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

The October, 2019 Edition of the 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 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 of the said paper for May, 2020 examinations.

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