CA IPCC Group-1 Important questions / Chapters / Topics for Nov 2015 exams, Important Subject Topics Preparation Tips of Group 1 Accounting, Law, Costing and FM and Taxation
(Extracts of notes by previous toppers)
CA IPCC Taxation paper Tips, Important Topics:
Important Topics in Chapter 3: Income which do not form part of Total Incomes:
- Section 10(1): Agricultural Income
- Section 10AA: Tax Holiday for SEZs
- Section 10(10BC): Compensation received by an Individual or his legal heir on account of any disaster.
- Section 10(2A): The Partner's share in total income of the LLP.
Important Topics in Clubbing of Income:
- Section 64(1)(iv): Income arising to spouse from assets transferred without adequate consideration.
- Section 64(1)(ii): Income arising to spouse by way of remuneration from a concern in which the individual has substantial interest.
- Section 64(1A): Income of Minor child.
Important Topics in Income from Salaries:
- Section 10(13A): House Rent Allowance
- Section 10(14)(ii): Children Education allowance
- Section 10(10): Gratuity
- Section 10(5) : Leave Travel Concession.
- Section 16(iii) - Professional Tax
Important Topics in Income from Business or Profession chapter:
- Section 32: Depreciation
- Section 35: Expenditure on Scientific Research
- Section 37(1) : General Deductions
Accounting Important Chapters, Questions:
On a sample survey of last four IPCC exams, it was found out that, if you take 100 students who have secured exemption in Group 1, among those 100, a staggering 60-70 number of exemptions have come from the Accounting subject.
In another survey of students who failed in the Nov 2013 exam but got an exemption in one or more subject, there are 68% students who have got their exemption only in Accounting.
The trick is choosing a wise material. Recent toppers have stated that, ICAI’s practice manual is the best and that’s what makes the difference.
Important Chapters/Topics:
- Partnership – Retirement
- Single Entry
- Insurance for loss of Profit
- AS 6,9 and 10
Law Ethics and Communication Important Topics:
We have conducted a survey of 160 students who have secured exemption in Law. Below are a few notes they have made:
Side-headings, Side-headings and Side-headings. 56% of the students have told the same thing. The importance of sub-headings. Once you write a suitable sub-heading, the examiner will have no need to go into the matter.
70% of the students have given the credit to Ethics and Communications. Ethics and Communications have a comparatively very much smaller syllabus. Combined reading based on sub-headings have got them the success.
For Law, most of the students have credited the need of ICAI Practice Manual.
Important Chapters/Topics:
- Meetings, Incorporation
- Workplace Ethics, Ethics in Accounting and Finance
- Communication channels and Ethics
Download Law, Ethics Notes for Revision
Costing and FM Important Chapters:
Recent stats say that, out of the students who have failed Group-1, 72% have failed in Costing and FM along with some other subject, and 46% students failed only in Costing and FM.
This subject has two shades. It has been a boon for a set of students and for some, it has been a curse.
So we decided to go deep into the matter and have inquired 300+ students, which includes students who have been failing this subject for at least two attempts and students who have got exemptions. We also extracted much needed info from a student from Vijayawada who scored 86 in this subject.
Almost all the students who succeeded in this have noted the same point, PRACTICING WITH PEN AND A BOOK. A close analysis of the preparation style of students who have been failing revealed that, most of them were just going through the questions and not putting them on to the paper. Not just Seeing, PRACTICE, PRACTICE and PRACTICE. By looking at the book, it looks like everything is ok, but once you put the pen on the paper, it wont move after two steps.
Second point is the presentation. Costing is all about presentation. You may bring the solution, but unless you present it in a format, you are not going to score marks. We have obtained the certified copies of a few students which revealed the same.
Important Chapters/Topics:
Costing:
- Material Cost
- Contract Costing
- Marginal Costing
- Joint and By Products (Theory)
Financial Management:
- Cost of Capital
- Cash Flow Statement
- Management of Working Capital
Taxation Important topics
Exam point of view, the first thing you need to start and finish is VAT, and then Service Tax and then move on to Income Tax.
There have been plenty of amendments in Service Tax and recent Practice Manual is well updated with all the changes and very good practical questions.
Most important point you should remember while preparing for Taxation is, NEVER READ A BULK OF SYLLABUS IN A SINGLE DAY. Taxation is a tricky subject who should be prepared over a period of time. Don’t finish topics in a single stretch. For that day you may feel like you got that but after a week, everything comes to the starting point. Slow and Steady.
Killer tip: Go though Amendments made in Finance Act, 2013. A minimum of 50-55 Marks will be covered from those topics only.
Important Chapters/Topics:
- Residential status, Clubbing, House Property
- ST: Valuation, POT, Returns
- VAT: Calculation and procedures
Important Theory Questions:
- Service Tax @ Life Insurance business
- Benefits of Composition scheme under VAT
- Advance Payment of Tax on Capital Gains (5M)
- Deduction u/s 80CCG
- Section 197A (1F)
- Service Tax on Vocational Course offered by Govt Org
