Dear Students,
Are you all started thinking about your november examinations. Time is right to prepare and attend for the classes.
I will be posting in the coming months in the IPCC and Final sections -expalin concepts, Studying techniques and about any other general information. To know more about me see my profile or can reach out at satmai45 @ gmail.com
Income tax is being exposed to the students in the Bcom or in the Professional exams as the case may be. The topic sounds interesting but its also lot to read and remember. How do we go about simplifying it and also have structured reading plan.
a. Students should understand and read the basic definitions of each chapter. Mostly definitions are covered under Sec 2 for all 5 heads of income. so its good to map for each chapter the relevant definitions . Most of the authors have done that in their material but take note of it.
b. Understand the flow of sections - Sec 2 (definitions) section 10(exemptions) sec 11/12 trust and then the political parties. Also you need to understand the residential status clearly. There may be testing questions from this - and it has be understood in a simple way. Dont over engineer but stay to one text book and get used to the presenttation which is easy.
Never neglect a topic and dont keep backlog in terms of covering the topics while you study. Have a weekend checkpoint so that you know where you are lagging. Take help of your sister/brother or parents to help you to keep track to check what you have done or where you are lagging.
Be truthful to yourself
c. heads of Income- From an inter standpoint - make sure you cover all the sections and also follow the illustration to understand how it is being applied - for ex Rent free accomodation and House rent allowance may be confusing but try to know what is different in each.
d. profits and gains - This is a big chapter but split the same in blocks . Once you complete one set then move to other. Try to test yourself by asking questions on any day morning to see how you remember.
Sec 32
Sec 33 to 35
Sec 36 to 37/40/43
Sec 44
e. It would not be bad idea to cover the Assessment procedure sections as these are pure procedures and rules. you need not wait till you attend the classes - When you have spare time keep reading
f. Always prepare for the class by reading the sections and the class should be used an opportunity to clarify any doubts you have.
g. Encourage group discussions iwth your friends once a week to discuss and help clarify the doubts amongst each other. for those who dont have friends, use blogs / caclub to discuss .
h. Clubbing income, Set off, Deductions can be read in one slot .
i. Trying testing yourself - with remembring sections
j. Caselaw - There are decided case laws which are landmark judgements need to be known and laso give a reading when you understand a section to the recent case laws. Case laws are helpful to understand the application part of the provision .
Plan to cover the first reading by end August - and allocate time for other subjects as well.
Also watch out my other postings - students who need smaller batch coaching can approach me in bangalore for weekends coaching.
Cheers.
Satish
Happy Learning.
CAclubindia
