The Institute of Chartered Accountants of India (ICAI) has issued a clarification on applicability of Standards, Guidance Notes and Legislative Amendments, for the upcoming Chartered Accountants (CA) Intermediate and Final May 2024 Examinations.
Applicability of Standards / Guidance Notes / Legislative Amendments etc. for May, 2024 Examination – Final Course
| Paper 1: Financial Reporting |
(1) | (2) | (3) |
| S. No. in the syllabus | Topics of the syllabus | Exclusions |
| 3. | Application of Indian Accounting Standards ( Ind AS ) with reference to General Purpose Financial Statements (iv) Ind AS on Assets and Liabilities of the Financial Statements (vii) Other Ind AS | – Indian Accounting Standard (Ind AS) 16 ‘Property, Plant and Equipment’ Appendix B- Stripping Costs in the Production Phase of a Surface Mine – Indian Accounting Standard (Ind AS) 37 ‘Provisions, Contingent Liabilities and Contingent Assets’ Appendix A: Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds Appendix B: Liabilities arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment – Indian Accounting Standard (Ind AS) 29 : Financial Reporting in Hyperinflationary Economies – Indian Accounting Standard (Ind AS) 104 : Insurance Contracts – Indian Accounting Standard (Ind AS) 106 : Exploration for and Evaluation of Mineral Resources – Indian Accounting Standard (Ind AS) 114 : Regulatory Deferral Accounts |
| Paper 4: Direct Tax Laws and International Taxation |
Applicability of Finance Act, Assessment Year etc. for May, 2024 Examination
The provisions of direct tax laws, as amended by the Finance Act, 2023 including significant notifications, circulars, press releases issued and legislative amendments made up to 31.10.2023, are applicable for May, 2024 examination. The relevant assessment year is A.Y. 2024-25.
The Study Material for Final Paper 4 based on the provisions of direct tax laws as amended by the Finance Act, 2023, is relevant for May
2024 Examination. The said Study Material comprises of Modules 1 to
4. The Study Material has to be read along with the Statutory Update covering notifications and circulars issued upto 31.10.2023 and the Judicial Update. Statutory Update and Judicial Update for May, 2024 examination have been webhosted at https://resource.cdn.icai.org/77984bos62600su.pdf and https://resource.cdn.icai.org/77983bos62600ju.pdf, respectively.
Note – As regards certain topics on International Taxation, namely, Overview of Model Tax Conventions, Application & Interpretation of Tax Treaties, Fundamentals of Base Erosion and Profit Shifting and Latest Developments in International Taxation, the specific content as covered in the Study Material would be relevant for May, 2024 Examination.
| Paper 5: Indirect Tax Laws |
The following are applicable for May 2024 examination:
Note – The amendments made by the Annual Union Finance Acts in the CGST Act, 2017, the IGST Act, 2017, the Customs Act, 1962 and the Customs Tariff Act, 1975 are made effective from the date notified subsequently. Only those amendments made by the relevant Finance Acts which have become effective till 31.10.2023 are applicable for May 2024 examination. Accordingly, those amendments made by the Finance Act, 2023 which have become effective till 31.10.2023 are applicable for May 2024 examination.
However, it may be noted that amendments made by the Finance Act, 2023 in sections 9, 9A and 9C of the Customs Tariff Act, 1975 and in section 65 of the Customs Act, 1962 and insertion of new section 65A
in the Customs Act, 1962 have not become effective till 31.10.2023 and thus, are not applicable for May 2024 examination. Further, the amendments made by the Finance (No. 2) Act, 2019 in sections 2(4), 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, have not become effective till 31.10.2023 and thus, are not applicable for May 2024 examination.
Further, since the amendments made by the Central Goods and Services Tax ( Amendment ) Act, 2023 and Integrated Goods and Services Tax ( Amendment ) Act, 2023, ( enacted as on 18.08.2023 ) have become effective from 01.10.2023, the same are also applicable for May 2024 examination.
