HOW TO PREPARE CS PROFESSIONAL ADVANCE TAX LAWS FOR JUNE 2019 Exam
How to Prepare CS Professional Advance Tax Laws : Subject Overview:
Advanced Tax Law and Practices (ATLP), lovingly called TAX. Most of the students want to run away from this subject, but alas, there is no option. This subject is considered as the most difficult in the entire syllabus and in the 3rd Group. There is nothing as difficult in here, just that it is too lengthy for such less marks and introduction of GST has scared the students even more. However, there is nothing to be scared off, if you want to achieve something you will have to work hard. Tax is divided into 2 parts:
PART A – Direct Tax (30 marks)
PART B – Indirect Tax (70 marks)
Part A consists of topics like international taxation, salary, PGBP, residential status, other head of incomes etc. Studying all these for 30 marks is quite tiresome but you can always sort out according to relevance.
PART B consists of two major topics Customs and GST. This is the part where you can score majorly. Customs is quite easy and can fetch you around 25-30 marks. GST, on the other hand is lengthy but some major topics will fetch you enough marks to pass.
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CS Professional Video Lectures OLD Syllabus
CS Professional Advance Tax Laws Video Lectures by CMA Vipul Shah | Old Syllabus
How to Prepare CS Professional Advance Tax Laws : Objective of ATLP paper in CS Professional:
In the corporate world, a Company Secretary is not only required to have company law knowledge but also expected to know various other aspects that affect a company. A company has to deal with various tax, audit issues and for this the Board may require your advice. Hence, a CS should be well equipped with the basics of tax practices. This subject helps students to learn and understand Income Tax Act, Customs Act and GST. The aim of this paper is to enable students to get the basic knowledge of the entire gamut of tax.
How to Prepare CS Professional Advance Tax Laws : What is expected from the student by ICSI?
Company Secretaryship being a professional course, the examination standards are set very high, with emphasis on knowledge of concepts, applications, procedures and case laws. The students are required to be conversant with the amendments to laws made upto 6 months preceding date of examination. Being a lengthy subject, students are not expected to know each topic word by word but conceptual understanding is a must and one should be able to make the examiner understand the concept.
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How to Prepare CS Professional Advance Tax Laws : Study Plan and Strategy
Tax is vast. Preparation for tax should begin well in advance. Since it is divided into 2 parts it becomes easy for us to plan. First and foremost selective reading of the chapters should be avoided. Plan according to the relevance of the chapters. For example in case of GST, chapters like Point of taxation, Place of supply, input tax credit are some of the important chapters and hence one should complete them first.
Now, for effective results, on should start with PART B first because it will fetch you majority of the marks. In Part B, start with customs first because it is quite small topic and easy to learn and will fetch you 25-30 marks. So finish customs first so that you are atleast sure of those marks. Next, pick up GST. In this also, first sort out the chapters according to their relevance and finish those first. Some of the important chapters are-
- Overview of GST
- Input Tax Credit, Input Service Distributor
- Registration
- Returns, Annual return
- CGST Law
Like this by sorting out important chapters, you secure another 15-20 marks. But remember not to leave any chapter; otherwise it may cost you another attempt. Agreed that GST is too vast but you have to go through other small chapters too. You may first study the important ones and then do thorough reading of the small ones. Selective studying is the worst. And yes, it will take lots of your time but make it a habit to study tax daily for 2 hours otherwise you won’t be able to complete Part B only. Once you are done with this part, revise the entire thing once again and then only move on.
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Coming to PART A, most of the students do not even touch this part. They think that studying so much for just 30 marks is stupidity. But remember Institute is not stupid to incorporate this part into the syllabus. These 30 marks are on the other hand a very big advantage. You have already studied heads of income in the executive level and now you just have to revise. International taxation is the most easy topic and will fetch you around 5-10 marks and hence you should finish this topic first. Then move on to tax planning and management and this will ensure about 5 marks. This way you have already secured 10-15 marks out of the 30 marks. For the remaining, you should do thorough reading and check previous year’s question papers to analyse what type of questions does Institute ask for Part A.
