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How to prepare for CA Final International Taxation | CA Intermediate - Elective

In the revised scheme of education and training, the concept of electives has been introduced with the thought that specialization is the key to develop professionally competent Chartered Accountants. An aspiring Chartered Accountant has to be ready to take new roles as consultants and advisors, necessitated on account of growing business complexity, dynamic changes in legislation and regulatory requirements and client expectations.

The seven core subjects have been selected which represents the competence areas in which a successful Chartered accountant has to be well equipped, regardless of his intended future specialization or role.

Following are the subjects, from which students have to select one and the examination will be open book and case study based: Risk Management.

Financial Services and capital markets.

International Taxation.

Economic Laws.

Global Financial Reporting Standards.

Multidisciplinary Case Study.

Open Book Examination: As the name explains, in this exam students are allowed to carry their notes, books, study material into the examination hall with them. But that doesn't make attempting this paper easier. Students are supposed to analyze the described situation in the question, understand the issues, note down the facts, refer the books to have an exact understanding of the law and then answer the question in the sense of advising the best possible solution for the given problem.

It takes a toll on the students' intellect as they have to give a practical answer with a real-time solution. Copy pasting the answer from the study material or books is not allowed in an open book examination. And to give a logical answer to any asked problem, you need to have proper understanding of the fundamentals of the subject and thorough knowledge.

Practice enough with icai mock test papers or ca ​final web test series​.

International Taxation : International Taxation is a good option for the aspirants who have pursued their article ship in taxation. And the biggest advantage of choosing this elective subject is that the preparation for the next exam is half done. Paper 6 is elective and the next paper i.e. paper 7 for CA final is Direct tax and international taxation. So it's like killing two birds with one shot.

For easier understanding the paper can be divided into two parts : Taxation of international transactions and non - resident taxation in India.

Other aspects of international taxation including tax treaties, anti-avoidance measures, tax conventions and etc.

Few major points you need to keep in mind while preparing for ca final- international taxation - elective : You need to understand and get comfortable with the case study format and formalize yourself with the methods of decoding case studies. So practice a lot with ​ca mock test series.

Refer to the ICAI study material, it will be very beneficial for you. It is considered the best for the preparation of ca final. And for an open exam, you need to prepare well with the ​ICAI Study Material​ ​or C ​ A Inter notes​.

Do not jump from one study material to another, as it is not good for you to get overwhelmed with different or unfamiliar formats/questions and then panic. Stay calm and stick to one material.

Taxation is a vast subject. Make notes while studying, highlight points that were difficult to understand in the first session. This way revision will be easier and quicker. And also it will be helpful during solving the ​web test series ca​.

As it has an open-book format, this exam is easy and difficult at the same time. So use easy to locate bookmarks or tags, so that it's easy for you to find the topics during the exam.

Technical terminology is very important. Keep your answers sharp and crisp, point to point.

Do not write the same answer in different ways just to make it lengthy.

Citing the correct business scenario is one way to demonstrate your learning and applicability of theory to the practical world.

Presentation is the key. The first impression is the last impression. Along with answering correctly, it is also important how you present your answers. Frame your answers properly into sections with headings and highlighting the important parts.

While stating the facts, link them with the case study with existing laws, citing changes. It will showcase your knowledge about the subject.

Carry the right material along with you and if you know exactly what to look for, the quality of your answers and strength of your argument will be strong enough to ensure that you'll score pretty good.

Referring to some good books for you : Fundamentals of Corporate Taxation by Stephan Schwartz & Daniel Lathrope.

Essentials of Federal Income Taxation for Individuals and Business by Linda M. Johnson.

Principles of Taxation for business and investment planning by Sally Jones & Shelley Rhoades.

International Taxation in a Nutshell by Richard Doernberg.

Taxation is a complex subject and every year there are some changes. So it will be good for you to stay updated. No matter who you are, a financial consultant or a human resource professional, an entrepreneur or a fresher, you need to know taxation.

Stay focused and stay calm, prepare with full confidence in yourself and no one can stop you from achieving your goal. Follow all these steps and also keep practicing with mock test series icai. Good luck!

FAQ’s All about CA Final International Taxation Ans- The subject of International Taxation is seen as a good option for aspirants who have pursued their article ship in taxation. One advantage of choosing this elective is that preparation for the next examination is also half-done if this elective is chosen. While the sixth paper is the elective, paper 7 for CA final is Direct Tax and International Taxation, so it is almost like killing two birds in one shot.

The major issue that CA aspirants talk about is the insufficiency of time for revision for the Direct Tax paper that costs them dearly in scoring. However, if elective 6 is International Taxation, 35-40% of the syllabus is already covered in the previous paper. This helps them get way ahead of the competition.

There are two parts the paper can be divided into-

Taxation of International Transactions & Non-resident Taxation in India, accounting for 50 marks Other aspects of international taxation for 50 marks. The second part includes tax treaties, anti-avoidance measures, tax conventions, etc.

How to study CA Final International Taxation Ans- You need to get comfortable with case study format and familiarize yourself with the methods of decoding case studies The ICAI material is highly recommended and considered the best in terms of preparation.

Revision Test Papers – attempting previous papers is one way of gaining confidence as the new formats may tend to be confusing.

It is important to not get overwhelmed by unfamiliar formats/questions as undue panic can lead to a lot of wastage of time Make notes while learning each chapter, since taxation is a vast subject and it is practically impossible to remember everything with a first reading.

Taxation by itself is a vast topic. Understanding the logic behind introduction of certain laws and postulates will help you retain the actual theory How to score well in CA Final International Taxation Ans- The International Taxation paper is easy and tough at the same time. Use easy-to-locate tags and bookmarks for your notes and study material to help you search with improved efficiency during the examination Write to the point, concise answers, using correct technical terminology Underline keywords and structure answers the way that are provided by ICAI. Citing current business scenarios is one way to demonstrate your learning and applicability of theory to practical world Presentation makes a real impression. Structuring your answers into sections with headlines and highlighting important parts of the answer will create a good impression Linking facts presented in the case study with existing laws, citing changes if any, will be a good showcase of your knowledge for the examiner If you carry the right material along with you and know what to look for, the quality of your answers and strength of your arguments will ameliorate, ensuring that you score well