Sneha ( AIR 4) Tips and tricks for scoring Rank in taxation

Dear all,

Very happy to score all India 4th Rank and I owe a lot to CCI. So I have started a series of articles to help PCC/IPCC students in all subjects. This is the first of the lot.

I thought of starting it with my favourite subject TAXATION. Bit of horror for some students but its a source of pleasure for me and I am immensely grateful to my teacher CA Binay Bharti for this. I scored a cool 87 in Taxation and here is what i made out-

PREPARATION-

1.Notes are a strict requirement . Make a separate notebook and write down various section numbers along with its provision. It will be a boon for you at the time of revision coz you wont need to get back to the book at all.

2. It would be preferable if you can memorise the section numbers. No matter what people say but the truth is it boosts your score. But quote a section number only and only if you are 200% sure about it. Wrong section number can prove fatal to your answer.

3.Better not go for digging into too many questions at this level. Solve the scanner, institute's module and selected questions from a reference book (use Girish Ahuja or V.K Singhania's book).This will be more than enough. Scanner is a must.

4.Keep on revising the sections. Tax is a very slippery subject. Can slip from your mind as well as your marksheet anytime. So needs regular revision. Develop an interest , you will find the journey beautiful.

5.Use only institute's material for Indirect Tax part. Learn the theory word by word and just paste it in your answer sheets. Its very easy and scoring at the same time.

Answer sheet-

THEORY ANSWERS

1.Start with theory answers. Hope your handwritings are legible .(Handwriting need not be beautiful but decent).You might get confused in practical part if you start with it coz of nervousness. So start with some theory till your nerves settle coz its a boiling hot exam environment. Try to present the answer point wise.

2.Stretching and Shrinking-Many times in theory answers we  don't have much to write but try and learn the trick to adjusting the answer according to the marks allotted. Suppose a question is for 4 marks having just a 2 line answer. The evaluator also knows this fact but even if you write only those two lines the  he might give you just 2 or 2.5 marks. So learn how to stretch and shrink an answer giving no scope to the evaluator.

PRACTIAL ANSWERS- 

1.Solve it neatly. Working notes must be clear - as clear as possible. No need of decoration but cleanliness is always preferred.

2.Try and solve 100 marks paper. The evaluator is in a completely different mindset when he sees a 100% solved answer sheet. Possibility of failing is almost washed away.

PROVISIONS- MY REASON OF SCORING 87.

The practical questions designed by ICAI have high probability to make us fall into trap. Its tricky and even the best of the best don't get 100% correct solution on most occasions.

In Practical answers--if you have time then mention the provision along with the section number in working notes. It will work wonders. Even if your solution is 50% wrong your provisions can fetch you 90% marks. It works and it works wonders. Because the teacher is assured that the students has the knowledge.

I did it in each of my answers. I was so scared of it working but we all have the result in front of us. So give it your best shot. Good luck.

Regards,

Sunshine

Score more in Costing and FM By Sneha Bagala

Management today. Trust me its one of the most scoring papers and you need not be afraid of it. I was most scared for CAFM when i entered IPCC  but towards the end i realised it was nothing more than an infamous rumour that its difficult.

The key to score marks here is your working notes. You can solve the questions 100% correct but without proper working notes you will not get anywhere more than 50% marks.

Cost Accounting- undoubtedly one of the trickiest subjects of PCC/IPCC syllabus. Mind you i did not say difficult. The first and foremost requirement to crack this subject is a concentrated mind. Questions are undoubtedly tricky but its just a matter of seconds. If it clicks then its lollypop stuff. If it doesn't click then.......!!!

1. Practice and practice and practice. The only way to clear this subject is to solve as many different types of questions as you can. And keep on revising. You cant give this subject a break of 10-15 days. Then again you will be blank and will have to start from the scratch again. So keep on solving a few questions of all chapters on a daily or at least weekly basis.

2. Read the question at least TWICE before solving. A single word in the question can change the answer completely. So while reading the question , make sure you underline the key words. If you miss, then whole solution can go wrong . Do not throw away marks in excitement.

3.Patience holds the key. If you find a very twisted questions giving no clue then don't leave it. Read the questions thrice..still  not clicking then once more. The clue is hidden in the question itself most of the times. So keep on reading the question with utmost concentration.

4.On the eve of the exam day, make sure you solve at least 2 questions of each and every  chapter. With questions i mean the main questions  which contain the gist of the entire chapter. Preferably it could be from the scanner.

5.Do not ignore theory part at any cost. No need to read the book for theory as it has too much complex material in detail. Do theory from the compiler. Only and only compiler. You wont get any question out of that.

Financial Management- Syllabus is short. Nothing in comparison to Costing part. But its tougher and Cost.