Once you are done with all this, start revising. Because tax is a highly volatile subject and hence only revision will save you from failing.
If some concepts are difficult to understand then write them down on a separate sheet of paper and revise them again and again so that it becomes easy for you because practice makes a man/woman perfect.
In short, ways to prepare for this subject is definitely going to vary from person to person but these are some basic tips that one should include in his or hers study plan.
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How to Prepare CS Professional Advance Tax Laws : Bare Act
They are the life blood to law it is always suggested to have the relevant Bare Act while studying the subject. However, they should not be used as the only study material because they are too vast and lengthy and that is why one should use it only for reference.
How to Prepare CS Professional Advance Tax Laws : Sections and Case laws:
There are numerous sections in the entire syllabus of tax but the good part is that unlike company law, you don’t have to remember all the sections. Even if you don’t mention the section, you won’t lose any marks.
Coming to the case laws, this is a bit difficult to explain, but sometimes the Institute asks case laws for around 10 marks in Part A and since GST in quite new there aren’t any case laws for that right now. It’s not possible to remember the names of the case laws but one should atleast read the case laws once so that even if you don’t remember the name of the case, you can explain what happened therein.
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How to Prepare CS Professional Advance Tax Laws : Language and Presentation:
This is one of the most important are of concern for the students. A common feedback from the examiners was that students are generally weak in English Language but they are thorough with the subject. As a result, the presentation of answers does not give brand image as of a student at the CS Professional level. This problem can be overcome by writing practice and self examination.
Answering in paragraphs is recommended as it makes it easy for the examiner to check. Proper care should be taken of how the student presents his answers. Generalized and vague answers should be avoided as it reflects your low preparation of the subject.
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How to Prepare CS Professional Advance Tax Laws: Chapter-specific guidance:Â Â
Lesson 1 – Taxation of Individuals, Partnership, LLP and Companies
After completing this lesson, students will have the understanding of basic concepts of taxation, constitutional provisions, definitions, concept of previous and assessment year, residential status and scope of total income, deductions under chapter VI-A etc.
Lesson 2 – International Taxation
After completion of this lesson, the students will understand the basic principle for taxation of international transaction, provision of taxation of non-residents, transfer pricing provisions etc.
Lesson 3 – Tax Planning and Tax Management
At the end of this lesson students will understand what is tax planning, tax avoidance and tax evasion, tools of tax planning, practical problems covering tax planning with respect to companies and business entities etc.
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Lesson 4 – Indirect Tax Laws and Practice – An introduction
This chapter is required because for proper compliance of indirect tax laws, Company Secretaries with their in-depth knowledge and wide-range experience can offer their professional services to the industry.
Lesson 5 – CUSTOMS LAW – Introduction and basic concepts, valuation, assessment of imported and export good and procedural aspects
After end of this lesson, students will have the understanding of the basic and practical aspects of customs law, be able to value the imported and export goods for payment of duty, and understand clearance procedures involved in importation and exportation of goods.
Lesson 6 – CUSTOMS LAW – Arrival or Departure and clearance of imported or export goods, warehousing, duty drawback, baggage and miscellaneous provisions
At the end of this lesson, the students will be familiar with the provision related to Arrival or Departure and Clearance of Imported or Export Goods, familiar with the warehousing, duty drawback and baggage provisions.
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Lesson 7 – CUSTOMS LAW – Search, Seizure, confiscation of goods, offences and penalties
At the end of this lesson, the students will be familiar with the adjudication provisions.
Lesson 8 – Advance Ruling, Settlement Commission and Appellate procedure
After completion of this lesson the student will have the understanding of provisions of Advance Ruling, who can seek advance ruling and on whom it is binding, what is the procedure to obtain advance ruling, procedure to file appeal before the Settlement Commission, cases where the application can be made before the Settlement Commission, appellate procedures.
