How to face CA IPCC tax Paper with confidence
(i) Answer the questions with due emphasis on provisions of income-tax law – Support your answers/conclusions with proper reasoning. Answers should be based on relevant legal provisions rather than a mere common sense and/or guess work. (ii) Supplement your computation with Working Notes – Give complete working notes while solving computational problems For example, if you are computing taxable HRA while calculating salary income, the working note should specify the three limits and the corresponding figures, the least of which would be exempt under section 10(13A). The balance HRA would be taxable and taken to the main computation sheet. (iii) Try to quote relevant section numbers – Quoting section numbers would definitely add value to your answers. However, it is better not to quote than to misquote a secti on number. (iv) State your assumptions/views clearly – The provisions of income-tax law are subject to different interpretations, and hence there is a possibility of alternate views in the tax treatment of a particular item of income or expense or loss or deduction. As a student, you should state your view/assumption clearly and proceed to answer the question on that basis. (v) Avoid using short forms – Use of short forms like AO, ITO, IT Act, etc. should be avoided. Write the full names of the statutes, like, “Income-tax Act, 1961”. (vi) Present your answers well – Underline important points and section references as and when you answer each question. Also, make sure that your handwriting is neat and legible. Answer all parts of a question one after the other. Do not answer different parts of the same question at different places. (vii) Answer in commensuration with the marks carried by the question – You should determine the length of your answer having regard to the marks allotted to the question. Do not have the misconception that lengthy answers fetch more marks (viii) First attempt the question which you know best – This will boost your confidence while attempting the remaining questions and create a positive impression of your level of knowledge on the examiner. (ix) Follow instructions given on the cover page of answer paper – Pay heed to the instructions given on the cover page of the answer paper. Special Articles –
IPCC Taxation NotesIPCC Tax Supplementary Study Paper
Special guidance for practical questions
You should work out the practical problems from Practice Manual on your own and then compare it with the solutions provided therein. At the time of first practice, mark the problems which contain some difficult issues or the problems which you find important from the examination point of view. Moreover, summarize the treatment of the said issues and mention it at the end of that question with a marker pen. When you practice the same chapter subsequently, pay special attention to these marked questions. This will help you in preparing a gist of critical issues and their treatment. On the day before the examination, since it is not possible to solve all the practical questions in one day, going through the gist of these issues would suffice. While solving the practical questions in examination, answers must be presented in a proper manner. You should give assumptions wherever required and should provide explanations for treatment of various items. Remember working notes/explanations carry marks and must be presented in a proper form. The length and depth of reasoning to be given would depend on the marks allotted for the question. Recommended
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