Preparation Strategy for CA Intermediate Group 1st Papers Sept 2024

Everybody is confused about how to prepare for the CA Intermediate examination in Sept 2024. Students are unable to find the best way to prepare for the CA Intergroup 1 subjects. Right now, it’s time to leave everything back and focus only on your studies as you are already aware that in order to crack the CA Intermediate examination, your score should be a minimum of 40% in each subject and 50% in aggregate of all the subjects.

The CA Intermediate syllabus is divided into six subjects and two groups. While everything is important and you have to go through the entire course, some topics in each subject are scored and less time-consuming.

However, we want you to aim for a high CA Intermediate result or even a single-digit rank. Hence, in this article, we share the subject-wise strategy to prepare for CA Intermediate Group 1st papers, and in the next article, we cover the CA Intermediate preparation strategy for Group 2 papers.

You can also read the complete details about the CA Intermediate Course.

Remark: So read the entire article completely and write down everything that you find important.

There are four subjects in the CA Intermediate Group 1-

• Accounting
• Corporate Laws and Other Laws
• Cost and Management Accounting
• Taxation

From the 2024 exams onwards, ICAI has announced the CA’s new syllabus. In the new course, ICAI has reduced the CA Inter subjects from 8 to 6. For all the details of the CA New Scheme, check our detailed article.

Let’s start to explore the preparation strategy for group 1^st each subject

1) Study Plan for Advanced Accounting

Accounts are considered a scoring subject in CA Intermediate and CA IPCC. Generally, students have seen to cover their aggregate percentage from the Accounting paper.

Topics covered in this subject area –

1. Accounting Standard (Besides AS, it includes the formation of AS, IND AS, and IFRS)
2. Preparation and Presentation of Financial Statements as per Accounting Standards
3. Companies Accounts
4. Accounting for Special Transactions.
5. Special Type of Accounting
6. Partnership Accounting (Amalgamation, conversion into the company, sale to company, and issues related to LLP).

Accounting Standards are considered one of the most important and easiest topics in your syllabus, as well as the formation of IND AS and IFRS, concepts vs Adoption, objectives and concepts of carve-outs. Accounting Standards covers 20 marks in the exams, seeing the CA Intermediate past year papers and present trends. Do as many questions as given in the practice manual, and don’t forget to study the latest and updated material.

You will definitely find a question related to amalgamation in your Accounting papers, which lies between 8-16 marks.

Accounting for the Incomplete records and Partnership Accounts covers an average of 8 marks each. The questions are solvable, and stepwise marking is awarded in typical and lengthy questions. Hire Purchase covers an average of 5 marks.

So, it is advised to start with Accounting Standards, along with IFRS and IND AS. Then, read the theory from your compiler and solve the questions from the practice manual and question bank.

As we know, practice makes a man perfect; therefore, you should solve as many questions as you can.

2) Study Plan for Corporate and Other Laws

Corporate and Other Laws cover the two sections. One of them is company law, and the second one is other laws. Company Law covers 60 marks, while the remaining part covers 40 marks.

The course is very vast and needs proper revision from time to time. Mnemonics in this subject play a crucial role in remembering the sections easily and also recalling them in exams. Company Law covers a major portion and also scoring. Other Laws cover 40 marks but as much length as Company Law.

Maybe you are thinking that you can easily pass only with the company law as it covers 60 marks and leave the other laws, but don’t even think of making this mistake. As you know, the first question in the paper is a compulsory question, and from the remaining paper, you are allowed to leave one question.

The CA Intermediate exam pattern for this subject is made in such a way that you will find a part of each question from the other laws which you can’t skip as it creates a negative impression on the examiner by which you will not even get passing 40 marks because ICAI is expecting you to read the entire syllabus.

Companies Act 2013 is applicable in your syllabus, covering Sections 1 to 148, along with some provisions of the Companies Act 1956 that are still in force.

Furthermore, you can also check the complete details for the CA Intermediate Registration Sept 2024.

Topics covered in the Companies Act are as follows –

1. Preliminary
2. Incorporation of Company and matters incidental thereto.
3. Prospectus and Allotment of Securities.
4. Share Capital and Debentures
5. Acceptance of Deposits by Companies
6. Registration of Charges
7. Management and Administration
8. Declaration and Payment of Dividend
9. Accounts of Companies
10. Audit and Auditors

Topics covered in Other Laws –

1. The Indian Contract Act, 1872
2. The Negotiable Instruments Act, 1881.
3. The General Clauses Act, 1897.
4. Interpretation of Statues.

