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CA Final Direct Tax Laws Study Material Applicability by ICAI

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CA Final Direct Tax Laws Study Material Applicability by ICAI

In a recent announcement dated 28 January 2020, ICAI has cleared almost all the doubts pertaining to ca final direct tax laws applicability of study material for May 2020 & November 2020 Exams. Students of Second Group giving May 2020 exams were quite confused as to what has to be read and what to leave in order to cover all the amendments which are applicable for forthcoming exam. This notification will help each one of them to get a complete clarity about the subject matter.

Text of the notification reads as –

Announcement: CA Final Direct Tax Laws

Final (New) Paper 7: Direct Tax Laws and International Taxation & Final (Old) Paper 7: Direct Tax Laws

The October, 2019 Edition of the CA Final Direct Tax Laws Study Material comprising of 4 modules, Modules 1 to 3 on Part I: Direct Tax Laws and Module 4 on Part II: International Taxation is based on the provisions of direct tax laws, as amended by the Finance Act, 2019 and Finance (No.2) Act, 2019, and hence, the same is relevant for May, 2020 and November, 2020 examinations. The said Study Material also includes circulars, notifications and press releases issued upto 30.9.2019. It may be noted that for May, 2020 examination, the cut-off date for applicability of notifications and circulars is 31.10.2019 and the relevant assessment year is A.Y.2020-21.

The above Study Material also incorporates the amendments made by the Taxation Laws (Amendment) Ordinance, 2019, promulgated by the President of India on 20.9.2019. The Ordinance has been subsequently approved by the Cabinet, consequent to which, the Taxation Laws (Amendment) Bill, 2019, with certain further changes, was introduced in the Parliament. The same has been passed by both Houses of the Parliament and has received the assent of the President of India. This Act, i.e., the Taxation Laws (Amendment) Act, 2019, shall be deemed to have come into force on 20.9.2019, and hence, the same is relevant for May, 2020 examination.

On account of the subsequent amendments brought in through the Taxation Laws (Amendment) Act, 2019, students are advised to ignore Annexures 1, 2 and 3 of Chapter 12 in the printed copy of Module 2 of the October 2019 edition and instead, read the Annexures given in the webhosted Statutory        Update.         The webhosted Statutory Update available at https://resource.cdn.icai.org/58083bos47388.pdf contains the amendments made by the Taxation Laws (Amendment) Act, 2019 and the notifications/press release issued upto 31.10.2019.

The webhosted Judicial Update for CA Final Direct Tax Laws available at https://resource.cdn.icai.org/58082bos47380.pdf contains the recent significant select case laws reported upto 31.10.2019. These are in addition to the significant select cases reported at the end of each Chapter in Modules 1 to 3 of the Study Material. Thus, the webhosted Statutory Update and Judicial Update are relevant and important for May, 2020 examination and have to be read along with the October, 2019 edition of the Study Material.

It may be noted that the October, 2019 edition of the Study Material of Final (New) Paper 7 is also applicable for Final (Old) Paper 7: Direct Tax Laws, with the exception of Chapters 6,7 and 8 of Module 4 of the Study Material. Thus, all chapters in Modules 1,2 and 3 and chapters 1 to 5 of Module 4 of Study Material of Final (New) Paper 7: Direct Tax Laws and International Taxation are relevant for Final (Old) Paper 7: Direct Tax Laws also. The webhosted Statutory Update available at https://resource.cdn.icai.org/57751bos201219finalold-p7.pdf and Judicial Update available at https://resource.cdn.icai.org/58082bos47380.pdf are relevant and important for May, 2020 examination for Final (Old) Paper 7 also and accordingly, have .to be read along with the October, 2019 edition of the Study Material.

It may be noted that the Statutory Update referred to above also forms Part I of the RTP for CA Final Direct Tax Laws of the said paper for May, 2020 examinations.


Official Link of above said notification can be accessed from below –

https://resource.cdn.icai.org/53751bos43186announ.pdf

That’s all for now. Stay Connected for more such authentic updates.

Jai Hind, Vande Mataram
Team CA Study

CA Final Direct Tax Laws Study Material Applicability by ICAI 1

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