How to study Direct Tax in CA IPCC?

Taxation is a High Scoring Subject:

The tax has always been a scoring subject in CA if you become strong in your fundamentals and our students at AJ’s Education NeXt, India’s premier CA inter coaching classes in Mumbai have always been aware of it. They have always been confident that with the proper guidance of our expert and experienced faculty as well as well researched, top-grade CA IPCC Exam Study Material, they will be easily able to score high marks in every subject.

In IPC Taxation is divided into two parts Direct Tax and Indirect Tax. Income Tax is considered as direct tax whereas GST and Customs are considered as indirect tax.

Well Researched, Comprehensive Study Material:

For success in any exam, the quality of study material from which you study is of utmost importance. The CA IPCC Exam Study Material by AJ’s Education NeXt, the most reputed CA Final Coaching in Mumbai is acknowledged as the best study material by students. It is advised that students should revise this study material at least 2-3 times before their exams.

Make a proper Time table and Cover all Major Topics:

We at AJ’s Education NeXt, the finest CA Inter Classes in Mumbai, always suggest to our students to prepare a proper, well-planned time-table for their studies and allot time to all the major topics in the subject mainly the five Income Heads viz. Income from Salaries, Income from House Property, Income from Capital Gains, Income under PGBP and Income from Other Sources. While all five heads are important, at the IPCC level more importance is given to Income from Salaries.

Income from Salaries is a lengthy chapter but it is also the most important chapter at the CA IPCC level.

Income from House Property is easy to study and requires less time as compared to others as mostly the question from Income from House Property is usually merged with the other heads in the exam. Revising it also does not take more than 3-4 hours.

Capital Gains and Profit & Gain from Business and Profession require a good amount of time as you have to understand all their concepts in great detail.

Income from other sources is also a very important topic and we advise our students never to skip it.

Income Tax is a vast subject and is not restricted to just the above 5 heads. It also includes Tax Deducted at Source(TDS), Advance Tax, Provisions related to the filing of Income Tax Returns, Residential Status and Exempt Income u/s 10. All these topics are small as compared to five heads and are also very easy. We at AJ’s Education NeXt, the best CA Inter Coaching Classes in Mumbai, always suggest to all students to understand and study all these subjects thoroughly as well as revise them at least 3 times.

Capital Gains:

The most important part of Capital Gains is Capital Gains Exemption. Here you are expected to remember the Section Numbers along with its provisions. Another important aspect to remember is what is considered as well as not considered Transfer under Capital Gains heading. You also need to thoroughly understand LTCG, STCG, Cost of Acquisition, Improvement, Indexation, Section 50C. We at AJ’s Education NeXt, the best CA Inter Classes in Mumbai, always remind and update our students about the plenty of amendments made to capital gains norms from time to time, you need to keep yourself updated about them regularly.

Income from Business and Profession:

This is a very lengthy but interesting topic. Here there are a lot of sections that you have to remember. You also have to be careful about many other things like the status of the assessee-whether he is an individual, company, firm or the provisions for all of them vary., deductions allowed, penalties for negligence or delay in filing returns. All this needs thorough understanding and at least 3 revisions.

Income from House Property:

Here you have to learn thoroughly how to compute Income from House Property correctly keeping in mind the provisions applicable for computing municipal taxes, standard deductions, interest on borrowed capital.

Income from Salary:

This is the most important head at the CA IPCC Exam level and needs to be understood, studied and revised very thoroughly. It covers different types of Tax Treatments under different types of salaries viz employees, partners etc., various types of allowances, perquisites, deductions allowed, retirement benefits.

Income from Other Sources:

This is the smallest and easiest section to complete.

Tricks to Score High:

We at AJ’s Education NeXt, the best CA Inter Coaching Classes in Mumbai, always insist that our students after completing their revisions should do the following to score high marks:

Solve a few problems immediately upon completing a particular topic as this will help them in the retention of the main concepts of the topic.

Memorise the section numbers thoroughly as they help you boost your score. If you have any doubts on the section number, do not quote it, it could be fatal for your answer.

Note down certain important or tricky points that you need to remember and do more revisions at a later date.

Conscientiously update upon all recent amendments, study them thoroughly and use them in your answers in the exam.

Go through the illustrations in the CA IPCC Study Material provided by AJ’s Education NeXt, the best CA Inter Coaching Classes in Mumbai. They will give you an extra edge to score higher marks in your exams.

Always attempt mock-tests as they will help them discover their weak points or areas of discomfort.

AJ’s Education NeXt, as the best CA Inter Coaching Classes in Mumbai. have always impressed upon our students that disciplined, regular, time-bound preparation from our most comprehensive CA IPCC Study Material is the best way to crack your CA exams with high marks.

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