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Please find text of the Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 – Final Examination notification below –

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 – Final Examination (New Syllabus)

Board of Studies The Institute of Chartered Accountants of India

Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2021 Examination

Study Guidelines for May, 2021 Examinations Final New Course

Notes:

1. In the above table, in respect of the topics of the revised syllabus specified in column (2) the related exclusion is given in column (3). The revised syllabus has been enclosed as Annexure I of this Study Guidelines.
2. November, 2020 edition of the Study Material is relevant for May, 2021 examination. The relevant /

applicable topics or content are to be read alongwith the ‘Corrigendum to Study Material’, if any

3. The relevant Amendments / Notifications / Circulars / Rules issued by the Companies Act, 2013 up  to  31^st October, 2020 will be applicable for  May, 2021  Examination.  Accordingly, amendments notified by MCA on 24^th July, 2020 is applicable for May, 2021 examination.

Annexure I

REVISED SYLLABUS (APPLICABLE FROM NOVEMBER, 2019 EXAMINATION) FINAL NEW COURSE

PAPER – 1: FINANCIAL REPORTING

(One paper – Three hours – 100 Marks)

Objectives:

1. To acquire the ability to integrate and solve problems in practical scenarios on Indian Accounting Standards for deciding the appropriate accounting treatment and formulating suitable accounting policies.
2. To gain the prowess to recognize and apply disclosure requirements specified in Indian Accounting Standards while preparing and presenting the financial statements.
3. To develop the skill to prepare financial statements of  group entities  which  includes subsidiaries, associates  and joint arrangements based on Indian Accounting Standards.
4. To develop an understanding of the various forms of reporting (other than financial statements) and accounting  for special transactions, and apply such knowledge in problem solving.

Contents:

1. Framework for Preparation and Presentation of Financial Statements in accordance with Indian Accounting Standards (Ind AS).
2. Application of Indian Accounting Standards (Ind AS) with reference to General  Purpose  Financial  Statements
   1. Ind AS on First time adoption of Indian Accounting Standards
   2. Ind AS on Presentation of Items in the Financial Statements
   3. Ind AS on Measurement based on Accounting Policies
   4. Ind AS on Income Statement
   5. Ind AS on Assets and Liabilities of the Financial Statements including Industry specific Ind AS
   6. Ind AS on Items impacting the Financial Statements
   7. Ind AS on Disclosures in the Financial Statements
   8. Other Ind AS
3. Indian Accounting Standards on Group Accounting
   1. Business Combinations and Accounting for Corporate  Restructuring  (including  demerger)  (as  per Ind AS)
   2. Consolidated and Separate Financial Statements (as per Ind AS)
4. Accounting and Reporting of Financial Instruments (as per Ind AS)
5. Analysis of Financial Statements
6. Integrated Reporting
7. Corporate Social Responsibility Reporting Notes:

1. If  either a new Indian Accounting Standard (Ind AS) or  Announcements and Limited Revisions to Ind AS  are issued or the earlier one are withdrawn or new Ind AS,  Announcements and Limited Revisions to  Ind  AS are issued in place of existing Ind AS, Announcements and Limited Revisions  to  Ind AS,  the syllabus will accordingly include / exclude such new developments in the place of the existing ones with effect from the date to be notified by the Institute.
2. The specific inclusions / exclusions in any topic covered in the syllabus will  be effected every year  by  way  of Study Guidelines.

A- List of topic-wise inclusion in the syllabus

1. List of applicable Statements and Standards for May 2021 Examination:
   1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
   2. Framework for Assurance Engagements.
2. List of applicable Engagements and Quality Control Standards on Auditing for May 2021

Examination

3. List of applicable Guidance Notes and other publications for May 2021 Examination:
   1. Guidance Note on Audit under Section 44AB of the Income-tax Act.
   2. Guidance Note on Audit of Banks.
   3. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.

