16 November 2014
Exemption in IPCC Tax very easily.
1) Start with Service Tax, mainly focus on solving problems after learning each and every concept as Practical problems carry more marks and this can get you marks with ease coming to theoretical questions Read selected topics which are frequently asked in exams . For this you can refer Practice Manual.
2) Then Start with VAT as the syllabus is very less compare to others In VAT theoretical concepts are asked mostly So do not leave a single topic as the questions can be asked from anywhere
3) Now Come to Direct Taxes Part i.e The Income Tax Act 1961.You will be confident as you have completed syllabus comprising half of the weightage i.e (50 Marks) Before Starting Heads of income have a look at TDS, Deductions and Assessment procedures.
In Income Tax Act start with
a) Income from house property(very easy one and assured 4-6 marks as no difficulty)
b) Now come to salary Head In this you need to concentrate on the exemptions to various allowances or perquisites. More practice of the problems will make you remember the exemptions allowable
c) Now come to capital gains in this just remember the process of computation of CG and how to arrive Cost of Acquisition and Exemptions. More thing to remember is in some cases Tax is to be computed separately on the Capital gains don’t club it in the heads of income
d) the Last head of income is Income from the other sources this is residual head much efforts are not required as this is not complicated but remember what are the exemptions in other sources of income like Dividend Exemption 10(34) income received by HUF etc., Now At the Final step of preparation have a look at Final Steps like Set off , carry forward and Clubbing Provisions and Due dates for Advance Tax Concentrate on Due dates for Advance Tax and TDS and Returns)
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