The Study Guidelines given below specify the exclusions from the syllabus for May 2024 examination.
| List of topic-wise exclusions from the syllabus |
| (1) | (2) | (3) |
| S. No. in the syllabus | Topics of the syllabus | Exclusions (Provisions which are excluded from the corresponding topic of the syllabus) |
| Part-I: Goods and Services Tax | ||
| (i) | Case studies based on following: Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax including reverse | Rate of tax prescribed for supply of goods*Rate of tax prescribed for supply of services*Exemptions for supply of goodsValue of supply in cases where Kerala Flood Cess is applicable.Manner of determination of input tax credit in respect of inputs, input services and capital goods and reversal thereof in respect of real estate |
| charge; Exemption from tax; Place of supply; Time of Supply; Value of supply; Input tax credit; Computation of GST liability | projects (vi) Manner of reversal of credit of additional duty of customs in respect of Gold dore bar | |
| (xii) | Other provisions | Transitional Provisions |
*Rates specified for computing the tax payable under composition levy are included in the syllabus.
Note: 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.
| The entire content included in the Study Material read with Statutory Update for May 2024 examination shall be relevant for said examination. The amendments in the GST law and in the customs law and FTP – made after the issuance of the Study Material – to the extent covered in the Statutory Update for May 2024 examination alone shall be relevant for the said examination. Statutory Update has been webhosted at the following link: https://resource.cdn.icai.org/77980bos62607.pdf Though the Statutory Update for May 2024 examination shall provide the precise scope and coverage of the amendments, for the sake of clarity, it may be noted that the amendments made in the various provisions of the GST law for providing relief to the taxpayers of Manipur shall not be applicable for May 2024 examination. |
| Final Paper 6: Integrated Business Solutions |
This paper is a multi-disciplinary case study-based paper involving application of concepts and provisions dealt with in Papers 1 to 5 at the
Final level along with Self-paced Modules Set A & B. List of the papers at the Final level and Self-Paced Online Modules is as under –
| Final Course | |
| Paper 1 | Financial Reporting |
| Paper 2 | Advanced Financial Management |
| Paper 3 | Advanced Auditing, Assurance and Professional Ethics |
| Paper 4 | Direct Tax Laws & International Taxation |
| Paper 5 | Indirect Tax Laws |
| Self-Paced Online Modules | |
| *SET A | Corporate and Economic Laws |
| SET B | Strategic Cost & Performance Management |
Note: The applicability/non-applicability of Standards/ Guidance Notes/ Legislative Amendments etc. for Paper 6: Integrated Business Solutions for May, 2024 Examination would be same as applicable for each of the above individual papers.
Applicability of Standards/Guidance Notes/Legislative Amendments etc. for May, 2024 Examination – Intermediate Level
| Paper 2: Corporate and Other Laws |
The provisions of the Companies Act, 2013 and the Limited Liability Partnership Act, 2008 along with significant Rules / Notifications / Circulars / Clarification / Orders issued by the Ministry of Corporate Affairs, and the laws covered under Part II: Other Laws, as amended by concerned authority, including significant notifications and circulars issued up to 31.10.2023 are applicable for May 2024 examination.
The Study Material has to be read along with the ‘Relevant Legislative amendments for May 2024 examinations’ for the period of 1.5.2023 to 31.10.2023.
| Paper 3: Taxation |
Section A: Income-tax Law
The provisions of income-tax law, as amended by the Finance Act, 2023, including significant circulars, notifications, press releases issued and legislative amendments made upto 31.10.2023, are applicable for May, 2024 examination. The relevant assessment year for income-tax is A.Y. 2024-25.
The Study Material for Intermediate Paper 3A, based on the provisions of income-tax law, as amended by the Finance Act, 2023, is relevant for May, 2024 examination. The Study Material has to be read along with the Statutory Update covering significant notifications and circulars issued between 1.5.2023 to 31.10.2023. Statutory Update for May, 2024 examination has been webhosted at https://resource.cdn.icai.org/77982bos62599.pdf
Note –The Study Guidelines specifying the list of topic-wise exclusions from the scope of syllabus and topic-wise inclusion of clauses of section 10 in the syllabus is webhosted at https://resource.cdn.icai.org/76864bos61928.pdf
Section B: Goods and Services Tax Applicability of the GST law
The provisions of the CGST Act, 2017 and the IGST Act, 2017 as amended by the Finance Act, 2023 including significant notifications and circulars issued and other legislative amendments made, which have become effective up to 31.10.2023, are applicable for May 2024 examination.