IV Applicability of the Companies Act, 2013 and other Legislative Amendments for May 2021

Examination

1. Students are expected to be updated with the notifications, circulars and other legislative amendments made up to 6 months prior to the examination. Accordingly, the relevant notified  Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 31^st October, 2020 will be applicable for May, 2021 Examination. It may be noted that the  significant  notifications  and circulars issued which are not covered in the November 2020 edition of Study Material, would be given as Academic Update in the Revision Test Paper for May, 2021 Examination.
2. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is applicable for  May 2021 Examination
3. Companies (Auditor’s Report) Order, 2020 is applicable for May 2021 Examination.
4. Audit provision under GST Laws are applicable for May 2021 Examination.
5. Revised Statement on Peer Review and Quality Review are applicable for May 2021 Examination.
6. Revised Chapter on Professional Ethics based on Code of Ethics 2020 is applicable for May 2021 Examination.

B- List of topic-wise exclusions from the syllabus

I Chapter on Special Audit Assignment topic has been excluded.

2. Following Engagement and Quality Control Standards excluded:

3. Following Guidance Notes and other publications are excluded:
   1. Code of Ethics publication is excluded whereas Chapter 18 on Professional Ethics is in syllabus
   2. Guidance Note on Independence of Auditors.
   3. Guidance Note on Audit of Inventories.
   4. Guidance Note on Audit of Debtors, Loans and Advances.
   5. Guidance Note on Audit of Investments.
   6. Guidance Note on Audit of Cash and Bank Balances.
   7. Guidance Note on Audit of Liabilities.
   8. Guidance Note on Audit of Revenue.
   9. Guidance Note on Audit of Expenses.
   10. Guidance Note on Computer Assisted Audit Techniques (CAATs).
   11. Guidance Note on Audit of Payment of Dividend.
   12. Guidance Note on Audit of Capital and Reserves.
   13. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013
   14. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013

The provisions of the Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the Economic Laws, as amended  by concerned authority, including significant notifications and circulars issued up to 31 ^st October, 2020 are applicable for May 2021 examination.

Notes:

1. In the above table of exclusion, in respect of the Chapters of the syllabus specified in column (1) 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.
2. November 2020 edition of the Study Material is relevant for May 2021 examinations.
3. Except the exclusions mentioned in the column (3) of the table, the entire content of the syllabus included in the November 2020 edition of the Study Material shall be relevant for the said examinations.

Paper 6A: Risk Management

The pattern of examination for this paper is open-book and case study based. The entire content included in the August 2019 edition of the Study Material shall be relevant for the May 2021 examination.

Paper 6B: Financial Services and Capital Markets

The pattern of examination for this paper is open-book and case study based. Part A of the Study Material of Financial Services and Capital Markets (November 2020 Edition) shall be  relevant for  the  May  2021  examination. Following SEBI  Regulations (excluding   Schedules) revised  upto  30th June 2020 [covered in Part B of the Study Material (September, 2020 Edition)] are also  relevant:

1. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
3. SEBI (Prohibition of Insider Trading) Regulations, 2015
4. SEBI (Buy Back of Securities) Regulations, 2018
5. SEBI (Mutual Funds) Regulations, 1996

Paper – 6C : International Taxation

1. Applicability of amendments made by Finance Act

As far as the applicability of Finance Act is concerned, the amendments made by the Finance Act of a particular year would be applicable for the May and November examinations of the next year. Accordingly, the direct tax laws, as amended by the Finance Act, 2020, would be applicable for May, 2021 examinations. The relevant assessment year for May, 2021 examinations is A.Y.2021-22. This would be relevant as far as the topics on International Taxation pertain to

the Income-tax Act, 1961, equalization levy and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

However, if the case study based question requires computation/determination relating  to  any  earlier assessment year also, then, the relevant provisions pertaining to that year would be given in the question itself. In the alternative, the question may mention that the relevant provisions in the  earlier year were the same as they are for A.Y.2021 -22.

2. Applicability of amendments made by circulars, notifications, press releases/press notes and other legislations

Students are expected to be updated with the notifications, circulars, press  releases/press  notes issued and other legislative amendments made in direct tax laws upto 6 months prior to the  examination. For instance, for May, 2021 examination, significant notifications, circulars, press releases/press notes issued by the CBDT/Central Government  and  legislative  amendments  made upto 31st October, 2020 would be relevant. Accordingly, the amendments made by the Taxation  and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, would be applicable for May, 2021 examinations. However, certain provisions which  provide  for  extension of time for making investment or filing return etc. owing to  COVID-19 pandemic are  not applicable for examination.

