How to Prepare and Revise CMA Inter Taxation Paper?

Students often don't pay much attention when teachers provide guidance on revision strategies during classes. They tend to think they'll figure it out after finishing the classes. However, once classes are over, students often find themselves confused about how to approach revision. This confusion arises because students invest around 180 hours in a single subject during classes, but they realize they can't allocate that much time for revision, especially when they need to revise twice in just 2.5 months. Therefore, students need a clear strategy for revising each subject.

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So, we at SJC will be helping students to strategize their study plan after CMA Inter classes, starting with CMA Inter Taxation subject for both the old and new syllabus. We will be guiding students with the revision plans for both the old and new syllabuses. So, let’s delve into the blog.

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Table of Contents?

• How and Which Chapters to Revise Direct Tax?
• How and Which Chapters to Revise Indirect Tax??

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In the CMA Inter curriculum, it's important to note that in the old syllabus, Direct Taxation and Indirect Taxation are separate subjects, while in the new syllabus, they are combined into one subject.

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How and Which Chapters to Revise Direct Tax?

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When students embark on their revision process, they often approach it differently. Some opt to begin with the chapters they find easier, while others start with the foundational ones. However, our recommended ABC analysis for revision is based on the study pattern rather than the chapter's importance:

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A - Start with PGBP, SALARY, DEDUCTIONS, and TDS (Tax Deducted at Source).

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B - Move on to topics such as house property, advance tax, income from other sources, and set off carry forward.

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C - Finally, cover subjects like clubbing of income, Return on Investment (ROI), and Residential status.

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***Points to be noted while studying PGBP***

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• To ensure efficient revision, students should set aside dedicated time for chapters such as PGBP and Salary, as these chapters frequently require more time and attention.
• During revision, students should establish columns, stating the pointers on what is allowed and what is not allowed under income tax regulations. This fundamental practice tremendously helps in correctly answering questions about these topics.
• Another important point for students is to discover and mark questions from their chapters during the classes, which will serve as fantastic practice questions. If students had not marked any such questions during the classes, go through the questions which stand out. Rather than attempting to answer every question during the revision period, students should pick a subset of questions and devote their attention to thoroughly understanding and answering them. This focused approach improves learning and expertise in those subjects.?

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To Mention, students who failed in the CMA Inter June attempt should know there are no Big amendments applicable for the December attempt.

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How and Which Chapters to Revise Indirect Tax??

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In the CMA Inter curriculum, the Indirect Tax section is further divided into two parts: GST and Customs. To make your study plan more effective, here's an ABC analysis you should follow:

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GST

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A - Begin with topics like valuation, supply, composite scheme, and time of supply. These chapters act as a motivational booster.

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B - Focus on ITC (Input Tax Credit), Job work, and Registration, which are known to carry significant marks in exams.

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C - Lastly, cover topics like Invoice, Payment, Accounts/records, Audit,? TDS/TCS.

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It's worth noting that, from an exam perspective, ITC and REGISTRATION hold a substantial weightage. However, starting with these lengthy and comprehensive chapters might demotivate students, which is why we've placed them in the B category.?

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For Custom, pay attention to the valuation chapter.

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Remember, it's advisable to start with Indirect Tax before moving on to Direct Tax during your revision process.

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Key Points to Remember While Revising CMA Inter Tax:

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• Practice rigorously and focus on understanding concepts first. Clear concepts make it easier to practice and solve problems quickly, even when faced with new questions in the exam.??
• Always attempt questions, even if they seem unfamiliar.
• Take mock tests regularly. SJC offers CMA Inter mock tests for all subjects, designed according to the exam pattern. These tests are available in both part mock tests and full mock tests, and you'll receive checked mock test papers with feedback within 48 hours. Check SJC's website for more details about the “CMA mock test Sangram”
• Work through both previous year's question papers and mock tests for effective preparation.
• Avoid using too many different books, as they may not be suitable for all subjects.
• Remember that smart work is just as important as hard work in achieving success.

Watch this video as well for better understanding :?https://youtu.be/z6J-l9DQFoE