Lesson 9 – Promissory estoppels in fiscal laws, tax planning and tax management
After completion of this lesson, the students will understand what is promissory estoppel, applicability of doctrine of promissory estoppel under Indirect taxes, tax planning under indirect taxes.
Lesson 10 – Overview of GST
At the end of this lesson you will be able to learn about: existing tax structure and its challenges, concept of GST, steps taken to implement it, its model, global scenario of GST, various legislations passed for it, its administrative mechanism, rates of tax etc.
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How to Prepare CS Professional Advance Tax Laws : Lesson 11 – Central GST
At the end of this lesson, you will be able to learn various definitions given in the Act, the nature and scope of supply, composite and mixed supply, reverse Charge, levy and Composition Scheme, time of supply and Value of supply.
Lesson 12 – Input Tax Credit, Job work and Input service distributor
At the end of this lesson, you will be able to learn about Input tax credit, ITC where goods are sent on job work, distribution of ITC by ISD and matters incidental thereto.
Lesson 13 – Registration, Accounts and records, Payment, Refunds, Tax invoice, Credit and Debit Note, E-way bill.
At the end of this lesson, you will be able to learn about details regarding registration, the records and accounts to be maintained, tax invoice, credit and debit note, Returns, payment of tax, refunds, Provision related to E-way bill.
Lesson 14 – Assessment, Audit, Search and Seizure, Offences and Penalties
At the end of this lesson, you will be able to learn about procedure of assessment and audit, provisions related to Search, Seizure and Arrest, Various Offences and Penalties, Advance Ruling Provision, provisions related to Appeals and Revision.
Lesson 15 – IGST Act, 2017 : How to Prepare CS Professional Advance Tax Laws
At the end of this chapter you will be able to learn about various important terms used in the IGST Act, levy and collection of IGST, concept of Intra-state and Inter-State supply, place of Supply of Goods & Services, apportionment of tax and settlement of funds etc.
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Lesson 16 – UTGST Act, 2017
At the end of this lesson you will be able to learn various terms used in UTGST Act, administration, levy and collection, Input tax Credit, Advance ruling, common provisions of CGST and UTGST and other Transitional provisions.
Lesson 17 – GST Compensation Cess
At the end of this lesson, you will be able to learn the concept of Compensation Cess, what is included in base year Revenue, computation of projected revenue, computation and release of compensation, GST compensation fund, power to make rules etc.
How to Prepare CS Professional Advance Tax Laws : How to Plan for examination:
This subject requires immense planning and preparation from day 1. To complete such a vast subject, proper planning is a must. Planning may vary from person to person but you should keep in mind that you keep ample time for revision of the subjects too.
Since this subject requires expert knowledge, you should be prepared and conversant application of law in practical situation. Abstract reading of the law in the form of theory will not help in complete understanding of the subject. You should also give importance to terms/definition for proper conceptualization of the answers. Plan and act accordingly.
Study plan should be developed by keeping adequate time margin for study revision.
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How to Prepare CS Professional Advance Tax Laws : Important Tips:
- Before the final exam, one should at least solve one test paper so as to know how much prepared are you and whether you are able to finish within the time limit of 3 hours.
- Revision is a must. Keep revising the subject at proper intervals.
- Don’t let your doubts build up. Get your doubts cleared as soon as possible.
- Writing practice is a must.
- If you start studying earlier, then you may make your own notes too.
- Lastly and most importantly Company law is the core in a Company Secretary’s life. Study this subject as nicely as you can because once you become a CS you can’t open your books again and again to answer the Board of Directors.
- And one more thing, never ever give up. It is going to take lots of pain to study so much, but when this pain becomes a gain in the future, the happiness of that gain is beyond this universe.
YOU CAN AND YOU WILL DO IT!
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Article Name: How to Prepare CS Professional Advance Tax Laws
