Theory in Taxation is as important as that of Practical problems, because, most of the questions in exam will need to be answered by stating particular provisions of the Section or the Concept. Students should understand the subject fundamentally and then practice how to apply the theory while solving the Practical questions.
Killer Tip: Go through Recent amendments, say, for May 2014 exams, amendments made in the Finance Act, 2013 will be applicable. So, Read those amendments, because, almost 60 to 70 percent of questions will constitute any such amendment. Go through Supplementary Study Material and RTPs released by ICAI for the exams.
The basic and Most important thing to do is start exam preparation with Service Tax and VAT. These two will account for almost 55 Marks including Choice questions.
Important Topics, Chapters:
- Residential Status, Clubbing, House Property
- ST: Valuation, POT, Returns
- VAT: Calculation and Procedures
Books for IPCC Tax Preparation:
It is recommended to practice only one particular book after choosing it carefully. For Service Tax and VAT Portion, ICAI's Study Material is recommended.
The Following list of Reference books has been prepared after taking ratings by at least 100 Students:
- Singhania - Taxmann
- T.N..Manoharan
- Padhuka
- Ahuja - Gupta
IPCC Tax Important Questions, IPCC Tax Notes, IPCC Tax Amendments
