IPCC Income Tax Amendments May 2014, Syllabus

IPCC Income Tax May 2014 Exams: Amendments, Income Tax slabs etc

*Manufacturing companies investing more than 100 crore in new plant and machinery during the period from 1.4.2013 to 31.3.2015 entitled to investment allowance@15% [Section 32AC] 
 

*From this year, A rebate of Rs.2,000 from tax calculated will be available for people having an annual income upto Rs.5 Lakh. Thus we can say that tax payable in 10% slab will be maximum Rs.28,000 (taking into account Rs.2,000 tax credit).

 
Surcharge of 10% will be payable if income is above Rs.1 Crore.

Income Income Tax Slabs for May 2014 Exams
 
 
Income Range
 
Men and Women (Below 60 Years of Age)
 
Senior Citizens (Men and Women above 60 years of age) but below 80 years
 
 
Super Senior Citizens ( Men and Women above 80 Years of Age
Upto Rs.2,00,000/-
 
Nil
Nil
Nil
2,00,000 to 2,50,000
 
10%
Nil
Nil
2,50,000 to 5,00,000
 
10%
10%
Nil
5,00,000 to 10,00,000
 
20%
20%
20%
Above Rs.10,00,000
 
30%
30%
30%

 
 

Taxation

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.
 Download these Amendments here

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
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