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How to effectively study for CA final Direct & International Taxation | Strategy

How to effectively study for CA final Direct & International Taxation | Strategy

 

CA Final Direct tax is undoubtedly a tough exam and passing the exam is not as simple as many students think. It requires continuous hard work and patience. You have to make proper study strategies to be prepared and strictly follow it to score well for the exam. Being disciplined when it comes to studying can actually help you grab various benefits. We are going to discuss the tips that will let you get the maximum marks and do well. In order to obtain the result of your hard work and commitment, you put in. CA Test Series will make sure you finish the subject quickly and score well in the CA Final Direct tax and international taxation.

 

Introduction to CA Final DT (New)

Direct Tax, the largest subject which looks like an ocean in CA Final, it feels like studying a whole group in a subject is often regarded as complex or not easy to come to terms with. But as it is said, simplicity is complexity resolved and a focused effort makes every complex thing simple.

Among many questions a common question is where to study from. ICAI study material is perfect for the subject (don’t go on the size of modules). But it is also okay if you study from anywhere else but you have to get a clear understanding of the provisions and the application of provisions. Remember income tax is just a law and you have to read it like a law, but not forget the application also.

It is still advised to at least solve/practice all the questions which are given in the module.

 

Weightage and Past Trend

 

Chap No.

Chapter Name

May 2019

Nov 2019

No of revision

  1.  

Basic Concepts

 

 

1

  1.  

Residence and Scope

 

 

1

  1.  

Incomes not coming in total income

 

 

1

  1.  

Salaries

 

6

1

  1.  

House Property

 

 

1

  1.  

PGBP

14*

14*+4

2-3

  1.  

Capital Gains

 

 

2-3

  1.  

IFOS

 

 

2

  1.  

Clubbing

 

 

1

  1.  

Set-off

 

 

1

  1.  

Deductions

 

 

2

  1.  

Various Entities

8

12

2

  1.  

Charitable trust

8

8

2-3

  1.  

Tax planning, avoidance, evasion & GAAR

4

4

2

  1.  

TDS and TCS

8

8

2-3

  1.  

Income tax authorities

 

 

2

  1.  

Assessment Procedure

8

 

2

  1.  

Appeals and Revision

 

4

2

  1.  

Settlement of Tax Cases

 

 

2

  1.  

Penalties

 

 

2-3

  1.  

Offenses and Prosecution

 

 

2

  1.  

Liability in Special Cases

 

4

2

  1.  

Miscellaneous Provisions

4

 

2

  1.  

International Tax

30

24

2-3

 

*= This means that the question has multiple adjustments from different chapters also.

Also, the above data is just for the written paper and 30 marks MCQs have not been included.

 

As far as weightage is concerned, anything can be asked but International Tax is asked for 30-35 marks approx including MCQs and all other chapters for 80 marks approx. 

 

Study Plan/ABC Analysis

 

As this subject being vast, it is recommended to not study in a rush. It will take around 15 complete days at least. But those should be spread over other subjects in between. A systematic effort will be beneficial which means to study the subject every day or every alternate day for some time say 3 hours at least.

 

Difficult and important chapters include PGBP, TDS, Charitable trust, Assessment, and Transfer Pricing. Each of them will require at least a day and a half in total of 10 hours daily. These chapters can be asked for 50+ marks so practice them thoroughly. The topics of HP and Salary are not that important but are still recommend to study once because they are easy as you already know them. None the less, module 2, 3 and 4 are of great importance.

 

From which chapter to start preparing

                       

DT should be studied chronologically only as it is much more understandable that way. One can start from PGBP or CG continued by IFOS and then module 2,3 and 4. It is also important to solve more and more questions to understand the provisions but still it is not necessary to study from other than ICAI material.

               

MCQs have to be studied which are given by the ICAI on the bos portal only. There is no need to study MCQs from anywhere else because it will be a waste of time and time is precious as you have to cover many subjects other than this. As you complete a chapter, ask yourself questions regarding the provisions and this way you can test yourself which is very beneficial.

               

It is important to mark and keep notes which will help you in revision in the 1 and a half day.

 

Most Scoring Part

 

The most scoring chapters are TDS, Charitable trust, PGBP, Assessment, Appeals & revision and majorly International Tax. These chapters have to be studied thoroughly and revised 2-3 times. Questions are surely to come from them and also past papers will help you with it. ICAI study material is very essential as many times same questions come in the exam.

                

International Tax is majorly very much scoring as out of the 30 marks you can get 20+ easily if you study well enough. Also deductions and GAAR provisions are important as they are also very likely to be asked in the exams. Past 2 attempts had questions from these chapters.

 

 

Which question to attempt first

                    

Always attempt the easiest question first which you think you are MOST CONFIDENT about. When paper checker starts checking your paper you surely wish to start with good impressions.

                

You can also solve the MCQs in the beginning or in between the paper but do not solve them at the end as they are the most scoring. While solving them have a look at the time because it should not take more than 35 minutes to solve them. Don’t think too much on them as it might create confusion. Read twice and mark the answer you think is correct.

                

If you start with the MCQs then after completing them, start the paper with a very simple question like International Tax and TDS or assessment, appeals and revision. The MCQs and this question should be completed within the first hour. In the second hour solve the 2 questions which you are confident to get right. And in the last hour solve the 2 questions which you think are dicey i.e. might go right or wrong, for example the PGBP question.           

