Introduction: All the professional courses and degree courses related to Accounts & finance, Taxation paper is the one of the most important subject and very interesting & scoring one. Here I am discussing some major points need to be keep in mind to score good marks in Taxation papers.
1. Understanding the basic Tax structure: In any taxation whether direct or indirect taxation, first we need to understand the taxation structure thoroughly. The tax base, applicability. This is very important for study the subject very clearly and understands the each and every provision.
2. Understand the classification of chapter & sections: In all the tax laws have divided in to certain chapters & under chapter sections, sub sections, rule before starting the study the taxation paper first we should analysis how the tax law divided in to chapter, sections & sub sections. This will help us to understand the broader view of taxation and also remembering the chapters & sections during exams time.
3. Taking own study notes: In current situation many of the students are like to have coaching class for at least taxation subject, Even though we are taking coaching we need to develop ability to take own study notes for taxation subjects, this lead to understand the paper methodically and develop our ability to write own answers without mistakes and give confidence on your answers.
4. Update the latest provision: In taxation papers every exams tax amendments and changes are there, we should aware of these changes to score good marks in taxation. Based on assessment year changes may apply,
5. Strong theoretical understanding: In taxation papers mostly we will face the practical questions but attending the practical questions we need to have strong theoretical knowledge. Because each and every provision is very important to attend the practical question otherwise whatever the answers we are giving it will go wrong. So strong theoretical knowledge is very important.
6. Practicing number of practical questions: In my point no.5 as I mentioned, taxation papers are having more than 60% practical questions. So we need to practice the maximum number of practical questions to understand and remember the various provision under taxation
7. Knowledge of case laws: In all the tax laws case law and judgments will be available, we need to develop a practice to know the case law details related to important provisions, it will help to latest provisions and score the good marks in exams also.
Conclusion: Among all other paper Taxation paper scoring subject if we study with understanding and interest. I hope my above points to help to study and score good marks in taxation.
CMA. Ramesh Krishnan