Taxation means when any taxing authority like the government charges taxes on the gross income of any particular person or any business organization.
Taxation does not require any consent as it is directly charged by the government. Any person or business organization or share market holder or anybody who has a fixed source of income must pay their taxes on time.
The amount of taxes that a person must pay depends on the limit that the government has set for the citizens. Anyone whose annual income exceeds 3lakh per annum is liable to pay their taxes.
There are lots of prospects nowadays for students studying taxation or b.com in graduation. They can appear for theentrance exam of C.A and by the successful completion of which they are eligible for articleship exam. After this as a fresher a student can get a package of 6-8lakhs per annum.
- Make a schedule
Prepare your own routine. Make a note on what are your daily tasks and how many hours you need to work everyday on your assignment to complete it within the deadline.
- Note down all the essential information related to taxation
Whether you are in the class or somewhere else, whenever you get any information related to your homework note it down immediately.
- Before starting, go through the data collected from different sources
Going through all the data is important. This will make sure that you do not include any unnecessary in your assignment.
- Make a routine on a daily or weekly basis
Preparing such routines will ensure that you do not deviate from the routine and follow them positively.
- Say no to multitasking
Multitasking distracts the mind and a topic which you could have completed in an hour, will take two or three hours.
- Focus on your work
Control your urge of playing games or chatting with friends. This you distract you and make you go off track.
- Distance yourself from friends or family
Who does not want to spend time with their loved ones? But distancing yourself from loved ones at least to meet deadlines is essential.
- Say no to Facebook or other social media platforms
Scrolling the news feed or participating in group chats or liking photos on social media is the worst kind of distraction possible. So stay away.
- Make sure you do not go through irrelevant content on the internet
Surf through relevant content related to taxation on the internet. You can collect a lot of relevant information which will help you secure good grades in the homework.
- Relaxing is important after a tiring day but getting lethargic should be avoided
This will waste your valuable time and will act as a barrier in meeting deadlines.
- Believe in your abilities
Every student is different and unique in their own way. So, never compare yourself with anyone. You may take an hour longer than any random student in your class. But that does not mean you are inferior to him/her. That means you pay more attention to detail which takes you longer to complete a piece of homework.
- Avoid chaotic surroundings
You should have a calm environment for studying. The chaotic atmosphere creates disturbances and hampers your concentration level. Make sure you sit in a quiet room and do your work.
- Keep taking breaks after an hour or 45 minutes
This will ensure you do not stretch yourself too much while doing your homework. As taxation is a subject that requires an ample amount of concentration level. Take a break and start over with a refreshed mind.
- Practice healthy eating habits
Eating lots of fruits and vegetables provides nutrition to the body and helps to get rid of toxins. Avoiding junk food is a must so that you do not fall ill and can continue to work on your homework sincerely.
- Have a good night’s sleep
Sleeping atleast for 7-8hours regularly ensures the healthy working of the nervous system. Sleeping properly will help you stay more energetic for the whole day.
- Indulge in some group study
Taxation has different types of sums and a large portion of the conceptual area to cover. Group study will help you clear your doubts from a friend who has understood a concept well that you had difficulty in.
- Pay attention during your taxation classes
The professor covers a vast area during classes. You can ask him if you have any doubts and note everything down. This will ensure that you have not missed any topic when the professor discussed it.
- Avoid class bunking
If you bunk any important class of taxation, you will be unable to understand the next related topic in class. So avoid class bunking unless it is an emergency.
- Contact a friend for notes
In case you have missed a class contact any friend of yours and gather all the essential notes done in the class. If you are unable to understand any topic ask him/her if he/she can help you with the topic.
- Do not get stressed
Stress is one of the main reasons that cause work delay. Stop overthinking, stop worrying about petty issues.
- Do not allow your emotions to act as a barrier
There can be situations that make you so emotional that you are unable to concentrate on your work. Handling emotions is one of the essential things that you can do for yourselfin order to meet deadlines.
- A self-reward is important
Gift yourself with your favourite food or jewellery or something that you love when you achieve a certain goal. This will keep you motivated like nothing else.
- Setting self-challenging goals for yourself
Try to solve a difficult paper. This will ensure that you do not face any hindrances if the professor gives you tough homework with deadlines.
