Last Minute Suggestions to CS Final - Advanced Tax Laws – DEC 15

Dear Friends,

Tax is said to be the Toughest subject of the Syllabus. Therefore you have to revise it completely before exam. CS Final is a Professional Examination and everything in the ICSI Mat is Important. But there a few topics in this subject which require some more attention than others. So lets discuss them and check whether you have prepared them or not.

Advanced Tax Laws:

The most important part of this subject are Amendments. Which I can provide you by email.

The important topics which you need to take care of are as follows:

DIRECT TAX & INTL. TAX

Do DTAA and Unilateral relief sums from scanner. They are VIMP. In Case you are from the New Syllabus Int. tax has less weightage but is equally important. Go Thru the Latest Amendments. You can expect 15 Marks from this part and questions here are mostly DIRECT. Just write TO the point answers with correct section and you will get good marks here. Keep yourself updated as in Dec term many new amendments will be asked from finance act 2014.

Imp Topics which you must REVISE BEFORE EXAMS ARE: Constitutional Provisions of Indian Taxation System. WRT Union List , State List , Concurrent List , What Is Finance Act?  And how it gets passed in parliament. Tax Rates for AY 2015-16, Various Heads of Income , Income under the Head Salaries (SUMS Might come from this Part), PGBP, Taxation of Limited Liability Partnership (LLP), Minimum Alternate Tax (MAT), Dividend Distribution Tax (DDT) (Section 115O), Taxation of Foreign Dividends (Section 115BBD).

Short notes and Difference between Tax Planning, Tax Avoidance and Tax Evasion, Areas of Tax Planning in the context of the Income-Tax Act, 1961, Tax Planning Relating to Corporate Restructuring, Concept of Reverse Merger, Tax Planning Relating to Non-Residents, Tax Planning for Employees, TDS – Applicability Provisions , Payment and Procedures, Tax Incidence on Non Resident (Section 5), Incomes Exempt in the hands of Non-Resident/Foreign company [Section 10], Special provisions for computing profits and gains in case of Non-Residents [Deemed/Presumptive Income/Taxation].

Concept of Advance Ruling, Who can seek Advance Ruling?, Short Notes on: Authority for Advance Ruling (AAR) (Section 245O) Application for Advance Ruling (Section 245Q), Powers of the Authority (Section 245U), Applicability of Advance Ruling (Section 245S), Advance Ruling to be Void [Section 245T], Transfer pricing provisions in India, What is arm’s length price?, Notes and Limits of Associated Enterprises (AE), Meaning of international transaction, Transfer pricing – Applicability to Domestic Transactions, Reference to Transfer Pricing Officer,  Advance Pricing Agreement, Transfer Pricing – Penalty for Contravention of Agreements with Foreign Countries or Specified Territories (Section 90), Double Taxation Relief (Section 90A), Unilateral Tax relief, Permanent Establishment (PE), Passive Foreign Investment Company (PFIC),  Appeal to ITAT ,  Assessment Procedures and Appeal to HC / SC / Revision of Order.

INDIRECT TAX – EXCISE

Read Latest Amended Act and Rules ! Indirect tax is probably more interesting than Direct tax. You need to read the LATEST AMENDMENTS & CASE LAWS (which I Can Provide you on request) as Institute has a habit of asking the latest here so focus more on the 2014/2015

Try solving case laws in the following manner: 1) Facts of the case : Write the basic summary of case given to you 2) Provisions of the act, 3)Decision of the Court. You should write the name of case law only if you are 100% Sure.

• You must attempt sums only when you are confident or else you may lose your precious 15 marks easily. In case you are in the New Syllabus Sums and Case Laws have options where you can attempt either of the two. I would recommend to the Average students to attempt Case laws as here you have a reference to answer; whereas sums can be tricky and can cost you a big loss.

