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Direct Taxation

Direct Taxation

CMA Intermediate - Paper 7 : Direct Taxation

ICMAI has introduced this paper, Direct Taxation, at the CMA Intermediate level to help you achieve your main goal as a CMA which is profitability analysis and budget preparation. To do this effectively, you need to understand all expenses of the company. Hence you must gain an understanding of the framework under which an individual or a business entity is taxed. That is what you will learn when studying this paper. 
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More about Direct Taxation

What is Direct Taxation?
  • Taxation is the system by which a government finances its expenditure by charging compulsory levies on individuals or business entities. These compulsory levies are known as taxes 
  • Direct taxes are those taxes paid directly by an individual or business entity to the Government 
Why has ICMAI introduced this paper, Direct Taxation, at the CMA Intermediate level?
  • Your main goal as a CMA is profitability analysis and budget preparation. To do this effectively, you need to understand all expenses of the company. Hence you must gain an understanding of the framework under which an individual or a business entity is taxed 
  • Need to know how to compute taxable income of an assessee 
  • Need to understand the impact of taxes on Net Income 
What are the topics covered in Direct Taxation at the CMA Intermediate level?
  • You will be introduced to the basic principles of the Income Tax Act, 1961 
  • You will understand how to compute total income of an assessee thereby identifying the tax liability 
  • You will have to analyse the tax assessment procedures 
What is the best approach to studying direct taxation?
  • Analyse and understand the provisions under the Act by looking at practical applications. Do not memorise; place greater emphasis on understanding concepts 
  • Go through past papers to get an idea of the kind of questions that will be asked in the paper 
  • Do not study just for the sake of passing. You need to know the concepts well to succeed in your professional career 
  • Provisions and methods of assessment under the Income Tax Act, 1961, keep changing. As such ICMAI keeps updating the syllabus to reflect these changes. Keep visiting the ICMAI website for the latest notifications and amendments related to the paper 
See how CA Justin Raj, Prof. Subbaraman P, CA Devicharan Prabhu and CA Ashwini teach this paper Direct TaxationSign up to get a free trial!
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