Tips to Prepare for INCOME TAX / DIRECT TAX(IPCC,Final,CS)

CA CS CIMA Prakash Somani (Landmark Group) (23502 Points)

16 September 2009  

Tips to Prepare for INCOME TAX / DIRECT TAX ( PCC, IPCC, CA Final & CS)

Prepared by : CA Prakash Somani (CA, B.Com, NCFM (CMDM), Pursuing CS)

1.    No need to say that Modules are of almost no use here as they are too old and expired.

2.    There are a lot sections, what to remember what to not….confusion?? Solution is to learn basic sections (Important Sections Link will be provided shortly)

3.    Mainly the exam paper is based on latest amendments so be informed of latest amendments (Latest amendments Link will be provided shortly)

4.    My opinion on Reference books for DT is here below:

a.    V.K. Singhania :

·         About the book: Well illustrated with lot of examples on every provision and section.

·         When to refer: When you have at least 1 month or more for study on this subject. The practical part of this book is quite good.

·         Font Size: Small

·         Negative point: It takes a good time to cover this book but it is good for future perspective too.

·         Rating: 4.5 Star

b.    TN Manoharan :

·         About the book: Quite lucid and exam oriented, for conceptual understanding. It enables you to study basic aspects from scratch unlike the first one.

·         When to refer: The theory part of this book is good and exam oriented.

·         Font Size: Medium

·         Negative Point: It has lot of mistakes (When I read it had)

·         Rating: 4 Star

c.    V.K. Gupta :

·         About the book: The notes provided by Gupta Sir are very good for exams. He is based in Delhi and you can get the notes at “Pooja Law House, Behind CA Institute at ITO”

·         When to refer: Its comprehensive so you can refer it for exams.

·         Font Size: Medium

·         Negative Point: The notes are effective more when it is taught by Gupta Sir directly

·         Rating: 5 Star

d.    G. Sekar (Padhuka):

·         About the book: An excellent book written in q and a format which has all the latest case laws and important questions. equipped with a fast track referencer which helps you to breeze through the chapters once you have studied it

·         When to refer: Preferably during exams.

·         Font Size: Medium

·         Negative Point: Only Exam oriented and it may make you pass but will not help in clearing your concepts.

·         Rating: 3.5 Star

5.    Refer only one book as more then one will create lot of confusions. NOTE : If you are already referring one book then there is no need t change it unless you have sufficient time to cover new book.

6.    Latest amendments can also be get from CA Inst. Call 1800228009 Toll Free.

7.    The pattern of asking questions in exam paper is very important in it as they are making changes more frequently. Like in our time there was lot of 1 or 2 marks questions so unless you read whole module you can not answer and loose couple of marks.

8.    Answers based on case law should be strictly be provided in the way suggested are written.

9.    Prepare a list of important sections and stick to your study board and revise it as many times (Proved 100% successful). Make a Chart of Section serially.

10.  Once you are finished with IT Act you can read in the order of more important chapters first and then less important.

11.  Understand how to answer questions based on Case Laws. Take reference guide from previous attempts answer patterns.

12.  Do one practical question based on each provision but you can skip this in exams.

13.  Preparing NOTES are very important in this subject as in exams notes will be very useful reference guide.

14.  If you are doing coaching some where then without forget cover whatever taught n coaching same day else it will be very difficult for you t manage the back log.

15.  Wealth Tax is good and important part of DT and also covering too. Refer Vinod Gupta Notes here which proved excellent.

16.  Wealth Tax forms download here Wealth Tax Forms

17.  Don't keep your queries pending, solve them IMMEDIATELY (you can ask me J through )

18.  Make sure that all your notes are arranged systematically else it will create lot of complications.

19.  Assessment procedure part should be read sequentially. Download Presentation on Assessment Procedure .

20.  Complete guide on all sections of assessment procedure will be provided to you shortly.

21.  Gross Total Income cover’s all five heads of income so better to spend much time in solving questions on this topic instead of five heads of income.

22.  You have to be in fresh mind so take a good break once feet tired.

23.  If you are finding any question little confusing then leave it and ask to your friends else if you will try to solve it, there are chances that you may get bored.

24.  During revision you need not to solve the entire questions again and again, just selected question of each type or questions where you are facing problem is enough to solve.

Common Point for all subjects:


25.  Keep some pages blank in your register after completion of each topic, put updates and other clarifications which may come afterward in your mind.

26.  Take short breaks and study. Without break you can not get more output from your studies.

27.  It is not important how many hours you study; it is more important how well you have studied.

28.  Talk less to keep only specific thoughts in your mind as during exam time less you talk and more you walk will keep you charge.

29.  Refer this link for time management Time Management Tips for CA Students

30.   Reward yourself with an ice-cream or a brief outing after a good day's work.