IMP. Topics: are : Concept of Manufacture and "Manufacturer"  with its case studies, Methods of valuation, (1) Tariff values (2) Valuation based on MRP [retail sale price] (Section 4A) – With Case Studies, (3) Valuation based on Transaction Value (section 4) and all the rules under transaction value method – Sums can be asked from this part, Classification of goods and its case laws (latest ones are VIMP)

CENVAT Credit -CENVAT Credit Rules, 2004 , Case Studies - Practical Calculations are must from this chapter – Rule no. : 2k,  2A, 3, 5(with its sum for refund of CE) , rule 14. Rule 6 – CASE LAWS OF CENVAT.

Registration with Central Excise and cases where exemption is provided, Payment Process of Excise Duties, Short note on Compounded Levy Scheme, Power to Grant Exemption from Duty of Excise (Section 5A), ,  Rebate of duty, Various Bonds under Excise, Refund of Duty (Section 11B), Doctrine of Unjust Enrichment, Consumer Welfare fund: (Section 12C), Interest on Delayed Refunds (Section 11BB), Mode of Recovery (Section 11), Duties Collected from Buyer to be Deposited with the Government [Sections 11D and 11DD], Excise Audit—2000 , Valuation Audit – Section 14A & Cenvat credit Audit (Section 14AA), Remission of Duty,  SSI Exemption under Notification No. 8/2003 Conditions for Claiming SSI Exemptions- Practical Calculations are must from this chapter, Case Studies from SSI, Rules for Search and Seizure under excise and customs.

CENTRAL EXCISE RULES, 2002 - Duty payable on removal, Manner of payment of duty, Registration – process and forms reqrd for different catagories, Time limit, Fines for Late Filing, Removal of goods for Job work, Special procedure for removal of semi-finished goods, Removal of goods by a 100% Export 0riented Unit, Rebate of duty, Remission of duty, , Power to stop and search, Confiscation and Penalty, Rule 26 Penalty for certain cases, Rule 27 General Penalty.

CUSTOMS

Must Revise Topics are: Valuation of Goods For Levy of Customs Duty, Assessment of Duty Provisional Assessment, Duty on Pilfered Goods (Section 13), Goods Derelict, Wreck, Etc. (Section 21) , Abatement of Duty on Damaged or Deteriorated Goods (Section 22), Remission of Duty on Lost, Destroyed or Abandoned Goods (Section 23), Refund and Recovery Provisions (Section 26 To 28D) , Warehousing (Section 57 to 73) Duty Drawback , Baggage (Section 77 to 81)  - Practice Practical Sums  , Stores, Confiscation of Goods (Section 111 To 127).

COMMON TOPICS

Advance Ruling, Settlement Commission, Appellate Procedures, before Commissioner/ CESTAT, Revisionary Role of the Central Government, Matters that can be applied before HC & SC, Meaning , Requirements, of Doctrine of Promissory Estoppel

SERVICE TAX

Administrative Mechanism, Meaning of Service, Service Tax Registration, Payment, Due Date OF Payment, Valuation of Services, Abatement, Returns under Service Tax, CENVAT Credit Rules, 2004, Advance Ruling, Settlement Commission, Short Note on Special Audit under Section 72a,

GOODS AND SERVICE TAX

What Is Goods And Service Tax, Justification of GST, Salient Features of GST

VALUE ADDED TAX

Registration, Invoice, Returns, Zero Rating, Computation and Methods of Vat, Vat Audit, Refunds, Scrutiny Process, Appeals, Revision and Appearances.

General TIPS:

Write Theory Answers in Paragraphs or Pointwise. Lengthy Answers are boring for examiners to read !

Try to Learn Relevant Sections and Name of Latest Case studies.

Provide as must explanation as possible in Practical.

Time Management and Final Revision is VIMP.

Avoid Asking Friends in EXAM HALL. No one knows better than you. People mostly go with flow and then the whole hall writes a wrong answer !

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Best of Luck ! J

- CS Rahul Harsh, An Associate Member of The ICSI and A Commerce Graduate from Kolkata, Currently Employed as an Assistant Company Secretary with Aanchal Ispat Limited.