1. Do Capital budgeting and Cost of Capital well and 50% is done. Cash flow is already done in Accounts part so need not worry. Fund flow is just the same thing with a different format. Concept is the same. So it wont bother you much. So while doing Cash flows in Accounts part keep in mind that you are preparing it for two subjects and not one.

2.In Finance part what matters is the concept. A single question can have as many as 3 different answers all solved with different methods and be rest assured all 3 are correct. Do not get confused if your answer doesn't match with the 1 given in the book. Just see if your concept is correct or not. It needs to be depicted in your working notes and you will get full marks.

3.For theory part, i would suggest you again to go for compiler only.

Hope this helps you people. Best of luck.

Best regards,

Sunshine.

Decision to be taken by CA students By Sneha Bagala

"Maine ek baar commitment kar di to uske baad main khud ki bhi nai sunta"..Although i hate Salman khan to the core still to explain you people what i mean i had to use it......ok so...CA students too need to make some commitments(no no relationship wali nahi budhu..)..Commitment to yourself...Your career ... Your future....!!!!

Kuch faisle zindagi badal dete hain....

All lovely kids of ICAI have some key decisions to make during their student life whether now or tomorrow.The earlier you make these decisions the better for your academic career.....

1.Self study or Coaching - aahhh...long old discussion.lets see..

DECISION to be made is --- Which are the subjects for which you need coaching??(i feel we are mature enough to read at least 1-2 subjects by ourselves i guess) This can vary from student to student. Some find theory papers easy enough to read themselves while some wanna have deep expert knowledge in these subjects too..Analyse your abilities and take the decision accordingly...

What needs to be done??

Try and start the subject yourself..ek baar book khol ke to dekho andar kya maal bhara hua hai??Then judge where you stand..

It really sounds stupid when students join classes that actually they should not just coz their friends are joining it..Dosti ke naam!!! ufffff...to ek kaam kijiye ..apni CA ki degree bhi dost ke naam kurbaan kar dijiye....If you want then go for some demo classes and take the decision withing 10-15 days ... coaching chahiye ya khud hi ho jayega??? 

And there is no shame in taking help from a teacher...they are there to help you only..Dont think of it as spoon feeding..Take it as sitting under a shower of knowledge pouring over you from your teacher's head...

Thank God 1 decision is taken...Next thing to ponder over is- 

2. Subjects- 

Main har subject me 100 me 100 padh ke jaunga aur 101 number laakar dikhaunga..!!!

Wah bhai wah!!! Einstine aur Newton ke bhi baap ho tum to yar....!!

please dont think like this.. You cant try to be master to each and every subject in a professional exam...You are overburdened with so many uncountable things..ICAI jab dekho tab new bomb blasts karti rehti hai!!...Now trying to eat up each and every page of each subject can prove detrimental to your cause my dear..kahin lene ke dene na pad jaye...coz time to limited hai..!!!

koi 4-5 saal baad to exam nai dene ka socha hai na aapne???? if the answer is in affirmative then my article is over for you(bye bye)..but if your answer is no then please listen to me very carefully...

Every student is unique in his/her abilities.Some students dont find IT and SM worth reading...Others might find costing too tough to handle...For some Tax is a tough cookie to crack...Start reading the books...After 1 month decide in your mind...

1.Which is my favourite paper??

2.Which papers are easy enough for me to try and get exemption??

3.Which papers do i find hard and i just need to cross 40??

When you decide this in your mind then plan accordingly....Do not try to gain mastery over everything coz you are not!!!...Plan your studies accordingly...Devote your time to those subjtcts accordingly... 

Once a decision is taken..Its full and final...idhar udhar bhatkoge to bhatakte hi rahoge..Wanted ka Salman Khan banna hai ya nahi?.Aaj yahan kal wahan..!!To CA hai kahan?????At last i would conclude with a wonderful poem by Late shri Hariwansh Rai Bachchan..

madiralay jaane ko ghar se







chalta hai peene vala











kis path se jaaon







  asmanjas mein hai vo bhola-bhala







alag-alag path batalate sab







    par main yah batalata hoon



  

raah pakad tu ek chala chala







paa jayega madhushala











  paa jayega madhushala..!!

Good luck!!

Regards,

Sneha 

 

Books to be referred for P C C / I P C C .. Sneha bagala

BOOKS TO BE REFERRED FOR IPCC/PCC

Dear all,

Many students kept on asking me about the books to be referred for PCC/IPCC, so thought of sharing this experience of mine..hope it helps..Always keep in mind that quantity of books does not matter.No use keeping a mountain of books on your study table. In fact referring too many books can prove to be confusing.Stick to at most 1 reference book for any subject along with institute's material.

