CS tax law preparation tips
One of the major worry for company secretary students is problem papers. Most of them directly ask, whether, the course is theory oriented or problem oriented. Most of them never hesitate to express that they are weak in problem papers that is the reason they felt they can do company secretary course. To be frank this should not be the right way of doing things, which I will explain in a different article.
One of the important paper in the first module of CS Executive program is TAX Laws. Most of the students worry, how to study this paper properly. Here I am going to explain that.
This paper is not really a problem paper and can be your high scoring paper, if you make your fundamentals strong.
One of the important problem faced by the students are the unending search for sources of learning. This can be very dangerous, if you constantly search for different sources and not focusing on one source. Multiple sources will waste your precious time for preparation and you may end up in wasting time and not preparing properly.
The fundamental rule for learning tax law paper is focus on the study material provided by the ICSI. I always advice my students that as many times possible, they should go through the study material, that will ensure proper learning.
You may follow any other source, but do not miss the study material.
Try to follow the following golden rules for success in tax laws
The weightage of the paper is 50:40:10, that is Direct taxation :GST: Customs. It is seen that the students usually waste more time with direct taxes and miss the other part.
Divide the portions on topic wise and allot your time based on weightage. Previous years questions and a deep discussion with your mentor will help you in that.
It is always better to follow the pattern in text book, start with Direct taxes. Most important chapters in direct taxes are House property – Capital gains – Income from other sources-Income from Business or profession-salary. This doesnot mean that you can forget other parts, but focus on these parts and devote sufficient time to understand the other parts.
Then move to indirect taxes, and it is not a difficult part. Read through the material provided by Artha and ICSI and solve some MCQs, your preparation will be result oriented.
Follow the advices from your coaching centre, your mentor.
Solve as much possible multiple choice questions and head for examination.
One of the major area where you need to put attention is immediately after the offline or online classes, solve related problems at home. This will help you get an inner view of the topic and make your knowledge solid. Different aspects of same situation need to be considered and understood properly.
It will not be practical to follow all sources of information, so select the most beneficial one and your mentor will be the right person for that.
So focus on learning, you can win.
