How can you take ITP exam preparation to succeed? What are the most important areas and how can you set your strategy to overcome the exam for which you have already enrolled in 2024?
In this article today I will share with you step by step how you can prepare for the Income Tax Practitioners (ITP) exam. First you have to know about the areas for the exam i.e., the ITP exam syllabus.
What is the ITP exam syllabus?
I hope you noticed the syllabus when you have read the ITP circular for the application. The syllabus is mentioned there.
No worries.
Let’s see again the ITP exam syllabus:
- Income Tax Act 2023;
- Finance Act 2024;
- Income Tax Rules 1984;
- Tax at source Rules 2024;
- Alternative Dispute Resolution (ADR) Rules 2024;
- Gift Tax Act 1990;
- Income Tax Act and Rules practical implementation;
- Accounting;
- Bangla and English.
First five acts and rules are related with income tax; and the serial 7 is also related with the practical use of income tax. Serial 6 is gift tax which is a very small act and easy to complete. So from serial 1 to 7 are related with the tax acts and rules.
Accounting will be easy for the candidates who are from business graduates. The past years ITP exam questions were not hard. So, minimum knowledge about accounting is fine to answer for the accounting section.
Now the rest are Bengali and English. If you go through the past years ITP exam questions then you will not find any question purely from Bangla and English. The questions for both Bangla and English are completely related to income tax.
So, we can summaries from the above that, except accounting – all the areas are related with income tax act or rules. So fully concentrate on income tax.
You got the ITP exam syllabus. But now the most important question is – how can you prepare for the ITP exam in 2024?
ITP exam preparation 2024
You may already know from the ITP exam circular that the pass mark is 50 out of 100. Do you think it’s hard to achieve?
No, it’s not hard!
Just make a plan and set your strategy to reach your goal. Then study on a regular basis. But before that you have to obtain the books. What are the supplementary books for the ITP exam preparation in 2024? Do you have to read the main income tax act and rules?
If you have already read any act then you will agree with me that the language of the act is complex and it’s not easy to understand. So, I will not recommend you to directly jump into the exact act and rules.
Then the alternative solution is a supplementary ITP exam preparation book. Now the question is which book will cover the above all to succeed in the IT exam?
I will not give you a direct answer for the above question. I will help you to identify a good book for you that will be helpful for you to easily understand the complex tax act and rules.
If you go to a bookshop to buy an ITP exam preparation book then ask them to give you the books they have.
Take time.
Go through the content, read a few pages from there randomly. And then ask them to give you the Income Tax Act 2023. Now compare the books whether the ITP exam preparation books are the same in language with the act? If yes, then the ITP exam preparation book is the copy-paste from the act.
See which book explains the tax act and rules; easy to understand. You may select that book and it will be helpful for you. If you want to be more confident then I will suggest you buy one additional book.
But be careful!
The size of the book or the page number does not mean that the book is good. You have to buy a quality book so that you can learn something from there to succeed in your ITP exam.
After selecting a book, then what next?
Analyze past years ITP exam questions
Very very important!
This will give you the whole idea about the preparation. So, first go through the past years ITP exam questions attentively. Give more time. Analyze the pattern of the questions.
From 1996 to 2017, a total of five exams happened. When you finish the five year questions, then you will agree with me that the exam questions are not so hard. All of them are very specific questions.
Mostly are short answers, MCQ, true/false etc. Very insignificant questions are long. You will see the rates of tax, compulsory tax return filings, sections of the tax filings, penalty, appeal etc.
After completing the analysis of the past years ITP exams then start the reading of the books.
You do not need to spend time on Bangla and English. Because as discussed above, all of them are part of income tax act or rules. And for accounting, you can go through the textbook of class nine and ten. It will be enough for accounting preparation.
That’s it!
Wish you all the best!
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