1.Law- My experience with Munish Bhandari's book was fantastic.I am sorry to say this but i found the institute's module of law very confusing.So i did not refer to it after a few initial chapters.Munish Bhandari book has got all solutions of previous years' questions in a very good manner and the presentation is also perfect.But stick to institute's module for Ethics portion.

2.Information Technology and Strategic Management- I referred only Institute's material. Just looking at the scanner you will be able to judge that all the questions are directly from the institute's book and so its better to refer it.All other books are nothing but a copy paste of institute's module.

3.Auditing- Institute's material is too vast and for students who are going for both groups in 1st attempt,its not advisable to go for it.Everything is given in a very detailed manner, Not condusive for exams.I opted for Surbhi Bansal's book along with DS Rawat for SAs.

4.CAFM- Institute's material along with scanner is a must for success.If you get time then go for other reference material.Paduka is good or else look for some assignments from teachers.

5. Taxation- For indirect tax only institute's material is advisable.Learn it word by word coz its easy and carry 50 marks.For Direct Tax go for either Girish Ahuja or VK Singhania.Better prepare notes for easy reference.

6.Accounts- Varies from student to student.I would suggest you to solve institute's material and scanner 1st and then look for any  kind of reference material.Tulsiyan's book is good ,i referred it for a few chapters.

Best regards,

Sunshine

AIR 4 (IPCC November 2010)

Ask your Doubts to me............

If any one of you have any questions to ask me for improving your study routine, Please Just scrap it here....You will surely get the answers.

Where to start preparation for November exam 11

Dear Friends

Now Your CA final result is just over and trend is seems to be pretty good. But what ever happened, still some of our friends were struggling for passing out CA exam. Now there are two segments of people who are going to write November 11 exam. The first group is already failed in May exam and second category is fresher’s.

My word to Losers of exam

Having failed in spite of your all possible effort is simply says “miserable”. No one can stop you from failing until you have changing your mindset in a positive manner.

This failure just like an external indicator for internal performance improvement.  If you observe you’re the failure pattern itself shows a consistent trend pattern! (Fails for Aggregate or fails in practical or theoretical papers.)

First of all, you have to change your mental outlook in a positive manner.  Getting a grip over your weakness will help you to success your next exam.  Second, you have to motivate yourselves.  Remember ‘No one can motivate you other than yourselves. You have to pass your life, so, you have to keep motivate yourselves; put extra effort, if it is necessary to accomplish your goals.

This is not the time to disappoint rather the right time to set forth your full power in to one particular mission that is next November exam. Whether you have failed or fresher, wake up from your sleep first and think to exploit the remaining days more effectively for study process.

How can write your next exam in a better manner??

 In this Endeavour, there require a good and effective daily study plan and strategy.  You are the only person responsible chalking out your plans. Whatever time you get free can be utilized for study process. If you looking back for the strategy of others, the result will be negative.  Self strategy is one of the most important ingredients.

 How a Topper become Topper??

 Whether you are going for Practical or theory, getting over concepts is most important.  This can be accelerated by your coaching teachers or good reference book and self study or group studies.

 Revision will help you to build your concepts stronger and better and testing under exam circumstance will help you to improve yourselves.

If you are following the above three things strictly, then, you will become a un beatable person by yourselves. 

Never feel that you have no time or running short of time. It is your duty to find out time to chalk out the action plan. Remember , all are facing the same problem of lack of time.

 ( L R T Techniques)

Your total study cycle should be allocated for “Learning, Revising and Testing” before your actual exam.

Each of these steps is very important and has to be chalked out very seriously and same important.

Example

Days	7 AM to 1 PM	3 PM to 11 PM
Monday to Wednesday	Learning	Learning
Thursday to Saturday	Revise	Revise
Sunday	Mock test	Mock test

Total days shall be allocated for both practical and theory segment. However, if you find a particular paper hectic, allocate some more time for it. As far as practical papers are concerned, solving extra number of problems will not only improve your conceptual bunch but also problem solving speeds, so it is a twin benefit for you.

Remembering section number or name of case laws is not at all important, rather writing the relevant point is most important. However, if you can able to write it in exam will be added advantages. For that better prepare a chart of sections and fix it in a place you can see it frequently.

All the best

CA Vivek M

Castudenthelpdesk@gmail.com

Rank holders Tips to Score good mark in CA Exam part 3... Posted by balasubramaniya

Meet CA topper Charmy: “Theories can be interesting’’

The last 4-5 months should be focused only on your studies.