3. Applicability of provisions of direct tax laws dealt with in Final (New) Paper 7 while addressing issues and making computation in case study based questions in Final (New) Paper 6C

The questions based on case study in the Elective Paper 6C: International Taxation may involve application of other provisions of direct tax laws dealt with in detail in Paper 7: Direct Tax Laws and International Taxation, which the students are expected to be  aware of.  Students may  note that  they are expected to integrate and apply the provisions of direct tax laws (d ealt with in Final Paper    7: Direct Tax Laws and International Taxation and in  the Elective Paper 6C:  International Taxation) in  making computations and  addressing relevant issues in  questions raised in the Elective Paper   6C on International Taxation.

Therefore, the November, 2020 edition of the Study Material for Final Paper 6C: International  Taxation available at https://www.icai.org/post.html?post_id=16967 and Final Paper 7: Direct Tax Laws and  International Taxation available at https://www.icai.org/post.html?post_id=16965 are relevant and important for answering case-study based questions in Paper 6C. These publications and updates have to  be  read along with the relevant bare Acts and Rules to  address issues and  make computations in case study based questions.  The initial pages of the Study Material of Paper  6C available at https://resource.cdn.icai.org/62360bos50456-ip.pdf contains the  link  to  the important webpages of the income-tax department and the relevant bare Acts and Rules.

4. Scope of coverage of certain topics

As regards certain topics on International Taxation, namely, Tax  Treaties: Overview, Features, Application  & Interpretation and Anti-Avoidance Measures, only the content as covered in  the  November,  2020  edition of the Study Material would be relevant for May, 2021 Examination. US Model Convention is excluded from the scope of the topic “Overview of Model Tax Conventions” by way of Study Guidelines.

It may be noted that if a case study based question involves application of a  double  taxation  avoidance agreement (DTAA), the extract of the relevant art icle(s) of the DTAA would be given in the question paper. Alternatively, the question may mention that the DTAA is in line with the OECD/UN Model Tax Convention, in which case, the students  have to  refer to  the  relevant article(s) of  the  Model Tax Convention. Students are expected to have the ability to  interpret the article(s) of  the  DTAA in answering case study based questions.

.

Paper 6D: Economic Laws

All the significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued in the specified Acts covered under the Economic Laws, up to 31st October 2020, are applicable for May 2021 examination.

Notes:

1. In the above table of Inclusion/exclusion, in respect of the Chapters of the syllabus specified in column (1) 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.
2. November 2020 edition of the Study Material and Booklet on Significant Case Laws of December 2020 edition are relevant for May 2021 examinations.
3. Except the exclusions mentioned in the column (3) of the table, the entire content of the syllabus included in the November 2020 edition of the Study Material, shall be relevant for the said examinations.

Paper 6E: Global Financial Reporting Standards

1. Relevant Study Material and Scope of Coverage of the content

November, 2020 edition of the Study Material is relevant for May, 2021 examination.

The study material contains the amendments in IFRS equivalent to  the  corresponding  amendments taken place in Ind AS till 31^st October, 2020. In case any amendment had taken place in  IFRS but the same is yet to be notified in Ind AS, then it would not be applicable for this paper for May, 2021 examination.

As regards to the topic on ‘Significant differences between IFRS and US GAAPs’,  the  content  as  covered in the chapter given in the study material would be relevant for May, 2021 examination.  The  same file has also been uploaded on the website at the link https://resource.cdn.icai.org/48696bos32691a.PDF.

2. Non-applicability of certain International Financial Reporting Standards (IFRS) and IFRS Interpretations (IFRICs)

Since  the  Core  paper on  Financial  Reporting  does   not   cover  Ind   AS   equivalent  to   IAS   26,   IAS 29 (including IFRIC 7), IFRS 4, IFRS 6, IFRS 14 and IFRS 17,  the  same IFRS shall also  not form part of the GFRS Paper.  Similarly, in applicable Ind  AS there are no corresponding Appendix on  IFRIC  2, IFRIC 9 and SIC 7, hence the same shall also not form part of the GFRS Paper.

Paper 6F: Multidisciplinary Case Study

The Multi-disciplinary case study would involve application of two or more of the seven core  subjects    at the Final level. List of seven core subjects at final level is given as under:

Note: The applicability/ non-applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for Paper 6F: Multidisciplinary Case Study for  May, 2021 Examination would be same as applicable for each of the above individual papers.

