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CA Intermediate Taxation Amendments for May 2018

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CA Intermediate (CA IPCC New Course) Taxation Amendments for May 2018

Taxation is yet another important subject for CA students. It is one of the areas of core competence in CA. The subject matter for Taxation in CA Intermediate is divided into two sections as per the new syllabus by the ICAI. Out of the total 100 marks allotted to this paper, 60 is kept aside for the direct taxes section that deals with Income Tax. The remaining 40 marks are assigned to the other section that deals with indirect taxes.

Now is the time to step up your preparation for the CA Intermediate exams. With ICAI releasing the Amendments for the May 2018 attempt, it has now become easier to keep track of the latest development in your subject. The AMENDMENTS  is designed to tackle the subject matter in a way so that you can learn the most important topics in details and prepare them in a way that will benefit you in the upcoming exams. The test papers will give you an idea about the question pattern you can expect in this attempt, along with answers. 

Section A: Income-tax Law

Applicability of the Finance Act, Assessment Year etc. for May, 2018 Examination

The provisions of income-tax law, as amended by the Finance Act, 2017, including significant circulars and notifications issued and other legislative amendments made upto 31st October, 2017, are applicable for May, 2018 examination. The relevant assessment year for income-tax is A.Y. 2018-19. The Study Guidelines containing the list of topic-wise exclusions from the syllabus is attached as Annexure I.

Section B: Indirect Taxes

Applicability of the provisions of GST law for May, 2018 Examination

The provisions of CGST Act, 2017 and IGST Act, 2017, including significant circulars and notifications issued and other legislative amendments made upto 31st October, 2017, are applicable for May, 2018 examination. The Study Guidelines containing the list of topic-wise exclusions from the syllabus is attached as Annexure II.

Taxation Section A: Income-tax Law

List of topic-wise exclusions from the syllabus

Taxation Section B: Indirect Taxes

List of topic-wise exclusions from the syllabus

Rates specified for computing the amount payable under composition levy are included in the syllabus.

 

Notes:

(1) The syllabus includes select provisions of the CGST Act, 2017 and IGST Act, 2017 and not the entire CGST Act, 2017 and the IGST Act, 2017. The provisions covered in any topic(s) of the syllabus which are related to or correspond to the topics not covered in the syllabus shall also be excluded.

(2)  In the above table, in respect of the topics of the syllabus specified in column (2) the related exclusion is given in column (3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded. For example, since provisions relating to ISD and tax collection at source are excluded from the topics “Input tax credit” and “Payment of tax including reverse charge” respectively, the provisions relating to (i) registration of ISD and person required to collect tax at source and (ii) filing of returns by an ISD and submission of TCS statement by an electronic commerce operator required to collect tax at source are also excluded from the topics “Registration” and “Returns” respectively.

(3)  July 2017 edition of the Study Material is relevant for May, 2018 and November, 2018 examinations. The amendments - made after the issuance of this Study Material - to the extent covered in the Statutory Updates for May, 2018 and November, 2018 examinations alone shall be relevant for the said examinations. The Statutory Updates shall be hosted on the BoS Knowledge Portal.

(4)  The provisions of CGST Act, 2017 and the rules issued thereunder and IGST Act, 2017 and the rules issued thereunder, to the extent included in the July 2017 edition of the Study Material and the Statutory Updates for May, 2018 and November, 2018 examinations shall alone be relevant for the said examinations. It may be noted that though the rates of taxes applicable on supply of services are given in the Study Material, the same have been excluded from the syllabus vide these Study Guidelines.

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