected, so that you can plan your study accordingly. The syllabus of Part – I: Income-tax of IPCC Paper 4 : Taxation comprises of –
Important definitions in the Income-tax Act, 1961,Basis of charge, rates of taxes applicable for different types of assessees,Concepts of previous year and assessment year,Residential status and scope of total income,Incomes which do not form part of total income,Heads of income and the provisions governing computation of income under different heads,Income of other persons included in assessee‟s total income,Aggregation of income, set-off or carry forward and set-off of losses,Deductions from gross total income,Computation of total income and tax liability; rebates and reliefs,Provisions concerning advance tax and tax deduction at source andProvisions for filing return of income.
Part II
Introduction to excise duty, customs duty, central sales tax and VAT – Constitutional aspects, Basic concepts relating to levy, taxable event and related provisionsConstitutional AspectsBasic Concepts and General PrinciplesCharge of service tax including negative list of servicesPoint of taxation of servicesExemptions and AbatementsValuation of taxable servicesInvoicing for taxable servicesPayment of service taxRegistrationFurnishing of returnsCENVAT Credit [Rule 1 -9 of CENVAT Credit Rules, 2004]
There is no internal bifurcation of marks between various indirect taxes covered in the syllabus. Total 50 marks have been allocated to Part II: Indirect Taxes of Paper 4: Taxation. It is important to note that only general principles relating to State-Level VAT have been included in the syllabus. Students will not be examined with reference to any particular State VAT Law.
Relevant Finance Act For May 2016 and Nov 2016 Exams
The Finance Act of a particular year would be applicable for the May and November examinations of the next year. For instance, the amendments made by the Finance Act, 2015 would be applicable for May, 2016 and November 2016 examinations. The relevant assessment year for May 2018 and November 2016 examinations is, therefore, A.Y.2016-17. You are expected to be updated with the notifications, circulars and other legislative amendments made upto 6 months prior to the examination. For May 2018 examination, such amendments made upto 31st October, 2015 would be relevant and for November 2016 examination, such amendments made upto 30th April, 2016 would be relevant
Draw up a detailed study plan and allocate time for each topic/chapter of the subject
Preparing a comprehensive study time table well in advance would be of great help in organizing your study in an effective manner. In fact, you should start your study immediately after passing your CPT examination and registering for Intermediate (IPC) Course. Ideally, you should allocate at least 3 to 4 hours every day for the subject of income-tax. Utilise your study period effectively. The next step is to estimate the time to be allocated for each topic/chapter of the subject. The scope of syllabus, the contents of each chapter in the Study Material and Practice Manual would help you to broadly assess the time which each topic of the subject would consume. Of course, since the subject of income-tax is new to you, you have to keep some percentage margin over and above the time assessed by you to take care of possible difficulty in understanding new concepts, particularly relating to business taxation, capital gains and provisions concerning deduction of tax at source. Study Material The aim of the Study Material is to build a strong conceptual base by explaining the complex income-tax law in an easy way. You may Download CA IPCC Study Material for May 2018 Exams From Following link Supplementary Study Paper This is a very important knowledge input in the area of taxation explaining the amendments made by the relevant Finance Act and latest circulars and notifications issued by CBDT. Practice Manual The Practice Manual has also been grouped chapter-wise and contains a variety of problems in each topic for the better understanding and application of the concepts explained in the Study Material. Revision Test Papers (RTP) The RTPs are prepared with the twin objective of –
updating you on the latest developments on the statutory front.helping you to self-assess the effectiveness of your study and revision by solving the questions given in Part II independently and comparing the same with the answers given.
Click Here to Download Latest RTP’s Suggested Answers As the name depicts, this publication contains the questions set at the CA examination, as well as the suggested answers to such questions. Click Here to Download all CA IPCC Past Suggested answers
Follow systematic study pattern
Ideally, for the subject of Income-tax, your study pattern should be in the following sequence as briefed in the table below – Step I – Study each topic of your syllabus thoroughly for conceptual clarity Step II – Understand the latest developments on the statutory front, i.e., the amendments made by the latest Finance Act and recent Notifications and Circulars issued by CBDT. Step III – Work out the problems and solve the questions after completing study of each chapter in the Study Material to test your level of understanding of concepts explained in the said chapter. Note – After you complete study of the entire syllabus content, solve all the problems in the Practice Manual once again to make sure there are no grey areas. Step IV – Update yourself with the latest developments on the statutory front, i.e., significant notifications and circulars issued six months prior to the respective examination, and self-assess your preparation. Step V – Test your level of preparation by solving past question papers within the given time frame of three hours and compare your answers with the answers published by the BOS. You can also check your progress by solving the Mock Test Papers hosted on the Students‟ Home Page. Mock tests are also held at the various regional offices and branches of the Institute
Relevant Study Material For May 2018 Exams
For May 2018 examination, the amendments made by circulars and notifications issued between 1st May, 2015 and 31st October, 2015 are also relevant, and hence, the same would be explained in the RTP for May 2018 examination. Likewise, for November 2016 examination, the amendments made by circulars and notifications issued between 1st May, 2015 and 30th April, 2016 would also be relevant, and the same would be given in the RTP for November 2016 examination. Recommended Articles
CA IPCC Law Study Tips and Examination Writing TechniquesSelf Evaluation After Examination For CA, CS, CMACA Final Suggested Study PlanCA IPCC – Pre-examination PreparationBest Tips for How to Study for CA, CS, CMA ExamsCPT, IPCC, CA Final – How to Study in Examination Days