Applicability of Finance Act, Assessment Year etc. for May, 2021 Examination

The provisions of direct tax laws, as amended by the Finance Act, 2020 including significant notifications, circulars and press releases issued up to 31^st October, 2020, are applicable for May, 2021 examination. The relevant assessment year is A.Y.2021-22.

The amendments made by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 are also relevant for May, 2021 examination. However, certain provisions which provide for extension of time for making investment or filing return etc. owing to COVID-19 pandemic are not applicable for the examination. Further, the amendments in section 10(23C), the provisions of new section 12AB and consequential amendments in section 11, 12A, 12AA, 35, 56(2), 80G, 115BBDA, 115TD and 253, effected by the Finance Act, 2020, in respect of which the effective date has later been deferred to 1.4.2021 by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 , are not applicable for May, 2021 and November, 2021 examination.

Students may refer to the November, 2020 edition of the Study Material, which contains the provisions of direct tax laws relevant for May, 2021 examination.

Scope of coverage of certain topics in Part II: International Taxation

As regards certain topics on International Taxation, namely, Overview of Model Tax Conventions, Application & Interpretation of Tax Treaties and Fundamentals of Base Erosion and Profit Shifting, the specific content as covered in the November, 2020 edition of the Study Material would be relevant for May, 2021 Examination.

The following are applicable for May 2021 examination:

1. The provisions of CGST Act, 2017 and IGST Act, 2017 as amended by the Finance Act, 2020 and Finance (No.

2) Act, 2019, which have become effective up to 31^st October, 2020, including significant notifications and circulars issued and other legislative amendments made, up to 31^st October, 2020.

2. The provisions of the Customs Act, 1962 and the Customs Tariff Act, 1975, as amended by the Finance Act, 2020, including significant notifications and circulars issued and other legislative amendments made, up to 31^st October, 2020.

The Study Guidelines given below specify the exclusions from the syllabus for May 2021 examination.

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

Notes:

1. Applicability of the Finance Act, 2020: The amendments made by the Finance Act, 2020 in the Central Goods and Services Tax Act, 2017 [hereinafter referred to as CGST Act, 2017] and the Integrated Goods and Services Tax, 2017 [hereinafter referred to as IGST Act, 2017] which have become effective till 31.10.2020 are applicable for May 2021 examinations. However, select amendments made by the Finance Act, 2020 namely, amendments made in sections 10, 16, 29, 30, 31, 51, 122 and 132 of the CGST Act, 2017 have not become effective as on 31.10.2020. Therefore, the same are not applicable for May 2021 examinations.
2. Applicability of the Finance (No. 2) Act, 2019: All the amendments made the Finance (No. 2) Act, 2019 are applicable for May 2021 examinations except the amendment made in sections 2(4), 39, 95, 102, 103, 104, 105 and 106 of the CGST Act, 2017 and the insertion of new sections 101A, 101B & 101C in the CGST Act, 2017 (which have not become effective till 31.10.2020). Further, Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 introduced vide Chapter V of the Finance (No. 2) Act, 2019 is not applicable for May, 2021 examinations.
3. 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.
4. November 2020 edition of the Study Material is relevant for May 2021 and November 2021 examinations. The entire content included in the November 2020 edition of the Study Material (except the exclusions mentioned herein) shall be relevant for May 2021 examinations.

Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 – Final Examination (Old Syllabus)

Board of Studies The Institute of Chartered Accountants of India

———————————————————————————————–

Applicability of Standards/Guidance Notes/Legislative Amendments etc.

for May, 2021 – Final Examination

1. Framework for the Preparation and Presentation of Financial Statements.
2. Accounting Standards

3. Guidance Notes on Accounting Aspects
   1. Guidance Note on Accrual Basis of Accounting.
   2. Guidance Note on Terms Used in Financial Statements.
   3. Guidance Note on Accounting for Employee Share-based Payments.
   4. Guidance Note on Accounting for Credit Available in respect of Minimum Alternate Tax under the Income Tax Act, 1961.
   5. Guidance Note on Measurement of Income Tax for Interim  Financial  Reporting in the  context of AS 25.
   6. Guidance Note on Applicability of AS 25 to Interim Financial Results.
   7. Guidance Note on Turnover in case of Contractors.
   8. Guidance Note on Division I to Schedule III to the Companies Act, 2013.
   9. Guidance Note on Accounting for Derivative Contracts.
4. Applicability of the Companies Act, 2013 and other Legislative Amendments

The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 31^st October, 2020 will be applicable for May, 2021 Examination. Accordingly, the Companies (Indian Accounting Standards) Amendment Rules, 2020 notified by MCA on 24^th July, 2020 is applicable for May, 2021 examination.