Understand the concepts very well because the law is all about interpretation. The grip on the sections is important, basically, on the matter. If you can remember the section number, then it is well and good, but if you are not sure about the section number, then don’t write the section number as it will deduct your marks more than what you get after writing it.

Practice the past attempt papers as well as solve the case studies; it will help you in interpreting laws.

3) Study Plan for Taxation

Taxation is divided into two sections: one is Income Tax, and the other one is Indirect Taxes. Income Tax covers  60 marks, and Indirect Taxes covers 40 Marks. Taxation paper is perfectly blended in theory and practical portion.

Understand each and every clause not just to crack this exam but also to perform well in your articleship. Heads should be at the top priority. Salary and House Property are considered very important at the Intermediate level. You will always find a question from the Salary Head in your paper. Section numbers are also important to learn, at least the charging section.

Topics covered in Income Tax are as follows –

1. Basic Concepts
2. Residential Status and Scope of Total Income.
3. Income which does not form part of the total income.
4. Heads of the income and the provisions governing the computation of income under different heads.
5. The income of other persons is included in the assessee’s total income.
6. Aggregation of income sets off or carries forward and sets off losses.
7. Deduction from the Gross total income.
8. Computation of total income and tax liability of individuals.
9. Advance Tax, TDS, and TCS.
10. Provisions for filing returns of income and self-assessment.

Thoroughly prepare the computation of Total Income and this is possible when your provisions are clear.

In addition to the various heads, the TDS and TCS are expected to provide some case laws. Short questions are expected from the Basic Concepts and Residential Status.

Deductions and carryforwards of losses generally become part of total income, so remember to treat them in the computation of Total Income.

As we know, GST has replaced 17 indirect taxes in India and removed the cascading effect. Therefore the topics covered in Indirect Taxes are as follows –

• Concept of Indirect Taxes
• Goods and Service Tax

GST is very important and will apply from May 2024 examinations onwards. Amendments made up to 31 October will be applicable to exams. CA Inter study material issued by the ICAI regarding GST is appreciable. You can read the theory from the study material and practice the questions from the practice manual.

Check the CA Inter Exam Dates May 2024 along with the examination centres.

Few Tips to Crack CA Exams

Here are some of the tips that will help candidates to crack CA exams in one attempt. Candidates should follow all the tips.

1. Manage your time- Candidates should not waste their precious time on social media, watching TV, hanging out with friends, etc. Students are advised to invest more of their time studying. CA candidates should at least spend 3-4 hours daily in studies.
2. Daily Study-  Candidates appearing for CA must do continuous study. Students should try to study for 10-11 hrs on a daily basis. Students should solve practice test papers and mock test papers; this will help students to complete the course in the time frame.
3. Self-evaluation– Students should self-evaluate to check how well they have prepared for their CA exams. For this, they should solve practice test papers and mock test papers. After the evaluation, candidates should review the topics in which they need improvement.
4. Practice – Students appearing for the CA exam should do as much practice as they can. They must familiarize themselves with all types of questions. If students practice the syllabus, they can surely achieve a good score on the examination.
5. Mock Exams—Students should solve mock test papers. This will not only increase their knowledge but also help them maintain their writing speed. Students can assess themselves based on mock test papers.

Students can now fill out the CA Inter exam form for the September 2024 exams. Check all the details here.

CA Study Plan for Clearing CA Exam in First Attempt

FAQs

Q1. How to prepare for the CA exams?

Ans: Students appearing for the CA exam should continuously study and work hard for the exams without wasting any of their time. 

Q2. How much time should a CA student study to prepare for their Intermediate exams?

Ans: Students appearing for CA exams should study for at least 10-12 hrs daily.

Q3. How can CA intermediate students clear both groups of CA intermediate in the first attempt?

Ans: To clear the CA intermediate in both groups on the first attempt, candidates have to plan their studies, do regular revisions, stay away from the social world, and try to study even during vacations. Students should also be very confident about the exams and stay healthy. 

Q4. How can candidates start doing preparations for the CA intermediate exams?

Ans: To start preparing for the CA intermediate exams, candidates must go through the CA intermediate syllabus first. Candidates should make their own timetable to study. Candidates must solve previous year’s question papers, mock test papers, and revision test papers. Also, candidates must join the best CA foundation institute.  

Q5. When will the CA Intermediate admit card be released for the Sept 2024 attempt?

Ans. The CA Intermediate admit card was released on September 01, 2024. Students can find out more about it on the CA Intermediate admit card Sept 2024 link.