HOW TO GET EXEMPTION IN TAXATION IPCC: CA ROCKSTARS


IPCC TAXATION TIPS :-

CA Rockstars.

{Share as much as u can}

1. give due concentration on recent
ammendmends they have weightage of 10 to
15 n even 20 marks in the paper

2. IPCCians should concentrate more on VAT
n SERVICE TAX as they shares 50 marks in
paper n just 20 % of syllabus

3. As always RTP is recomended to be done .

4. Dont pay much attention on sections now .If
u already learnt sections than jst revise once n
Dont quote sections unless u r 100% sure
about that.

5. it is not necessary to qoute sub sections i.e
if sec is 56(1) (vii) u can write as per the
provisions of sec 56 of the xyz Act.

6. If some body is providing u summarry notes
then pls dont follow them,
jo aapne pahle kar rakha h usi mai se
pade .

7. In exam attemp service tax n VAT portion
first . it will take hardly 1 hour to complete this
50 marks paper so it will add on to your confidence

8. attemp calculation of total income question
in last bcs it is confusing n tym consuming

9. dont go for any importants bcs in tax even
one concept of one line could be asked from
examiner for 8 marks

10. As said earlier make proper working notes
for practiacal questions

11. tricky que could be asked from pgbp ,
capital gain n other sources as a case study ..

n last no need to learn case laws .. they r not
expected from ipcc students

More at :- http://canotes.in/how-to-get-exemption-in-ipcc-tax/

all the best for ur exams 
join me here:- Alkit Jain

Advertisements

ALL IMPORTANT TOPICS OF IPCC AT ONE PLACE : EXCLUSIVE


Important topics for all subjects ( IPCC ) :-
Image
CA Rockstars. { MUST SHARE }

Accounts – 

1. AS – 2,7,9,10,13 ( 8-10 marks )
2. Theory question on Revised Schd. VI ( Treatment of some particular item ). ( 4 Marks )
3. Theory Question on Managerial Remuneration. ( 4 Marks ) 
4. Cash Flow Statement ( 8 marks )
5. Average Due Date/ Account Current ( 5-8 Marks )
6. Give priority to Amalgamation over Internal Reconstruction ( 16 Marks ).
7. Bonus Issue ( 5-8 Marks )
8. Incomplete Records ( 8 Marks )
9. Accounting treatment of Goodwill in case of changing in profit sharing Ratio ( 5 marks ) 
10. 16 Marks Question from Partnership.
11. Pre – packaging software or Customized accounting packages
12. Hire Purchase ( Instalment Payment Method or calculation of missing figures ) ( 8 marks )

Law, Ethics & Communication – 

Ethics :-

1. No economics growth without ecological costs.
2. Ethics and morals.
3. Iron law of Responsibility
4. Social Accountability – 8000, Corporate Governance & Characteristics.
5. Fairness & honesty are pillars of success in business.
6. Measure to ensure ethics at work place & Harassment at work place.
7. Sustainable Development and Responsibility of Industries.
8. Guidelines themes on consumer protection & consumer rights.
9. Creating Ethical Environment in company,
10. Reason of unethical behaviour among financial & accountancy professions.

Communication :-

1. Communication Process
2. Principles, Merits & Demerits of Oral communication.
3. Barriers to communication ( Specially Semantic Barrier )
4. Ethical Dilemmas
5. Affidavit & Gift Deed
6. Notice of Meeting

Indian Contract Act :-

1. Case study based on ” Acceptance of Offer ” & ” Bailment “.
2. Offer & rules for an offer.
3. Capacity to contract.
4. Circumstances under which doctrine of Supervening Impossibility not applicable.

Payment of Bonus Act :

1. Payments part of Salary
2. Deductions under Third Schedule
3. Categories of employees exempted for payment of Bonus Act.

EPF :-

1. Payment part of ” Basic Wages “
2. Composition & Functions of Central Board of Trustees
3. Recovery of money dure from employers

Gratuity Act :-

1. Period for which gratuity payable.
2. Forfeiture of amount of gratuity
3. Disputes resolved.

Company Act :-

1. Conversion of Private to public company & vice-versa.
2. Incoporation of Company.
3. Effect of registration
4. Moa & AoA & MCA
5. Prospectus – Requirements, Matters to be stated, Shelf Prospectus, Remedies against Directors, Promoters & experts in case of misstatment in prospectus.
6. Small Depositors 
7. Effect of irregular allotment, underwriting, Sources of fund for buy – back.
8. Contracts 
9. Futher issue of capital like right issue and alteration & reduction of share capital.
10. Transmission of shares & Capitalization of profit.
11. Registration of charges 
12. Meetings 

Costing & FM :

FM :-

Theory – Wealth Maximization v/s. profit maximization, Role of CFO, Limitation of Ratios, Functions of Treasury Department, Lock box System, Ageing Schedule, Commercial Paper, ADR & GDR, Seed Capital Assistance, Bridge Finance, Factors into consideration while determine working capital.

Practical Question – Financial Leverage, Preparation of Balance Sheet with help of different ratios, Time Value, FFS, Working Capital, WACC, IRR, NPV, Cash Budget, Factoring.

Costing :-

Practical Question – Marginal Costing – P/V Ratio & Key factor, Standard Costing – Material & Labour Variances, Contract Costing, Process & Equivalent production mixed question, Integrated Accounts, Direct Material – Re-order, Maximum & Mimimum level of stock, Halsey & Rowan Scheme.

Theory – Conversion & Sunk Cost, Cost Centre, Controllable & Uncontrollable Costs, Service Cost, Explicit & Implict cost, Treatment of Spoilage & Defectives, Bin card & Store Ledger, Pre- requisites & Advantage of Integrated Accounts, Cost plus Contract.

