How to Deal with CS Final Advance Tax Laws - A Pass out's Guide

A GUIDE TO : ADVANCED TAX LAWS AND PRACTICE (FOR OLD & NEW SYLLABUS):                              

Group Three of CS Final is A Terror for many students both under old and the new syllabus. General reason for this is Too much Concentration on the Company Law and related subjects. Try to prepare smartly the syllabus is huge and gets updated with every exam.

Some Tips which will help you prepare this paper are :

i. This paper is getting tougher because Institute wants us to be an expert on tax laws along with the other corporate laws.

Intl. Tax :  Focus  first on International taxation. Target that 20 marks. Trust me getting 15 out of 20 here is not at all difficult Read, Yogendra Bangar's Mat for International Tax. You can avoid the calculation part of ALP it’s not asked in exams under Old Syllabus and save your time here. Do DTAA and Unilateral relief sums from scanner. They are VIMP. In Case you are from the New Syllabus Int. tax has less weightage but is equally important. Go Through the Latest Amendments. You can expect 15 Marks from this part and questions here are mostly DIRECT. Just write TO the point answers with correct section and you will get good marks here.

Indirect tax EXCISE – Indirect tax is probably more interesting than Direct tax. You need to read the LATEST AMENDMENTS & CASE LAWS (which I Can Provide you on request) as Institute has a habit of asking the latest here so focus more on the 2014/2015 Case Laws.

ii. Try solving case laws in the following manner : 1) Facts of the case : Write the basic summary of case given to you 2) Provisions of the act, 3)Decision of the Court. You should write the name of case law only if you are 100% Sure.

iii. You must attempt sums only when you are confident or else you may lose your precious15 marks easily. In case you are in the New Syllabus Sums and Case Laws have options where you can attempt either of the two. I would recommend to the Average students to attempt Case laws as here you have a reference to answer; whereas sums can be tricky and can cost you a big loss.

iv. In ICSI Mat don’t leave the chapter 1 and 2 related to the Constitutional Provisions  many MCQ are asked from this part in the Old Syllabus. Focus more on appeal to tribunal and HC , SC & Settlement commission part, CS being a legal expert needs to have a detailed knowledge of this very well. Read the Latest amendments in Cenvat credit and Central Excise Rules.

Customs: The Important Areas here for Theoretical Questions are : 1. Valuation, 2. Provisional Assessment of Duty [Section 18], 3 . Duty on Pilfered Goods (Section 13) , Goods Derelict, Wreck, Etc. (Section 21), Abatement of Duty on Damaged or Deteriorated Goods (Section 22), Remission of Duty (Section 23), Refund and Recovery Provisions (Section 26 To 28D), Warehousing , Duty Drawback and Baggage. Sums generally asked are not so difficult if you have prepared the provisions well. Try Solving Past 4 years Practical questions from scanner and you will easily be solving the sums in exams. Customs like Intl. Tax is an area where you can score marks by devoting less time in comparison to DT and ST / Excise.

Service Tax (New Syllabus) : Important Areas from  Procedural Aspects And Adjudication Under Service Tax like: Adjustment of Service Tax, Valuation (Practical Sums in Bangar's Book are Must for Practice), Abatement, Records , penalty

GST (New Syllabus): Since GST is to be made Applicable from 1st April 2016 in India. You must know the basics like: What Is Goods And Service Tax, Justification of GST, Salient Features and Rate Structure under GST.

VAT (New Syllabus): Expect 15 Marks from this Part and a 5 Marks Sum. Cover the chapter from ICSI Mat ONLY. Must Learn Areas are : Returns, Credit and Set-off Under Vat, Zero Rating, Computation and Methods of Vat (For Practical Sums) , Vat Audit , Refunds, Appeals, Revision and Appearances

DIRECT TAX– Do not forget whatever you have studied in your graduation and Executive. 5 heads of income. You have to be sure of tax planning. Also on TDS provisions , conversion to LLP tax benefits, MAT, AMT are vimp. Practice sums from salary and PGBP sometimes Capital budgeting sums of FM are also asked so here you should also focus. Keep yourself updated as in Dec term many new amendments will be asked from finance act 2014.Read the Sections Related to depreciation , Deductions , Tax benefits U/s 80 , and Appeal / Revisions. Vivek Soni Sir Mat for DT will be helpful in Preparation.

General TIPS:

i. Write Theory Answers in Paragraphs or Pointwise. Lengthy Answers are boring for examiners to read ! 

ii. Try to Learn Relevant Sections and Name of Latest Case studies.

iii. Provide as must explanation as possible in Practical.

iv. Time Management and Final Revision is VIMP.

v. Complete the Syllabus THRICE or MORE before Exams. The Syllabus is huge give no chance to forget anything you learnt.

vi. Avoid Asking Friends in EXAM HALL. No one knows better than you. People mostly go with flow and then the whole hall writes a wrong answer !

CS Rahul Harsh