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Direct tax
§ This is a very vast subject & tests the practical knowledge of students.
§ Students should make a summary of important provisions, adjustments, and landmark judgments for last day revision
§ ICAI module has more than 30 chapters for this subject. Some authors have not covered all chapters. Please use ICAI modules as reference whenever you use some other book as main study material.
§ Please do not ignore chapters covered at PCC level. Questions are asked on chapters like Income from Salary, house Property.
§ Please study landmark Supreme Court judgments for better
understanding and conceptual clarity. Questions are asked on the facts of landmark judgments.
Please give working notes to every answer wherever possible. Marks are allotted to notes especially for questions of chapters like PGBP.
Please do not ignore theory for this subject. Do self examination questions given at the end of each chapter in ICAI module.
§ The question paper is designed to cover all aspects of taxation. Students tend to ignore chapters like taxation of non residents, DTAA (Double taxation Avoidance Agreement),Transfer Pricing. Please do these chapters.
§ Past Exam questions are generally not repeated in Direct Taxes Paper. Students may solve the practice manual of ICAI for conceptual clarity & understanding the nature of questions asked.
§ Please do assessment procedures of wealth tax.
§ Select a reference book on the basis of coverage of chapters. Check whether the book covers the entire syllabus prescribed by ICAI.
§ Circulars & Notifications issued by CBDT are very important.
Please refer RTP of previous attempt & the RTP relevant to your attempt for circulars & notifications.
§ Students should regularly read the students newsletter & The Chartered Accountant Journal for updations/ changes/ latest SC, HC judgements.
§ ICAI publication – Supplementary Study paper for Direct & Indirect Taxes is useful for understanding amendments made by the relevant finance act.
ICAI issues a publication called SELECT CASES FOR DIRECT TAX & INDIRECT TAX.
November 2010(new course) paper – Question 5 (a), (b),(c),(d) were based on cases given in this publication. (16 marks)
o Please download it from icai.org
o All cases given in this publication should be done thoroughly.
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