- Try to solve assignment year papers
There are various important questions in year papers on different concepts of taxation. Solving year papers will boost your confidence and you will be ready to solve difficult home works within deadlines.
- Try practising yoga every morning
Yoga is very useful for the mind and body. Yoga helps in gaining concentration levels. Yoga helps the mind to capture things faster and makes the mind and body healthier.
- Try to complete your homework at least a day or two before the submission date
This ensures that you get an ample amount of time to revise and go through the homework once to avoid any errors or silly mistakes.
- Make time for others
After you have finished your work you must be ready to help others in need. This will help you in revising the topics, as well as you may also learn something new in this process.
- Set your goals right
When you have a definite goal set for yourself, you stay focused and complete all home works and projects before deadlines. Only this kind of attitude towards your life and career can make you a successful person in the long run.
- Keep a track of your progress
Note down everything that is completed and things that are yet to be done. This will ensure that you do not miss out on anything.
- Research on the internet about topics related to taxation
Do not just surf the internet for a particular topic on taxation. Try to gain more knowledge on the topic.
- You must have an interest in the subject of taxation
Having an urge to learn more is important or else you are nowhere. Studying just for academic purposes won’t make you successful in life.
- Make use of the internet in a correct manner
There are thousands of videos available covering each and every topic of taxation. Whenever you get stuck, just search the internet and you will get the relevant information required to solve your homework.
- Time management is an important aspect
A student who knows the value of time, nobody can stop him/her from getting successful in life.
- Recreation is also equally important
Just like studying, entertainment and recreation are also very important in life. Watch a movie, go out with friends or do whatever that will help your mind and body refreshed.
- Do not hesitate to walk up to your professor after classes
A professor will always be ready to help you. So do not hesitate at all to walk up to him if you missed or did not understand a topic during the class.
- Walk up to your parents for any help
If your parents are from a commerce background, they can inevitably help you with your taxation homework.
- Keep a soft copy with yourself
As the hard copy will be submitted in college, keep a soft copy with you for any further assistance in the futurez
- Whenever you are feeling low, look for some motivational quotes
This will refresh your mind and keep you on track always.
- Try to provide original examples
If you do so in taxation, the professor will understand that you have understood the topic well. This creates a good impression among the teachers.
- Collect books from your college library
This will provide you with additional information, whenever you need it.
- Opt for difficult sums in the beginning
By doing so, you can solve difficult sums easily in a fresh mind and do the easier ones later which will require less effort.
- Attend extra classes of taxation
This will ensure that you have all your doubts cleared and can easily solve home works within deadlines.
- Keep online information as documents and PDFs in your files
By doing so you do not have to surf different websites all over again for similar information.
- Ask for feedback from your peers
By doing to you can self judge yourself that where you are standing and what else you need to do to be better at taxation.
- Switch off your mobile phones
The biggest distraction needs to be kept away while solving homework’s for important subjects like taxation.
- Always eat something during breaks
This will ensure the healthy functioning of your brain.
- There is nothing like practising sums regularly
As we all know practise makes a man perfect.
- There is no substitute for hard work
Know this and nobody can stop you to meet deadlines.
- Understand each concept thoroughly
- Drink more water
Water hydrates the body and helps to refresh the mind.
- Talk to a senior for help
He/she can guide you efficiently whenever you face a problem.
- Take responsibility for your work
Always be responsible and never blame others for something that went wrong.
- Avoid crime shows
This creates a negative impact in mind so better avoid it.
- Sacrifice social gatherings
Attending a birthday party may be important but not more than your homework.
- Taking short naps.
- This refreshes the mind to a great extent.
- Hire a private tutor if required.
- Double-check everything
Double-checking will ensure that you have not committed silly mistakes.
- Exercise regularly
Exercising keeps the body healthy and full of energy.
- Keep yourself comfortable
Keeping yourself comfortable in all possible ways ensures that you successfully complete home works within deadlines.
The financial author to be discussed here is Lara Cathcart. She is a financial and accounting educational expert and has acquired a degree in MBA, She earned a Master’s degree and PhD in Finance from Birkbeck College, University of London.