MUMBAI-based Charmy who bagged the third rank in the CA Final Exam, belongs to a family who relates well to financial jargon. Quick tips from her father, a tax consultant, and her siblings who are practicing CAs, helped in acing the exam. Her go-getter attitude reflects not only in her academic record but also in other aspects of life. Read on to find more. 

Fast Facts
Name: Charmy Suresh Sheth 
Exam: CA Final All-India
Rank: Third 
Score: 586 
Roll No: 08530 
Location: Mumbai

Q. What made you pick CA as a career option? 
A. It was love for numbers and the prestige associated with the field which inspired me to choose it. Doing CA and clearing it up in the first attempt is a tough luck. My brother and sister who cleared their CA finals motivated me to crack it in the first attempt.

Q. Is this your first big success? 
A. No. I cherish those years when I was chosen as head girl of my school. I had a proactive, socially responsible and academically strong image. Winning trophies in the inter-school elocution competition gave me an edge over other students. It was a special feeling of being a teacher’s pet then! Later, my goal was to do my best in my chosen career. In fact I got All India 10th rank in CPT (CA foundation paper) scoring 90%, followed by ninth rank in my third year of BCom at Narsi Monji College of Commerce, Mumbai.

Q. How did you cope up both articleship and college? 
A. I am glad I sailed through that phase; I was out for 15 hours hopping from college to work. Balancing my schedule was at times, hectic as office comes with endless responsibilities. The real challenge was to prove myself in both places. I never wanted to compromise one for the other. So, I made sure that I attended my college lectures regularly. Luckily, it was not a lonely journey – as 90% were CA students in the college. We shared similar sentiments.

Q. Earlier CA exams were conducted in 8 days, consecutively. No breaks. Now, it is an alternate day schedule. Does it help? 
A. Yes, it helps immensely. In the alternate days – you get enough time to study. It comforts you to revise more. I also observe that a one-day preparatory holiday is not enough for most students. And the reason is that they do not plan well. Last-minute studies require a good planning.

Q. So, what was your study mantra? 
A.“Failing to plan is planning to fail” is a mantra I randomly read somewhere. After contemplation, it was interesting to note that I was following it since childhood. My studies were all well-planned. I had made a small diary in which I used to design a 15-day timetable. I took two subjects in a day – one theory and the other practical. I was clear at what time I have to carry Subject 1 and Subject 2. Every evening post studies, I would take stock of chapters finished on the same day and subsequent days. Before sleep, I used to always put down black and white. My timetables are always on paper. Discussing verbal time table with friends mostly go vain. Your mind can forget but paper hits your mind.

Q. How many of hours of study? 
A. I am an early riser. So, my preparation begins with the fresh mind. IAt that time, due to some construction in front of my house, it was difficult to fully concentrate. I joined a 24X7 library where I used to spent nine hours of the day. I am thankful to that library in every sense – I got peaceful space and dozen passionate CA friends. We all turned out to be very resourceful and helped each other as we used to discuss, share notes, books and views.

Q. How did articleship and coaching help you in the exam? 
A. I joined J.K Shah classes at Andheri, Mumbai which helped in conceptual clarity. My articleship at Purvesh & Associates, Borivali, Mumbai was icing on the cake - It gave me practical exposure on audit and taxation. The audit and income tax paper was a breeze. My boss, who is also an All India ranker was a great motivator at work. Positive colleagues and meeting clients helped me gain confidence. Indeed, I got a good grip on the subject and work life. But at the end of the end, both coaching and articleship is important, but it is supplementary. Individual efforts are must. 

Q. Did you feel any pressure during your exam?
A. My regular yoga exercises helped me release out all worries. I used to do pranayams before I left for exam.  I was very calm, relaxed during my exams. I would not carry any materials to my exam hall. I would rather break my calm cycle if I start flipping pages at my exam hall. I believe you just have to give your best and rest will fall in its place.

Q. What next after this euphoric moment? Do you want to study further? 
A. Definitely, I have a knack over financial analysis. After I finish my articleship and one year CAT preparation, I plan to do MBA in Finance. I don’t want to hurry – as I believe in step by step approach.

Q. What is your advice to future CA aspirants? 
A. Most people find theories dull – there is a negative attitude towards it. You can find it interesting if you give a repetitive read. Mugging up doesn’t work in CA. One should understand the objective of XYZ chapter. Focus is must. The last 4-5 months should be only dedicated to studies. Also, don’t go for random study. There are limitless books in the market. Believe me 90% the books will say the same thing. When I go to a book store I check how I feel about the book – format, font, readable quality. Shuffling books – is sheer wastage of time and energy. So, settle down with one book.

Suggested reading:

• ICAI Study Modules/Practice Manuals
• Advanced Auditing and Professional Ethics: VK Agarwal
• Corporate and Allied Laws: Munish Bhandari