Dear Students,
I have been away from writing in this group for past 2 weeks. Hope you are all stuyding well. The good news you have is the great results we had in CA Final exam for May 2011. Hopefully the trend continues or we become part of the trend :) by clearing in teh first attempt
This note is to give you a plan to cover the following in the Month of August and September if you are still thinking on how to devote time for Nov 2011 exam for Income tax.
> Prepare for Areas you are not covered in the IPCC - Most of you woudl have spent lot of time covering heads of income. Only cover or understand sections which you are still not have clarity
> Students try to cover - Amendments, Case laws-Recent, Notifications-REcent,Circular-recent and discuss only to study those for the upcomign exams. While this is a good approach. I have some tips to tell you how to go about it .
1. Understand Sections -Read bare act(refer to my earlier posting on how to read bare act). Then try to understand the implications of the recent changes and study all relevant case lwas etc of that section while preparing for the topic. Donot keep backlog to study the caselaw,amendments together.
2. Have a plan in place for next 9 weeks till september end to cover the topics beyond Section 110
Recommended Order to cover topics in next 6 to 7 weeks with the time allotment
If appearing for Both Groups : 10 hours a week
If appearing for Group II alone : 15-18 hours a week ( assuming 10 hours study a day )
a. Returns
b.Appeals and Revisions
c. Income tax authorities and powers
d. TDS
e. Advance Tax
f.Interest/Penalties
g.Advance Rulings
h.Offences & Prosecution
i. Special provision -115 C TO 115WM
3. While covering the topis - dont miss on the amendments for past 3 years and understand why teh amendment and also the case laws on important decsiions which has been landmark judgement.
4. Enjoy reading tax and dont take it as burden.
5. Concentrate and avoid distractions - Tax is a subject you need to prepare and ahve key points understood in every section.
In My next article i will give tips on TDS - sections how that can be simplified while also remembering the key points of all sections from 192 to 195.
Regards,
Satish
Happy Learning.
CAclubindia
