how to learn sections of income tax ot which sections are important to learn!!!!!!
Sanchit Grover
(none)
(30 Points)
Replied 16 September 2010
I HAVE JUST STARTED PREPARING FOR INCOME TAX AND WHAT I DO IS THAT I KEEP A SEPARATE COPY IN WHICH I KEEP WRITING SOME IMP SECTION NUMBERS FROM EACH CHAPTER...............NOT ALL BUT IMP ONES WHICH ARE WORTH BEING KEPT IN MIND........................AND AFTERWARDS WHENEVER M FREE I JUST TAKE THAT COPY AND GOES THROUGH THEM
IT TAKES SOME TIME TO MEMORISE SECTIONS BUT ITS NOT THAT DIFFICULT.......................N TALKING ABT WHICH ONES ARE IMP. THAT I CANT SUGGEST AS I HAVE COMPLETED ONLY 4 CHAPTERS OF TAX YET.....................
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 16 September 2010
Dear Shreya,
There is no concept of important sections in INCOME TAX ACT. Reason for the same is that one section may have a link with other(Eg. In section 139(3)(loss return), reference is given to sec.72, 73, 74 and 74A). So u have to go through all the sections in order to have a complete grip on Income tax
in order to keep a track of all the sections,go through each section fully. Eg. If in section 72, its mentioned that loss can be carried forward only after a loss return if filed under 139(3), immediately go to 139(3) and go through the section. Try to make a link between both the sections. hence, selective preparation wont help in the case of Income Tax
Santhosh Poojary
(SIEMPRE AHÍ PARA TI)
(15607 Points)
Replied 16 September 2010
| Originally posted by : CA.G.Muguntha Narayanan | ||
 |
Dear Shreya, There is no concept of important sections in INCOME TAX ACT. Reason for the same is that one section may have a link with other(Eg. In section 139(3)(loss return), reference is given to sec.72, 73, 74 and 74A). So u have to go through all the sections in order to have a complete grip on Income tax in order to keep a track of all the sections,go through each section fully. Eg. If in section 72, its mentioned that loss can be carried forward only after a loss return if filed under 139(3), immediately go to 139(3) and go through the section. Try to make a link between both the sections. hence, selective preparation wont help in the case of Income Tax |
 |
Very Well Explanation...Thanks
CA. Praveen Gupta
(CA )
(346 Points)
Replied 16 September 2010
Max Payne
(employed)
(2569 Points)
Replied 16 September 2010
Yes, i also agree with CA Muguntha Narayanan....
There is no such thing in tax as important section...
To give a complete answer to a given situation, you gotta know how sections relate to each other...
Just remember that section actually is not a number, it is a milestone on the road called tax.
Your job is to recall what you saw on the way....
In the exam, most students can give correct answer, but good marks will come for a complete answer only.
This is november exam... the emphasis wil be more on twisted adjustments which require proper understanding, not a flood of recent amendments like May exams....
So understand and learn all sections, it will help you in final also!
SHWETA GERA
(Financial Services)
(938 Points)
Replied 16 September 2010
Rahul Ramesh
(CA Final, BCom, MBA)
(1084 Points)
Replied 17 September 2010
every section is equally important
Rahul Ramesh
(CA Final, BCom, MBA)
(1084 Points)
Replied 17 September 2010
A question may relate to more than one section. so one need to know all the sections
Santosh
(Student ( Final Year - New ))
(348 Points)
Replied 17 September 2010
| Originally posted by : CA.G.Muguntha Narayanan | ||
|
|
Dear Shreya, There is no concept of important sections in INCOME TAX ACT. Reason for the same is that one section may have a link with other(Eg. In section 139(3)(loss return), reference is given to sec.72, 73, 74 and 74A). So u have to go through all the sections in order to have a complete grip on Income tax in order to keep a track of all the sections,go through each section fully. Eg. If in section 72, its mentioned that loss can be carried forward only after a loss return if filed under 139(3), immediately go to 139(3) and go through the section. Try to make a link between both the sections. hence, selective preparation wont help in the case of Income Tax |
|
Bhavin Pathak
(Self-employed)
(4772 Points)
Replied 17 September 2010
I also agree with CA.G.Muguntha Narayanan. But that point of view is really time consuming.. so if u are really want to remember the Sections Income Tax u can remember Chargeable sections as well as u must know what the sections are try to convey. every word and every comma and every full stop even is import in each and every Act. Income tax is the subject where section base questions are not directly asked in the Exam point of view. But some section like Deductions and Chargeable sections one must know. If you have time to go through all the sections you should do that, it will also help in examination as well as practical world also after you become CA. Other point of view is that if you mention the Section in the question and unfortunately that section is wrong, in that case Examiner will not give u full marks even u write the answer in correct manner. Also if u mention section in the answer u must write technical language also as per the Act...
I attach one file on how to write this type of questions. (This article is discussed with our CA Club India's top most members)
C.A. Prasad Bhumkar
(prop)
(52 Points)
Replied 17 September 2010
hiee...boss you have to study each an every section...you cannot keep any thing for option...study hard..all the best.
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