5. Applicability of Indian Accounting Standard (Ind AS)

The students are expected to have an overall knowledge of the contents covered in the topic of “Introduction of Indian Accounting Standards (Ind AS); Comparative study of ASs vis -a-vis Ind ASs; Carve outs/in in Ind ASs vis-à-vis International Financial Reporting Standards (IFRSs)” which is Chapter 2 of the Study Material.

A- List of topic-wise inclusion in the syllabus

1. List of applicable Statements and Standards:
   1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (Section 143(1) of the Companies Act, 2013).
   2. Framework for Assurance Engagements.
2. List of applicable Engagements and Quality Control Standards on Auditing

3. List of applicable Guidance Notes and other publications:
   1. Guidance Note on Audit under Section 44AB of the Income-tax Act.
   2. Guidance Note on Audit of Banks.
   3. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.

IV Applicability of the Companies Act, 2013 and other Legislative Amendments for May, 2021 Examination

1. Students are expected to be updated with the notifications, circulars and other legislative amendments made up to 6 months prior to the examination. Accordingly, the relevant notified  Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 31^st October, 2020 will be applicable for May, 2021 Examination. It may be noted that the significant notifications and circulars issued which are not covered in the Study Material, would be given as Academic Update in the Revision Test Paper for May, 2021 Examination.
2. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is applicable for  May 2021 Examination
3. Companies (Auditor’s Report) Order, 2020 is applicable for May, 2021 Examination.
4. Audit provision under GST Laws are applicable for May 2021 Examination.
5. Revised Statement on Peer Review is applicable for May 2021 Examination.
6. Revised Chapter on Professional Ethics based on Code of Ethics 2020 is applicable for May 2021 Examination.

B- List of topic-wise exclusions from the syllabus :

I Chapter 17 : Special Audit Assignment topic has been excluded.

2. Following Engagement and Quality Control Standards excluded:

3. Following Guidance Notes and other publications are excluded:
   1. Code of Ethics publication is excluded whereas Chapter 22 on Professional Ethics is in syllabus
   2. Guidance Note on Independence of Auditors.
   3. Guidance Note on Audit of Inventories.
   4. Guidance Note on Audit of Debtors, Loans and Advances.
   5. Guidance Note on Audit of Investments.
   6. Guidance Note on Audit of Cash and Bank Balances.
   7. Guidance Note on Audit of Liabilities.
   8. Guidance Note on Audit of Revenue.
   9. Guidance Note on Audit of Expenses.
   10. Guidance Note on Computer Assisted Audit Techniques (CAATs).
   11. Guidance Note on Audit of Payment of Dividend.
   12. Guidance Note on Audit of Capital and Reserves.
   13. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013
   14. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013

Applicability of the following Amendments/Circulars/Notifications:

The provisions of the Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the Allied Laws, as amended by concerned authority, including significant notifications and circulars issued up to 31^st October, 2020, are applicable for May 2021 examination.

Applicability of Insolvency and Bankruptcy Code, 2016

“Overview of the Insolvency and Bankruptcy Code, 2016” for 10 Marks have been made applicable covering Knowledge

and application of the following –

1. Important Definitions
2. Corporate Insolvency Resolution Process, and
3. Liquidation Process

With the inclusion of the Insolvency and Bankruptcy Code, 2016, marks allocation will be as under:

Company Law- 60 Marks

Insolvency and Bankruptcy Code, 2016- 10 Marks Allied Laws- 30 Marks

Notes:

1. In the above table of Inclusion/exclusion, in respect of the Chapters of the syllabus specified in column (2) the related exclusion is given in column (4). 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.
2. June 2018 edition of the Study Material is relevant for May 2021 examinations. The amendments which are not covered in the study material will be uploaded on the BoS Knowledge Portal and will also be included in RTP relevant for May 2021 Examination.
3. Except the exclusions mentioned in the column (4) of the table, the entire content of the syllabus included in the June 2018 edition of the Study Material and the Legislative amendments for May 2021 examinations shall be relevant for the said examinations.

