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Offline kkmixs

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Direct and indirect taxation tips
« on: June 21, 2013, 08:34:08 AM »
Hello Friends

Today, i want to share with you all tips for Direct and Indirect taxation of CMA.But, before starting with it i would i like to share about myself with you, so that you can get the full benefit of my tips to clear exam.

I have recently given my MBA and ICWAI final year exam.I have done both the course simultaneously under postal coaching and had cleared the exam in first attempt.From my 10th exam to icwai exam, i have score 80% particularly in MCQs questions.

Now, lets have a look over some useful tips to clear the exam..

1) Please make a note that it is final year exam,not the inter direct or indirect taxation paper.So, of course there would be a difference in question asked in exam..

What is the difference?
In my opinion what i had learned from my exam that in final year it is not direct taxation but it "COOPERATE DIRECT TAXATION", so please note that you have to prepare yourself with cooperate tax rather than simple tax..

One who is doing MBA will know that there is subject cooperate tax under MBA curriculum.Just go and refer that cooperate tax book, you will surely find the around 90 percent of question asked in icwai exam.
So i will suggest you to refer at least one time cooperate tax planning book by singhania.

2) About indirect taxation?
Many indirect tax notes are available at the website Techshrsiti (www.techshristi.com), you can refer those notes for better understanding but please note that your focus should be clearing the concept rather than mugged up the things.

3) There are some bonus chapter to clear the exam.Those chapter should not be left out.This chapter are wealth tax,vat and sales tax (i know it a easier chapter, but in every exam at least 12 marks question is asked from this chapters, hence you should not miss it)

4) About the Objective questions?

Answer to above question is Read the book like novel....

Read the indirect taxation book daily like you are reading novel before going to sleep.Consiciously or un consciously you will get the all points in your mind, which will help you to clear MCQs.

i dnt know whether i am right or wrong, but i usually mugged up the indirect tax portion for objective questions.Yes, once i understand the concept i start doing revision every 10th day.It mean i read the book around 5 to 6 times before exam.(Please note that during revision i have to just read the book not to understand it.Since i have already understood concept this daily reading will help me to mugged up the content and even prepare it for MCQs)

5) Please remember that in direct and indirect taxation you will get the marks for making entry too.So please never left any question un attempted because you will get the marks for wrong attempt.

let me explain you this...in easy language.

During my attempt there was a question on Individual assessment.it was 7 marks question with lots of transaction of loss. I mean in question lots of loss transaction are there.Now, among that loss some of them were admissible and some of them were not admissible.

Benefit of making an attempt to solve the problem: In total 7 transaction where there,each transaction will be of 1 marks.Now suppose you attempt the sum with 2 transaction as admissible and other as inadmissible.May be you are not correct but if you are correct for at least two transaction which were not admissible than you will get the marks for this two transaction without doing anything.

Similar, in PGBP or organization assessment there is simply a re arrangement of transaction of p&l account.So attempt the question even though you dont know how to solve the question, because even a correct re arrangement of two to three transaction will provide you marks.

Please note that above trick is just a shortcut to clear the exam, in no case it should be taken seriously by students

6) write the paper neat and clean, dont try to cheat the examiner.Do not forget that there is some theory question too and neat and clean theory question with good presentation in a practical papers will of course allocate a good marks.

So finally you can get the passing marks by taking care of above tips.
around 20 marks from MCQs, 10 marks for easy chapter and 10 marks form theory question in practical papers.Plus other remaining question that you will attempt
« Last Edit: April 20, 2014, 10:54:09 AM by CMA Kaustubh Patel »
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Direct and indirect taxation tips
« on: June 21, 2013, 08:34:08 AM »

Offline TechShristi

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Direct and indirect taxation tips
« Reply #1 on: June 21, 2013, 08:34:08 AM »
Hello kkmixs,  June 21, 2013, 8:34 am

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« Last Edit: April 20, 2014, 10:51:41 AM by CMA Kaustubh Patel »

Offline ravikiran

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Re: Direct and indirect taxation tips
« Reply #2 on: October 01, 2014, 05:56:07 PM »
Hi :)


Can you explain about the topic wise weightage of marks in the subject TAX MANAGEMENT & PRACTICE? I found IDT is covering almost 70% of the total syllabus and DT, the remaining. I want to know about DT. How to prepare it? I found that only Assessment of various persons are given rather than calculation of various Heads of Income. This is totally different from Inter. If possible, explain DT in brief :)

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Re: Direct and indirect taxation tips
« Reply #2 on: October 01, 2014, 05:56:07 PM »

Offline Mr. Patel

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Re: Direct and indirect taxation tips
« Reply #3 on: October 01, 2014, 09:36:52 PM »
Hi :)


Can you explain about the topic wise weightage of marks in the subject TAX MANAGEMENT & PRACTICE? I found IDT is covering almost 70% of the total syllabus and DT, the remaining. I want to know about DT. How to prepare it? I found that only Assessment of various persons are given rather than calculation of various Heads of Income. This is totally different from Inter. If possible, explain DT in brief :)

You are right it is totally different from Inter.

You are now final student, you can't expect the same inter level difficulty in final paper.

Remember, in inter, questions are directly asked from the book but in final year the questions are twisted.

In my opinion in final year, name of the Direct tax paper must be changed to Corporate Tax management.

Instead of preparing for Direct tax paper, prepare for Corporate tax management paper.

Just go and check the Corporate tax management book, most of the queries will be solved automatically. In my MBA there was a subject Corporate tax management and believe me or not the syallbus was almost same as cma syallbus. SO IT IS A CORPORATE TAX MANAGEMENT PAPER.

I was using 'Corporate tax management by shingania'
Hope your query is solved now.

Techshristi's Forum

Re: Direct and indirect taxation tips
« Reply #3 on: October 01, 2014, 09:36:52 PM »

 
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