How To Get Exemption In Direct Taxation
Direct Tax, the largest subject which looks like an ocean in CA Final, it feels like studying a whole group in a subject is often regarded as complex or not easy to come to terms with.
CA Final Direct Tax is one of the lengthy and difficult papers of the CA final groups. So, completing such a huge course within a specific time period can be daunting. In this situation, a systematic study approach can be highly beneficial.
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Direct Tax Law (70 marks) |
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Section |
Weightage |
Content |
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1 |
35%-45% |
Basis of charge, residential status, income which does not form part of total income, heads of income, the income of other persons included in assessee's total income, aggregation of income, set-off and carry forward of losses, deductions from gross total income, rebates, and reliefs Special provisions relating to companies and certain persons other than a company |
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2 |
5%-10% |
Provisions relating to charitable and religious trusts and institutions, political parties, and electoral trusts |
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3 |
5%-10% |
Tax Planning, Tax Avoidance & Tax Evasion |
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4 |
15%-20% |
Collection & Recovery of Tax, Refunds |
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5 |
15%-25% |
Income-tax Authorities, Procedures for assessment, Appeals, and Revision Settlement of Tax Cases, Penalties, Offences & Prosecution |
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6 |
5%-10% |
Liability in Special Cases Miscellaneous Provisions and Other Provisions |
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International Taxation (30 marks) |
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1 |
75%-85% |
Taxation of international transactions and Non-resident taxation |
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2 |
15%-25% |
Overview of Model Tax Conventions Application and Interpretations of Tax Treaties Fundamentals of Base Erosion and Profit Shifting |
Among many questions, a common question is where to study from. ICAI study material is perfect for the subject (don’t go on the size of modules).
But it is also okay if you study from anywhere else but you have to get a clear understanding of the provisions and the application of provisions. Remember income tax is just a law and you have to read it like a law, but do not forget the application also.
Every amendment usually has a story behind it. Every Case Law has weighed every provision from every angle. So, if you keep wearing your logic cap, this subject shouldn’t become a problem for you. Amendments again can be done in parts while doing the main chapters.
It might help you score brownie points because there are attempts that are many times filled with questions on amendments. Mark the sections in the control sheet that have amendments, revise it on the go while doing the chapter, and you’re good to go!
The best time to read case laws is while taking breaks. And you do not have to finish the whole book in one sitting.
Pick a chapter. For eg. PGBP has a huge number of case laws in the case law book. You can even opt to do only 10 case laws a day and revise them every day. Every case law has typically 4 parts: The issue at hand, Revenue’s stand, Asseessee’s stand, and the final outcome.
You only have to pick a highlighter and mark those 4 parts and you are done saving time during your next revision.
The most scoring chapters are TDS, Charitable Trust, PGBP, Assessment, Appeals & Revision, and majorly International Tax. These chapters have to be studied thoroughly and revised 2-3 times.
Questions are surely to come from them and also past papers will help you with it. ICAI study material is very essential to many.
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