Applicability of Finance Act, Assessment Year etc. for November, 2020 Examination

The provisions of direct tax laws, as amended by the Finance Act, 2020 including significant notifications, circulars and press releases issued up to 31^st October, 2020, are applicable for May, 2021 examination. The relevant assessment year is A.Y.2021-22.

The amendments made by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 are also relevant for May, 2021 examination. However, certain provisions which provide for extension of time for making investment or filing return etc. owing to COVID-19 pandemic are not applicable for the examination. Further, the amendments in section 10(23C), the provisions of new section 12AB and consequential amendments in section 11, 12A, 12AA, 35, 56(2), 80G, 115BBDA, 115TD and 253, effected by the Finance Act, 2020, in respect of which the effective date has later been deferred to 1.4.2021 by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020, are not applicable for May, 2021 and November, 2021 examination.

Students may refer to the November, 2020 edition of the Study Material, which contains the provisions of direct tax laws relevant for May, 2021 examination.

Note – The November, 2020 edition of the Study Material for Final (New) Paper 7 is also relevant for May, 2021 Final (Old) Paper 7: Direct Tax Laws, with the exception of chapters 6 to 8 in Module 4 of the Study Material. Thus, all Chapters in Modules 1, 2 and 3 and Chapters 1 to 5 in Module 4 of the November, 2020 edition of the Study Material of Final (New) Paper 7 is relevant for Final (Old) Paper 7 Direct Tax Laws also.

The following are applicable for May 2021 examination:

1. The provisions of CGST Act, 2017 and IGST Act, 2017 as amended by the Finance Act, 2020 and Finance (No.

2) Act, 2019, which have become effective up to 31^st October, 2020, including significant notifications and circulars issued and other legislative amendments made, up to 31^st October, 2020.

2. The provisions of the Customs Act, 1962 and the Customs Tariff Act, 1975, as amended by the Finance Act, 2020, including significant notifications and circulars issued and other legislative amendments made, up to 31^st October, 2020.

The Study Guidelines given below specify the exclusions from the syllabus for May 2021 examination.

*Rates specified for computing the tax payable under composition levy are included in the syllabus. Notes:

1. Applicability of the Finance Act, 2020: The amendments made by the Finance Act, 2020 in the Central Goods and Services Tax Act, 2017 [hereinafter referred to as CGST Act, 2017] and the Integrated Goods and Services Tax, 2017 [hereinafter referred to as IGST Act, 2017] which have become effective till 31.10.2020 are applicable for May 2021 examinations. However, select amendments made by the Finance Act, 2020 namely, amendments made in sections 10, 16, 29, 30, 31, 51, 122 and 132 of the CGST Act, 2017 have not become effective as on 31.10.2020. Therefore, the same are not applicable for May 2021 examinations.
2. Applicability of the Finance (No. 2) Act, 2019: All the amendments made the Finance (No. 2) Act, 2019 are applicable for May 2021 examinations except the amendment made in sections 2(4), 39, 95, 102, 103, 104, 105 and 106 of the CGST Act, 2017 and the insertion of new sections 101A, 101B & 101C in the CGST Act, 2017 (which have not become effective till 31.10.2020). Further, Sabka Vishwas (Legacy Dispute Resolution) Scheme, 2019 introduced vide Chapter V of the Finance (No. 2) Act, 2019 is not applicable for May, 2021 examinations.
3. 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.
4. November 2020 edition of the Study Material is relevant for May 2021 and November 2021 examinations. The entire content included in the November 2020 edition of the Study Material (except the exclusions mentioned herein) shall be relevant for May 2021 examinations.

Official Link of Applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for May 2021 – Final Examination notification can be accessed from below –

New Syllabus – https://icai.org/resource/62713bos50705.pdf

Old Syllabus – https://icai.org/resource/62714bos50706.pdf

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