Most Important Topics for Direct Tax Laws and International Taxation
Tax planning, Tax management, Tax avoidance, Tax evasion, Tax computation, and Heads of income. All of these terms are associated with Direct Tax Laws and International Taxation (DTL & IT), a critical subject of Final Group 2. It is a dynamic subject of the CA course, and undoubtedly a challenging exam to crack.
DTL comprises the law and procedures under the Income-Tax Act, 1961. With increased cross-border transactions and the whole world virtually becoming one market, the need for the enhanced knowledge base in International Taxation becomes extremely crucial for aspiring CAs like you.
Since Direct Tax is the most extensive subject in terms of volume, it is recommended to not study it in a rush.
Focus on Important Topics First
Topics like Profits & Gains of a Business or Profession (PGBP), Taxation of Trust, Minimum Alternate Tax (MAT), Alternate Minimum Tax (AMT), Deductions u/s 10 AA (Special Economic Zone), Tax Deducted at Source (TDS), Double Tax Avoidance Agreement (DTAA)- Section-91, Transfer Pricing (Methods) are vital to study for better preparation. A thorough understanding of these topics is crucial to score good marks. When studying these topics, make sure to prepare notes for easy understanding.
Most Scoring Part of DTL & IT
Giving extra time to TDS, Charitable Trust, PGBP, Assessment, Appeals & revision will help you to score those crucial marks. International Taxation is also high scoring. Chapters like Non-Resident Taxation, Equalization Levy, Double Taxation Relief, etc, if understood and studied properly, can fetch you good marks. It is recommended to revise them at least 2-3 times. Also, go through the latest amendments to score extra marks.
Few Preparation Tips you should keep in mind
- Make notes of important topics of each chapter so that you can easily refer to them while preparation.
- Properly understand the logic of laws and case studies so that it becomes easier for you to relate to it theoretically as well as practically.
- The best way to get familiar with the question pattern, and to anticipate the exam questions, is to solve MTPs, RTPs, and past year papers. Solving them will help you to get the desired results.
- Give your preparation regular revision sessions for a better retention of topics.
- Stay calm and confident during your entire preparation. A positive mind will always give positive results. In case you are lacking motivation for CA exam preparation, read: How to Stay Motivated for CA Preparation?
Mistakes you should avoid
- Don’t focus too much on MCQs. They are time-consuming. If you cover the entire portion and understand the provisions properly, you will be in a position to solve MCQs easily.
- Don’t quote the wrong section numbers. Only quote them if you are sure about it. Try to memorize them.
- Don’t focus on the case laws in detail as there are too many of them. Since the DT syllabus is like an ocean, it is not possible to remember each and every thing. Also remember, a decision is more important than the name of the case law.
While writing the paper, make sure to use the right terminologies and present your answers in the right format. Make sure your answers are precise and to the point. Also, use bullet points and numbering to place them in the right format. It should be easy for the examiner to understand your knowledge and study of the subject.
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