The amendments made by the Annual Union Finance Acts in the CGST Act, 2017 and IGST Act, 2017 are made effective from the date notified subsequently. Thus, only those amendments made by the relevant Finance Acts which have become effective till 31.10.2023 are applicable for May 2024 examination. Accordingly, all the amendments made by the Finance Act, 2023 are applicable for May 2024 examination.
Further, since the amendments made by the Central Goods and Services Tax (Amendment) Act, 2023 and Integrated Goods and Services Tax (Amendment) Act, 2023, (enacted as on 18.08.2023) have become effective from 01.10.2023, the same are also applicable for May 2024 examination.
The Study Guidelines given below specify the exclusions from the syllabus for May 2024 examination.
| List of topic-wise exclusions from the syllabus |
| (1) | (2) | (3) |
| S. No. in the syllabus | Topics of the syllabus | Exclusions (Provisions which are excluded from the corresponding topic of the syllabus) |
| 2(iii) | Charge of tax including reverse charge | CGST Act, 2017 (i) Rate of tax prescribed for supply of goods* (ii) Rate of tax prescribed for supply of services* (iii) Categories of supply of goods, tax on which is payable on reverse charge basis under section 9(3) IGST Act, 2017 (i) Rate of tax prescribed for supply of goods (ii) Rate of tax prescribed for supply of services (iii) Categories of supply of goods, tax on which is payable on reverse charge basis under section 5(3) |
| 2(iv) | Exemption from tax | CGST Act, 2017 & IGST Act, 2017 Exemptions for supply of goods |
| 3(ii) | Basic concepts of place of supply | IGST Act, 2017 & IGST Rules, 2017 – Place of supply of goods imported into, or exported from India – Place of supply of services where location of supplier or location of recipient is outside India – Special provision for payment of tax by a supplier of online information and database access or retrieval [OIDAR] services – Refund of integrated tax paid on supply of goods to tourist leaving India – Special provision for specified actionable claims supplied by a person located outside taxable territory |
| 3(iii) | Basic concepts of time of supply | CGST Act, 2017 & CGST Rules, 2017 Provisions relating to change in rate of tax in respect of supply of goods or services |
| 3(iv) | Basic concepts of value of supply | CGST Act, 2017 & CGST Rules, 2017 Chapter IV: Determination of Value of Supply [Rules 27-35] of CGST Rules, 2017 |
| 3(v) | Basic concepts of input tax credit | CGST Act, 2017 read with CGST Rules, 2017 Manner of determination of input tax credit in respect of inputs or input services and reversal thereof [Rule 42] Manner of determination of input tax credit in respect of capital goods and reversal thereof in certain cases [Rule 43] Input tax credit provisions in respect of inputs and capital goods sent for job work. Input tax credit provisions relating to distribution of credit by Input Service Distributor [ISD] Manner of recovery of credit distributed in excess Manner of reversal of credit of additional duty of customs in respect of Gold dore bar |
Note: 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.
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 are excluded from the topics “Input tax credit”, the provisions relating to (i) registration of ISD and
(ii) filing of returns by an ISD are also excluded from the topics “Registration” and “Returns” respectively.
| The entire content included in the Study Material and the Statutory Update for May 2024 examination shall be relevant for the said examination. The amendments in the GST law made after the issuance of the Study Material – to the extent covered in the Statutory Update for May 2024 examination alone shall be relevant for the said examination. Statutory Update has been webhosted at the following link: https://resource.cdn.icai.org/77999bos62625.pdf Though the Statutory Update for May 2024 examination shall provide the precise scope and coverage of the amendments, for the sake of clarity, it may be noted that the amendments made in the various provisions of the GST law for providing relief to the taxpayers of Manipur shall not be applicable for May 2024 examination. |
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