Prepare CA Intermediate Taxation like a Pro

May 07 , 2021
CA Arvind Tuli/ Oneprep/ CA Inter Taxation

It won’t be wrong to say that the syllabus of CA Intermediate Taxation is like an ocean. It is vast and deep, but you will have to dive into it eventually. However, you need not worry as OnePrep will be your life-saving jacket.

If you are planning to prepare for Taxation and are actively looking for some effective tips to gain confidence, then this article is for you. It will cover what, when and, how to prepare for Taxation in a simple and easy way.

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Why Study Income Tax Law and Indirect Taxes?

Understanding Income Tax and Indirect Taxes is of paramount importance for CA aspirants. Taxation is one of the key areas of Chartered Accountants. Income Tax is a direct tax that a government levies on the income of its citizens. Here, income does not only mean money earned in the form of a salary. It also includes income from house property, profits from business, gains from the profession (such as a bonus), capital gains income, and ‘income from other sources.’ At the Intermediate level, Income Tax Law primarily involves the application of provisions of the Income Tax Act, 1961 in problem-solving. 

Hailed as one of the biggest tax reforms of the country, the Goods and Service Tax (GST) has incorporated many indirect taxes which were imposed by Centre and State such as VAT and Service Tax. It is levied on both goods and services sold in the country. The main aim of the government to introduce GST is to make India a common market with common tax rates and procedures.

The tax laws of our country undergo significant changes every year on the passing of the annual Finance Act. Thus, it becomes extremely crucial for CA students to understand Income Tax and GST in detail to guide the taxpayers in the right direction. Queries related to both these taxes are the most common ones that CAs encounter on a regular basis.

What, When, and How to Prepare Taxation?

What to study in Taxation? Everything! However, there are a few topics which you should study on priority. Let’s have a look at them:

When studying Income-Tax, study the below-mentioned topics first:

  •  PGBP
  • Salaries
  • Chapter VI- Deduction
  • TDS & Advance Tax
  • Tax holidays for new established units in Special Economic Zones

In the case of Indirect Tax, prioritize these topics first:

  • Input Tax Credit
  • Value of Supply
  • Exemption of GST

These topics are gold when it comes to the marks weightage. Focus on them to fetch those extra marks and pass Taxation with flying colours.

When to Study for Taxation? The simple answer is NOW! Now is the time to start preparing for your Taxation exam. As a CA student, you can’t afford to procrastinate. 

Also read: How to Make a Realistic Study Plan for CA Exams

How to Prepare for Taxation?

Besides studying the important topics of Income Tax and Indirect Tax as stated earlier, give due emphasis on other topics as well. Topics like Computation of Total Income and Tax Liability of individuals, Aggregation of Income; Set-off, or Carry Forward and Set-off Losses, Provisions for filing return of income and Self-Assessment, Computation of GST Liability, Levy and collection of CGST and IGST also carry high marks weightage.

Try to solve as many questions as you can for Income Tax and GST. Study the latest notifications, circulars, and amendments related to taxation as these are highly anticipated in the exams. 

Time for a Pro Tip here: Prepare summary notes simultaneously while studying for Taxation. Since it is a vast subject, it is advisable to prepare summary notes for saving time when revising on the last day before the exam. Also, read Importance of Note-Making for CA Exams. 

Solving Mock Test Papers (MTPs), Revision Test Papers (RTPs), and Previous Year Papers (PYPs) should always be on your to-do list during CA exam preparation. These practice tests help you to measure your preparedness and also help you to work on your weaknesses. Not only do they increase your confidence, but they help you with time management as well. When preparing for Taxation, make sure to revise everything you study every day, for better understanding. Timely revision helps in better retention of topics. Applying the above-stated tactics in your exam preparation will make you a Pro in Taxation and yield fruitful results for you.

Be it the preparation for Taxation, Strategic Financial Management, Direct Tax Laws and International Taxation, Financial Reporting, Strategic Cost Management and Performance Evaluation, or any other CA subject, OnePrep has it very convenient to prepare for the CA Exams.

OnePrep is a name you can rely upon for CA exam preparation. It has everything you need to ace CA Foundation, Intermediate, and Final on one single platform. You will find ‘The Dream Team’ for CA, which includes the best and the biggest names in the field of CA education- CA Parveen Jindal, CA Bhanwar Borana, CA Aaditya Jain, CA Pankaj Garg, CA Raj Kumar, to name a few. The best part about the Dream Team is that you can carry it wherever you go and get anytime & anywhere access to well-researched study material on OnePrep. 

All the best for your exams. Stay tuned for more updates.  

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