CA INTER 🔴TAX - 13 Chapters 70 Marks🔴 | Last time Tips 🔥 | VG Sir

Summary

In this motivational and instructional video, the speaker emphasizes the importance of focusing on specific chapters for a successful exam preparation in both Income Tax (DT) and Goods and Services Tax (GST). The speaker outlines 13 key chapters (7 for DT and 6 for GST), stressing that these chapters are crucial for answering 60-70 marks worth of questions in the exam. With strong encouragement, the speaker urges students to revise these chapters thoroughly and not skip any critical topics to maximize their exam success. The message is clear: prepare well, focus on key areas, and achieve great results.

Takeaways

• 😀 Focus on revising the 13 critical chapters for the upcoming exams in Income Tax (DT) and GST. These chapters are key to scoring 60-70 marks in the exam.
• 😀 In Income Tax, the chapters on Tax Rates, Residential Status, Salary, Capital Gains, Deductions, and TDS/TCS are the most important and should not be skipped.
• 😀 Pay special attention to sections like 115BSC, Rebate, Surcharge, and the detailed concepts under Residential Status, especially Deemed Resident and Exceptions.
• 😀 For Salary, focus on the sections covering Perquisites and Allowances as these carry significant weight in the exam.
• 😀 Chapter on PGBP (Profits and Gains of Business or Profession) requires special attention to concepts like Depreciation, Section 40, and Section 44 related to presumptive taxation.
• 😀 When revising Capital Gains, prioritize Sections like 54, 50C, 51 (Advance Money for Forfeited Assets), and 45(2) on conversion of assets into stock-in-trade.
• 😀 Chapter 6 on Deductions is crucial and should be thoroughly revised as it carries significant marks.
• 😀 Do not neglect TDS/TCS (Tax Deducted at Source/Tax Collected at Source). This chapter is also critical for the exam.
• 😀 In GST, focus first on the Valuation chapter, followed by important topics like Assessment, Composition Levy, Supply, Registration, and Reverse Charge with Time of Supply.
• 😀 The key advice is to not leave any of these chapters out of your revision. If necessary, prioritize them even if you have to work through a marathon of study sessions.

Q & A

What are the main subjects and chapters emphasized in the speaker's advice?

The speaker emphasizes two main subjects: Direct Taxation (DT) and Goods and Services Tax (GST). For DT, 7 key chapters are highlighted, and for GST, 6 chapters are stressed. These chapters are crucial for exam preparation and are expected to contribute to 60-70 marks.

Which chapters are considered the most important in Direct Taxation (DT)?

The most important chapters in Direct Taxation (DT) include: 1) Tax Rates, 2) Residential Status, 3) Salary, 4) Profits and Gains from Business or Profession (PGBP), 5) Capital Gains, 6) Deductions, and 7) TDS and TCS.

What specific topics should be focused on within the 'Tax Rates' chapter in DT?

In the 'Tax Rates' chapter, the focus should be on sections 115BSC, rebates, and surcharges.

Why is the 'Residential Status' chapter so important in DT preparation?

The 'Residential Status' chapter is critical because it covers key concepts like exceptions and 'Deemed Resident', which play a significant role in determining tax liabilities.

Which specific sections are essential in the 'Capital Gains' chapter in DT?

In the 'Capital Gains' chapter, focus on sections 54 (Exemptions), 50C (Stamp duty value), and 51 (Advance money forfeited).

What should be prioritized within the 'Deductions' chapter in DT?

The entire 'Deductions' chapter is important and must be thoroughly studied, as it contains multiple deductions available under tax laws.

Which chapters are essential for GST exam preparation?

The key chapters for GST preparation include: 1) Valuation, 2) Assessment, 3) Composition Levy, 4) Supply, 5) Registration under GST, and 6) Reverse Charge and Time of Supply.

What is the focus in the 'Valuation' chapter in GST?

In the 'Valuation' chapter, the focus is on understanding the rules and methods of determining the value of goods and services for GST purposes.

What is the significance of the 'Reverse Charge and Time of Supply' chapter in GST?

The 'Reverse Charge and Time of Supply' chapter is important because it explains the reverse charge mechanism, where the recipient of goods or services is liable to pay tax, and how this is interlinked with the time of supply.

What is the speaker's overall advice regarding the preparation for these 13 chapters?

The speaker advises not to skip any of the 13 key chapters and to focus particularly on the most important topics within them. These chapters are crucial for securing a high score in the exam, and a thorough revision is necessary for the best results.