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How to Score " MAX " in " TAX " ??

Important Tips By CA CS Ashish Deolasi Sir (AD Classes) | CS Professional



There are total nine papers CS aspirant has to clear in order to crack the CS Professional Program, Paper 2 belonging to Module 1 deals with the broad subject of CS Professional Advanced Tax Laws which covers both Direct and Indirect Taxation. In this article, we have discussed preparation tips in respect of CS Professional Advanced Tax Laws.

Overview of CS Professional Advanced Tax Laws:

The subject is divided into two parts- Part I and Part II.

Part I has a weightage of 70 marks and deals with:

1. GST Laws (60 marks)

2. Custom Laws (10 marks)

Part II has a weightage of 30 marks and deals with Direct tax and International Taxation.


Significance of Advanced Tax Laws for CS as a Profession:


· The Opportunities of a Company Secretary in the field of GST are not limited. It is important to have more competent and skilled professionals to facilitate regulators to ensure effective compliance of GST. The Company Secretaries are experts in interpreting laws and also possess required skill-set to handle the regulatory compliance under GST. A CS can be involved in various key roles under GST such as that of GST practitioner, GST advisor etc.


· The Company Secretaries also have an important role to play in the field of Direct Taxation where they can assist in resolving various challenges such as keeping abreast with tax regulations, efficiently manage compliance among many others.




OBJECTIVE OF ICSI BEHIND INTRODUCING THIS SUBJECT:

Part I: To acquire expert knowledge, interpretational skills and practical applications on Custom and GST laws

Part II: To acquire expert knowledge on the practical application of corporate taxation including international taxation.

CS Professional Advanced Tax Laws

STUDY WISE TIPS FOR PREPARING THE PAPER:

Preparing for Advance tax laws requires patience, focus, discipline and clarity. It is not possible to learn all the provisions of the entire taxation syllabus. One needs to devise a strategic approach for preparing the paper easily. Some of the Do’s and Don’ts in this regard have been detailed herein under.

KEY POINTS TO REMEMBER FROM THIS ARTICLE:

· Remember Quality over Quantity. Focus on the Quality of your preparation.

· Quote sections whenever necessary and only when absolutely sure about it.

· Set small targets and achieve them over a period of time rather than covering large topics in a hurry.

· Solving past term papers and practice questions is a must.

· Begin with GST and then move onto Part II and cover Customs in the end.


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