28 May 2011
sir/ma'am i m a final student i hv cleared my ipcc exams in nov last year i.e. nov,2010. i m doing my articleship now but i have problem in recalling all the rules n sec regarding direct tax because my direct tax was not got as compared tp other subjects. i want to improve my taxation kowledge please recommened me regarding the same. will i face many problems in my finals also bcoz of this??? please tell what should i do to enhance my taxation points.
29 May 2011
Dear, The Practise is the only key to your problem. You need to work on live problems. read more and more. Do not read Income tax Act or bare materials but read reckoners which are more reader friendly. The point is not that you may have problem in Finals but that as a CA, you can not afford to be ignorant. If you know the provisions correctly without recalling Sections, it may still work. So , for you important is to be INFORMATIVE, and attitude to trace back, if needed, not to accept your this weekness. Good point is that you have realised the weekness, then it is half overcome.
29 May 2011
Assume that the impact of Direct Tax is directly upon you. It will be charged upon you. The Income under the various sources are of your own. The taxes are to be paid by you and fortunately, if you are having certain knowledge of deductions and exemptions, you would not have to pay any tax. You will save a lot, the entire tax amount. Even you can get refund also.
What I mean to say by writing above? * Make the subject live by making it a part of your d2d life. Discuss the smallest ambiguity of an important provisions rather than knowing the entire section which is lesser important due to its limited coverage.
If you know the provision- means you are aware about the fact that this income is taxable- or deduction is available on certain conditions than what else you require to know ? Just the Correct Section No.. But what is more important for a professional ? To know the Section NO or to know the implication of provisions? If the provisions will be liked by you, Section No. will freely begin to come into your mind as a gift wrapper.
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