Announcement
May 2013 IPCE: Paper 4: Taxation
In
order to ensure clarity as regards the applicability of provisions of
income-tax, service tax and VAT for May 2013 IPCE, 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 IPCE
(1)
The amendments made by the Finance Act, 2012 in income-tax and service
tax;
(2)
The provisions of income-tax law as applicable for assessment year 2013-14;
(3)
The significant notifications and circulars issued upto 31st October, 2012
(income-tax and service tax)
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II. BOS Publications relevant for May 2013
IPCE
Publication
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Edition
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Objective
& Content
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(1)
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Study
Material on Taxation (Vol. I)
(Vol.
I comprises of Part I: Income-tax)
(A.Y.2013-14)
(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 the Income-tax
Act, 1961, 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.
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(2)
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Practice
Manual on Taxation (Vol. II)
(Vol.
II is the Practice Manual on Part I: Income-tax)
(Thoroughly
revised and updated)
(Questions
adapted/modified and solved on the basis of the provisions of law applicable
for A.Y.2013-14)
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November,
2012
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Each
problem on income-tax contained in this edition of the Practice Manual
(Volume II) has been adapted/modified and 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.
Work
out the problems and solve the questions in the Practice Manual after
completing study of each chapter in the Study Material to test your level of
understanding of concepts explained in the said chapter.
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 PE-II, PCC, and IPCC level 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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(3)
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Study
Material and Practice Manual on Part II: Service tax and VAT.
(Vol.
III)
(Thoroughly
revised and updated with the amendments made by the Finance Act, 2012.
Questions in Practice Manual adapted/modified and solved on the basis of the
provisions of law as amended by the Finance Act, 2012)
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November,
2012
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Volume
III of the Study Material is based on the provisions of VAT and service tax, 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 (purpose) of the Study Material and manner of solving the questions
in the Practice Manual on Part II: Service-tax and VAT are the same as
described for Part I: Income-tax.
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(4)
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Supplementary
Study Paper - 2012 (Taxation)
[A discussion
of amendments made by the Finance Act, 2012 in income-tax and service tax]
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2012
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This
publication explains the amendments made by the Finance Act, 2012 in income-tax and service tax as well as
the significant circulars and
notifications in income-tax issued between 1.5.2011 and 30.4.2012. The
amendments by way of significant circulars and notifications in service tax
issued between 1.5.2011 and 30.6.2012 are hosted at the BOS Knowledge Portal.
It
is especially relevant in case you have the earlier edition of the Taxation
Study Material (i.e., the December 2011 edition), 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 Taxation Study Material (i.e. the
November, 2012 edition), you are still advised to read the Supplementary
Study Paper-2012 for a better understanding of the statutory amendments.
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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
November 2012 edition of the Taxation 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, is the Study Material 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 November
2012 edition of the Study Material on Taxation, till 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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