 

 

Important Questions/Amendments

           

Being a subject where there are amendments almost every attempt, please go through all of them as they are quite important from exam perspective. Only read the ICAI notified amendments that are mentioned on the bos portal as statutory updates.

           

Read the latest study materials which are applicable for your attempt and not the old ones. An important amendment is much likely to be asked in the exam. For example, the 112A (grandfathering provision) is very likely to be asked as it is not yet asked since it came into application.

           

Apart from the big and important chapters mentioned above, the small chapters also if asked are a bonus. Fox example, IFOS, clubbing set-off, Advance Ruling, DTAA and Equalisation levy.

 

Common mistakes/Tips

                                

One of the common mistakes of students is focusing too much on MCQs and studying them from various materials other than the material given by ICAI. It is very time consuming and does not really help that much. If you cover the portion and understand the provisions you will be able to solve the MCQs nicely.

 

Don’t focus too much on the case laws as they are too much to remember and it is humanly not possible to remember each and every thing in DT. Also remember that that the decision is more important that the name of the case law.

 

One should not just study and go with the attitude to just pass the paper but the attitude should be to bring an exemption from it.

 

Quoting section numbers is also important so try to remember them as well as you can but do not write if you are not sure.

 

Remember ICAI is preparing question paper and checking as well so if you want to get away with the fear of the subject, solve icai study material questions you won’t be afraid.

 

Aim to score 40 in the 70 marks paper and 20+ in the MCQs at least. Write test papers. Past 2-3 attempt RTPs, MTPs and question papers are must.

 

CA Final Direct and International Taxation Case Study MCQs - Unique

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CA Final Direct and international Taxation MCQs for Practice

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CA Final Direct and international Taxation Summary Notes

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CA Final Direct and international Taxation Charts for Quick preparation

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CA Final Direct and international Taxation Important Questions

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Few tips to study CA Final Direct tax and international taxation

 

  • While studying for the exam make sure you get the concept and format of the case study. Also, make sure you know the procedure of decoding case studies.

 

  • Use ICAI study material to that is of high-quality and highly recommended to the students to bring the best results. Also, it is very important for the students to Through the CA Final Mock Test Series and previous years' case studies to get the desired results.

 

  • Try to revise the test papers of previous years that contain the important questions and concepts that you may be familiar with and also would love to learn new concepts.

 

  • Do not forget to make since it is highly advised to the beginners to make notes of highlights and important points of each chapter. The syllabus is large and it is impossible to complete at first attempt. You need to make notes so that whenever you want to revise the concepts or any chapter, you can easily go back to that.

 

  • Make sure you understand the logic of laws and case studies so that you can relate to it theoretically and practically as well. Do not get panic with unfamiliar chapters and topics and study well with the help of teachers and seniors.

 

Some Important Notes in the CA Final Direct tax and international taxation

 

  • Make sure you are using easy to locate and easy to search tags and make notes of the key points so that you can quickly get access to them. It will help you in studying efficiently and save your time.

 

  • Using the right terminology make sure your answers are precise and up to the points. Underline and the important answers and concepts that you find useful in CA Exam Series

 

  • Use the approach to study with going from theory to practical. Your answer using the correct business scenarios is what helps you gain the right understanding.

 

  • While writing your paper make sure to not make any mistake and present your answers incorrect format. Your answer sheet should allow the examiner to easily understand your knowledge and study of the subject. Use bullet and numberings to clearly place them in the right format.

 

  • While writing a case study make sure to provide the relatable facts and laws that display a good understanding and knowledge of yours about the subject.

 

  • The most important do not get nervous be cool and calm and utilize the time effectively considering all the points you learn from CA Final Mock Test Series and study material. If you do not do so you will never know how your time flies away and leave your paper incomplete.

 

Importance of your revision for CA Final Direct tax and international taxation

 

  1. Revision is the most important part of the CA Final Direct tax and international taxation since if you do not revise the syllabus you will not be able to attempt the paper well. While studying you keep forgetting the old concepts and theory you studied this is why the revision makes the study alive again and fits all the concepts and important answers in your mind. Revise from the CA Final Test Series Free which will very helpful for you.

 

  1. You can analyze your mistake by doing revision and also get the chance to correct it before actually attempting the paper. This will prevent you from making the same mistakes in the exam also. Use the last two to three months before the Ca final exam into revision and solving the highly-recommended ICAI Test Series.

 

  1. Try to pick the few questions and some previous years question paper and solve it in 3 hours of duration to improve. It will help you increase your speed and lets you understand how much time you should take for a particular sum. You will know what approach you will have to use in the exam.

 

  1.  You can also pick one or two questions while revising the syllabus and try to solve them within the given time. This way you can conduct a self-test for yourself. It is very important to know your abilities and weaknesses before you sit in the CA Final Direct tax and international taxation.

 

CA Test Series is always there for you to give you tips and suggestions to be well-prepared for the exam. You just need to follow and put them in use to get the best results and maximum marks in the CA final Direct tax and international taxation.

 

Motivation:  “Don’t Aim to become something Aim to do something”. ALL THE BEST!

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