How to Prepare CS Executive Tax Laws and Practice ?

Prepare CS Executive Tax Laws and Practice
CS Executive Tax Laws and Practice

How to Prepare CS Executive Tax Laws and Practice


Tax Laws and Practice – A tax might be characterized as ” a mandatory extraction made by the focal government from the overall population. It is a monetary charge forced on people or lawful substances by the public authority in accordance with its authoritative position. Assessment is an assortment of cash from the general population for the public reason enforceable by law and it isn’t for the installment of some other reevaluation. It is one of the significant wellsprings of income of the public authority. It assumes a significant function in the development and advancement of the nation’s economy framework and different offices.


An income tax is a duty that legislatures force on pay created by organizations and people inside their locale. By law, citizens must record a personal assessment form every year to decide their expense commitments. Annual expenses are a wellspring of income for governments. They are utilized to finance public administrations, pay government commitments, and give merchandise to residents. Annual Tax Act, 1961 accommodates demand, organization, assortment, and recuperation of Income Tax. It gives reformist rate plan, exception restricts, and joins number of impetus arrangements. It gives a sound charge framework. Rate plan and Exemption limits are endorsed by Finance Act. Indian assessment authoritative and legal climate is continually developing, alongside globalization, monetary movements, also, operational changes. Organizations are confronted with an assessment system with more prominent complexities and difficulties, regardless of moving towards an internationally durable expense world.


Presently, like never before, organizations must have a continuous framework for adjusting to and keeping steady over these perplexing changes. The assessment laws of the nation go through critical changes each year on the death of the Annual Finance Act. Separated from the revisions coming out each year through the Finance Act, there are brochures/notices gave by the CBDT/CBEC to execute the arrangement of the demonstration, explaining the extent of the arrangement.


Tax Laws are the legitimate systems and rules administering how expense rates are determined. They cover the charges on bequests, pay, property, exchanges, licenses, and so forth by the public authority. To bestow reasonable comprehension to the understudies about the arrangements of the Direct Tax Laws (Income Tax) and Indirect Tax Laws (GST and Customs). As a CS, it is occupant on your part to think about duty suggestions for Companies and Individuals. Expense is additionally one of the zones of training for CS. At this level you will get familiar with Direct Taxes, for example, Income Tax Rules, Clubbing of Income, and so forth This will fabricate a base for you to concentrate further on Tax Laws at the Professional level where the emphasis is on examining and Interpreting laws to take care of complex issues

The themes shrouded in Tax Laws and Practice at CS Executive Level is,

1. Basic concepts of Income Tax

2. Incomes which do not form part of Total Income

3. Computation of Income under Various Heads

4. Clubbing provisions and Set Off and / or Carry Forward of Losses

5. Deductions from Gross Total Income & Rebate and Relief

6. Computation of Total Income and Tax Liability of various entities

7. Classification and Tax Incidence on Companies

8. Procedural Compliance

9. Procedural Compliance under GST

Browse the related video lecture on Company Law

How to Prepare?

1. Be familiar with the components or constituents of personal expense law: The annual assessment law, which administers the toll of annual duty in India, has the accompanying components or constituents –

i. Income-tax Act, 1961

ii. Income-tax Rules, 1962

iii. Annual Finance Act

iv. Circulars/Notifications

2. Comprehend the essential ideas of annual expense law

i. Concept of “income”

ii. Concept of “Previous Year” & “Assessment Year”

iii. Concept of “person”

iv. Concept of “assessee”

3. Comprehend the cycle of calculation of all out pay and assessment risk: Annual expense is an assessment exacted on the all-out pay of the earlier year of each individual. The duty of personal expense is, hence, on the all-out pay of the assessee. The all out pay must be figured according to the arrangements of the Income-charge Act, 1961 in the accompanying way –

i. Discover private status

ii. Prohibit pay which don’t shape part of complete pay

iii. Distinguish and Group pay under the individual head

iv. Figure the pay under each head

v. Apply clubbing arrangements

vi. Offer impact to the arrangements for set-off and cart forward and set-away of misfortunes

vii. Decide the gross total income (GTI)

viii. Permit derivations passable from the net all out pay

ix. Discover the complete pay

x. Compute the expense obligation (apply the paces of duty on the complete pay)

xi. Decrease tax deducted at source (TDS) and advance assessment to show up at the net duty obligation

xii. Return of Income

4. Know your schedule and anticipated degree of information: Having perceived the nuts and bolts of annual expense law, it is significant that you know about the extent of a prospectus and the degree of information expected so you can design your examination appropriately.


i. Significant definitions in the Income-charge Act, 1961,

ii. Premise of charge, paces of duties appropriate for various kinds of assessees,

iii. Ideas of earlier year and appraisal year,

iv. Private status and extent of complete pay,

v. Salaries which don’t frame part of all out pay,

vi. Heads of pay and the arrangements administering calculation of pay under various heads,

vii. Pay of different people remembered for assessee’s absolute pay,

viii. Conglomeration of pay, set-off or take forward and set-away of misfortunes,

ix. Derivations from net complete pay,

x. Calculation of all out pay and assessment obligation; refunds and reliefs,

xi. Arrangements concerning advance assessment and duty allowance at source and Working information on the above subjects is needed at the CS Executive Level.

5. Be educated regarding the Finance Act and Assessment Year important for your assessment: The Finance Act of a specific year would be appropriate for the June and December assessments of the following year. For example, the revisions made by the Finance (No. 2) Act, 2017 would be appropriate for June 2018 and December 2018 assessments. The significant appraisal year for June 2018 and December 2018 assessments is, in this way, A.Y. 2018-19.

You are required to be refreshed with the notices, brochures and other authoritative changes made upto a half year before the assessment. For June assessment, such revisions made upto 31st December of the earlier year would be important and for December assessment, such changes made upto 30th June of that year would be applicable.

6. Draw up a nitty gritty investigation design and designate time for every theme/part of the subject: Preparing an exhaustive report time table well ahead of time would be of incredible assistance in getting sorted out your examination in a viable way. Truth be told, you should begin your investigation following finishing your CS Foundation assessment and enlisting for CS Executive Course. Preferably, you ought to dispense at any rate 3 to 4 hours consistently for the subject of annual expense. Use your investigation period viably.

Browse the video lecture How to Prepare CS Executive Tax Laws and Practice

The subsequent stage is to assess an opportunity to be allotted for every point/part of the subject. The extent of schedule, the substance of every section in the Study Material and Practice Manual would push you to comprehensively survey the time which every subject of the subject would burn-through.


Obviously, since the subject of personal duty is unfamiliar to you, you need to keep some rate edge well beyond the time surveyed by you to deal with conceivable trouble in seeing new ideas, especially identifying with the business tax assessment, capital gains, and arrangements concerning the allowance of expense at the source.

Takshila learning makes the understanding of the complex tax laws and rules while preparing for the CS Executive program in the most simplified manner as possible. The modules are designed keeping in mind the latest modifications if any in the syllabus. The aspirants can have a thorough understanding and the required know-how about the Finance laws and the investigation procedures. Takshila Learning is an educational online portal which prepares customized course materials based on the complexity levels of different specific courses.


Rest assured is a safe journey through the clouds of knowledge when on board the Takshila learning flight


Must read other CS Executive blogs: Tax laws Income under head Salaries


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1 responses on "How to Prepare CS Executive Tax Laws and Practice ?"

  1. I really like your blog. This is an incredibly valuable experience, which really helps me in my planning.

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