Announcement
May 2013 Final Examination: Some Essentials for
Preparation
Paper 7: Direct Tax Laws & Paper 8: Indirect Tax
Laws
In
order to ensure clarity as regards the applicability of provisions of Direct
Tax Laws (DTL) and Indirect Tax Laws (IDTL) for May 2013
examination, as well as the BOS publications relevant for the said examination,
the details regarding the same are briefed hereunder:
I. Applicability of Finance Act, Assessment
Year etc. for May 2013 Final Examination
(1)
The amendments made by the Finance Act, 2012 in DTL & IDTL;
(2)
The provisions of direct tax laws as applicable for the assessment year
2013-14;
(3)
The significant notifications and circulars issued upto 31st October, 2012
(DTL & IDTL)
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II. BOS Publications relevant for May 2013
Final Examination
Publication
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Edition
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Objective and Content
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(1)
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Study Material on DTL
(Vol. I & II)
(A.Y.2013-14)
(As
amended by the Finance Act, 2012)
(Thoroughly
revised and updated)
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October, 2012
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This edition of the Study Material is based on the
provisions of the Income-tax Act, 1961 and Wealth-tax Act, 1957, as
amended by the Finance Act, 2012 and applicable for A.Y.2013-14, and the
significant notifications and circulars issued upto 30.6.2012.
Study each topic of your syllabus thoroughly for
conceptual clarity. The aim of the Study Material is to build a strong
conceptual base by explaining the complex tax laws in a lucid manner.
Do keep the Bare Acts i.e., Income-tax Act, 1961,
and Wealth-tax Act, 1957 by your side for reference purposes. This will
facilitate understanding of the language of law and the logical sequence of
the sections.
You should make it a habit to read the tax
provisions along with the relevant sections so that you are able to relate
the provisions of law, circulars and notifications with the respective
sections.
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Practice Manual on DTL
(Vol. III)
(Thoroughly
revised and updated)
(Questions
adapted/modified and solved on the basis of provisions of law applicable for
A.Y.2013-14)
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October, 2012
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Each problem contained in this edition of the
Practice Manual has been solved on the basis of the provisions of law
applicable for A.Y.2013-14. The amendments made by the Finance Act, 2012 and
significant notifications and circulars issued upto 30.6.2012 have been taken
into account.
The Practice Manual has also been grouped
chapter-wise and contains a variety of questions and problems in each topic
for the better understanding and application of the concepts explained in the
Study Material. In the Practice Manual, questions set at the past Final
examinations of chartered accountancy course have been modified and adapted
and answered on the basis of the provisions of law applicable for
A.Y.2013-14.
After reading each chapter in the Study Material,
try to work out the problems in the corresponding chapter of the Practice
Manual on your own, and thereafter compare your answers with the answers
given therein. This would help you to identify your mistakes and also learn
from your mistakes. Further, this process would help in revision of the
concepts and principles contained in each chapter of the Study Material and
application of the same while solving practical problems.
Note
– After you complete study of the
entire syllabus content, solve all the questions in the Practice Manual once
again to make sure there are no grey areas.
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(2)
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Study Material on IDTL
(Vol. I & II)
(As
amended by the Finance Act, 2012)
(Thoroughly
revised and updated)
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November, 2012
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This edition of the Study Material is based on the
provisions of indirect tax laws, as amended by the Finance Act, 2012 and the
significant notifications and circulars issued upto 30.6.2012.
Students
appearing in May 2013 examination are advised to read this edition of the
Study Material, since the concept of taxation of services has undergone a
complete change from a positive to negative approach. Therefore, the service
tax portion of the Study Material has been completely revamped.
The objective of the Study Material on IDTL and
manner of studying is the same as described for the Study Material on DTL.
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Practice Manual on IDTL
(Vol. III)
(Thoroughly
revised and updated as per the law as amended by the Finance Act, 2012)
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November, 2012
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The questions contained in this edition of the
Practice Manual have been adapted/modified and solved on the basis of the
provisions of law as amended by the Finance Act, 2012 and significant
notifications and circulars issued upto 30.6.2012.
The objective of the Practice Manual on IDTL and
the manner of solving the questions is the same as given for the Practice
Manual on DTL.
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(3)
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Supplementary Study Paper - 2012 (DTL & IDTL)
[A
discussion of amendments made by the Finance Act, 2012 in DTL & IDTL]
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2012
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This publication explains the amendments made by
the Finance Act, 2012 in DTL & IDTL as well as the significant
circulars and notifications issued between 1.7.2011 and 30.6.2012.
It is especially relevant in case you have the
earlier edition of the DTL & IDTL Study Materials (i.e., the November
2011 & December 2011 editions, respectively), which is based on the
provisions of law as amended by the Finance Act, 2011.
However, even if you have the latest edition of
the DTL & IDTL Study Materials (i.e. the October, 2012 and November, 2012
editions, respectively), you are still advised to read the Supplementary
Study Paper-2012 for a better understanding of the statutory amendments.
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(4)
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Select Cases in Direct & Indirect Tax Laws –
An Essential reading for May 2013 & November 2013 Final Examinations
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This publication is relevant for students
appearing in May, 2013 examination. This publication is a compilation of
significant recent judicial decisions of Supreme Court and High Courts
which, when read in conjunction with the DTL & IDTL Study Materials, will
enable you to appreciate the significant issues involved in interpretation
and application of tax laws.
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(5)
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Revision Test Paper (RTP) for May 2013 Examination
[Revision
material for self-assessment and updation]
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The October, 2012 edition of DTL Study Material
& the November 2012 edition of the IDTL Study Material, updated on the
basis of the amendments made by the Finance Act, 2012 and significant
notifications and circulars issued upto 30th June, 2012, are the Study
Materials relevant for May, 2013 examination. However, the significant
notifications and circulars issued upto 31st October, 2012 are applicable for
May 2013 examination.
The
RTP for May 2013 would, therefore, contain the significant notifications and
circulars issued after the date up to which they are covered in the DTL &
IDTL Study Materials i.e. the significant notifications and circulars issued
between 1st July, 2012 and 31st October, 2012.
The RTP also helps you self-assess your
preparation by solving the questions contained therein independently and
comparing the same with the answers given.
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Note: All the publications mentioned above have also
been hosted at the BOS Knowledge Portal on the Institute’s website www.icai.org.
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