I often get confused between transcription and translation. Is there any way to memorize them easily like a mnemonic??
I prefer a conceptual distinction rather than a mnemonic in this case.
I've always thought of a transcript as an exact copy of record - that's the meaning of the word in English, and an RNA transcript is effectively an exact copy of the DNA message. Sure, there are complications like the uracil in RNA, and that the strand that is actually copied from has the complementary bases, but you still have a molecule containing the same message and you could easily go backward to DNA if you wanted.
A translation, however, is moving to another "language". When you make a translation of a document, you're not making an exact copy, you're taking the meaning of a source document and representing it in another form. Similarly, translation of mRNA into protein is moving from the language of nucleic acids to the language of amino acids. Once you've translated, you can't go back to an exact copy of the original. You could get pretty close, but the redundancy of triplet codes means you can never get the exact RNA/DNA bases back from just the protein.