Taxation :

Service Tax :- 

1. Section 66D ( Negative list ) – May be they simply ask names of services in negative list.
2. Point of Taxation
3. Payment of Serive Tax
4. Interest on delayed payment of Service Tax
5. Due date for payment of service tax
6. Late fees for delayed Return.
7. Documents to be furnished with fiirst Return.
8. Valuation of Services ( Practical Question )

VAT :-

1. Methods of VAT
2. Merits & Demerits of VAT
3. Purchase eligible or not eligible for Input Tax Credit
4. TIN & Invoice
5. Composition Scheme
6. Cross Verification in VAT
7. Return of VAT
** One practical question will be asked for sure of 5 marks.

Income Tax :-

1. Capital Gain & Gift – Around 10 Marks.
2. PGBP – May be big question asked out of it.
3. Now do compuation related question , when you do this questions provisons related to salary, house property & other services. After doing this questions you are not required to read provisions sperately.

4. Now do TDS, deductions & provisions related to Return of Income – Marks covered 10-12.

5. Now do Set-off & carry forward more chances that theory question of 4-6 marks may be asked out of it.

Advanced Accounts :-

1. AS – 4, 5 ,11, 12, 16, 20, ( 10-12 Marks )
2. Branch Accounting – Dependent Branches ( 8 Marks )
3. Electricity Companies ( Weighted Average Rate of Depreciation & Balance Sheet as per Revised Schd. VI ) ( 8-10 Marks )
4. Banking Companies ( Rate of Provision on NPA, P & L Account ) – 5-8 Marks 
5. Insurance Companies ( Form B-RA & B-PL, Unexpired Risks Reserves & Re-insurance & Short note on Unexpired Risk ) – 8-12 Marks
6. Conditions for Buy- back ( Sec. 77A ), Buy- Back Practical Question- 8 Marks 
7. Partnership & Amalgamation ( No as such selected topics in this chapters ) 
8. Department – 8 Marks

Note 1 : It is advisable to solve examples of Study material & questions of Practice Manual in Accounting Standards.

Note 2 : Most probably question of Electricity will come out of Practice manual or RTP.

Auditing :- 

1. Start with company Audit I & II friends…. this both chapter cover around 30 marks. As this cover 30 marks so read each and every topic in it. 

2. Special Audits – Club Audit, Educational Institution, Hotel, Cinema Hall, Advantages of audit of accounts of partnership firm.

3. Verification : Cash, Depreciation, Contingent liability, Subsequent Events ( SA 560 ) , Cut-off Procedures, Personal Exp. of Directors & Analytical Review ( SA 500 ). Do this chapter and vouching in last. Best book for doing this is Practice Manual.

4. Internal Control – Audit Risk, Audit Trail, EDP Auditing Approach n other related topic to EDP.

5. Preparation of Audit – Audit Techniques, Audit Programme, Audit Sampling ( SA 530 ), Continuous Audit, Letter of Engagement, Management Representation.

6. Chapter 1 & 2 – Audit Evidence & Methods of obtaining it, Compliance & Substantive Procedures, Going Concern Assumption, Joint Auditors ( SA 299 ), Principles governing audit, SA 200, Types of Error ( Specially Commission & Casting ), Operational Audit, Detection of Fraud & errors, Audit Engagement Letter, Inherent limitations of Audit.

IT & SM :

SM :-

Chapter 7 – Bench Marking, e-commerce/ ERP, Business Process Re- engineering, TQM & Traditional Mgt. Practices, Rationale of BPR.
Chapter 6 – Diff. b/w Strategy Formulation & Implementation, SBU, Matrix Structure, Network Structure and Value Chain Analysis.
Chapter 5 – Penetration & Skimming Pricing, Marketing Strategy Techniques, Implementing Supply Chain Mgt. System.
Chapter 4 – Corporate Strategy Formualtion implementation process, Various Grand Strategies, Concentric & Congolemerate Diversification, Turnaround Strategy.
Chapter 3 – GE Model, Ansoff’s Matrix, Product Life Cycle, Common Driving Forces and BCG.
Chapter 1 & 2 – Strategic levels in organization, Mission & Vision, Objectives & goals, Task of Strategic Mgt., Generic Strategic Alternatives, Definition of Strategy, Porter’s Five forces model, Kieretsus, Manifestation of globaliztion.

IT :-
Do Flow Chart and Decision table in starting. ( Chapter 5 & 6 ). Just do all examples & questions of study material and practice manual 60% chances that question in exam will come out of it only. Both theory and practical may be asked out of this chapter so prepare well. Minimum 8 marks question will be asked in exam.
Chapter 4 – 
Short Notes : URL, Web Casting, Firewall, Wifi, Bluetooth, EFT.
Long Ques. : Internet and its uses, Components of Internet, Tools to protect Information against intrusions.
Chapter 3 –
Short Notes : Data Center, Modem, Multiplexer, Bandwidth.
Long Ques. : Types of internet servers, LAN ( Complete Topic ), Star & Mesh Networking, Communication Interface Devices, TCP.
Chapter 2 –
Short Notes : Data Dictionary, DDL, Index Field, Data warehouse, Mirror log, Online Backup, Real time Data warehouse.
Long Ques. : Data Mining Process, Problems of file processing system, Best file Organization, DBMS, Steps of Data processing System.

*** Friend my suggestion to those who feel bored while studying this subject that do read practice manual at least as its easy for you to read syllabus in question answer format and almost 60-70% course covered in practice manual. And i am sure if you do complete practice manual you can score 50+ in this subject. But make sure you will not do selective study in it.

ALSO LOOK AT :-  LAW TIPS

                         HOW TO CLEAR IPCC EXAMS