ICAI CA Complete Course Syllabus

Hello Friends,Are you searching for the Chartered Accountancy syllabus or subjects. Then read this article, we will provide you the whole syllabus for chartered accountancy course. But at first, let me give you a short introduction of this course. The whole CA syllabus is divided into three stages.  The Entrance level is CA Foundation which is very basic and contains almost syllabus which you have already gone through in your senior secondary classes. However, the other two levels Intermediate and CA Final contains a very vast syllabus. At every stage you will read a advance version of its core subjects.

Let’s Start with the entrance test i.e. CA Foundation. This comprises of Four Subjects given as follows :-

Paper 1: Principles and Practice of Accounting

Paper 2: Business Laws & Business Correspondence and Reporting

Section A: Business Laws

Section B: Business Correspondence and Reporting

Paper 3: Business Mathematics and Logical Reasoning & Statistics

Part I: Business Mathematics and Logical Reasoning

    Part II: Statistics

Paper 4: Business Economics & Business and Commercial Knowledge

Part I: Business Economics

Part II: Business and Commercial Knowledge

PAPER – 1 Principles and Practices of Accounting

The First Subject at this level is Principle and Practices of Accounting. This is the core subject of this Course. This subject really get advanced with the increase in the levels of CA Course.  At the Foundation level  it includes the topics like –

1. Theoretical Framework
2. Accounting Process
   1. Preparation of Trial Balance
   2. Rectification of Errors etc,

1. Bank Reconciliation Statements
2. Inventories
3. Concepts and Accounting for Depreciation
4. Accounting for Special Transactions
5. Final Accounts of Sole Proprietors
6. Partnership Accounts
7. Financial Statements of Not-For Profit Organizations.
8. Introduction to the Company Accounts
9. Basic Accounting Ratios.

PAPER -2  Business Laws and Business Correspondence and Reporting

SECTION – A  Business Laws

This is a new subject for the candidates who are appearing in the CA Foundation after giving the 12th Examinations. The object of this subject is to develop the basic understanding of the General Business Laws and also understand their application in the business.

CONTRACTS  COVERED BY THIS SUBJECT-

1. The Indian Contract Act, 1872
2. The sale of Goods Act, 1930
3. The Indian Partnership Act, 1932
4. The Limited Liability Partnership Act, 2008
5. The Companies Act, 2013

At this level, you will going to have a basic knowledge of the General contracts which is very important to apply these laws in your work. The further next levels will contain a detail understanding of this subject and a depth knowledge of the Companies Act, 2013 which is replaced by Companies Act, 1956.

SECTION – B  Business and Correspondence Reporting

This subject is newly introduced in CA Foundation seeing the importance of good Communication Skills in the Corporate environment. The topics covered in this subject are given as follows –

Part – 1   Communication

Part -2    Sentence Types and Word Power

1. Sentence types (Direct, Indirect, Active-Passive Speech)
2. Vocabulary Root Words, Synonyms, Antonyms, Prefixes, Suffixes,  Phrasal verbs, Collocations & Idioms.

Part -3  Comprehension Passages and Note Making

1. Comprehension Passages
2. Note Making

Part -4  Developing writing Skills

1. Introduction to Basic writing
2. Précis Writing
3. Article Writing
4. Report Writing
5. Writing Formal Letters
6. Writing Formal Mails
7. Resume Writing
8. Meetings

As you can see these are the general topics which you have gone through in your previous classes.

PAPER – 3   Business Mathematics, Logical Reasoning and Statistics

SECTION – A     Business Mathematics

If you were a maths student in your senior secondary classes then you are familiar with this subject topics.

Topics covered are-

1. Ratio and Proportion, Indices and Logarithms
2. Equations and Matrices
3. Linear Inequalities with Objective Functions and Optimization w.r.t. objective function.
4. Time value of Money
5. Permutations and Combinations
6. Sequence and Series
7. Sets, Relations and Functions
8. Basic applications of Differential and Integral calculus

SECTION – B  Logical Reasoning

The objective of this subject is to develop basic logical reasoning skills and scoring subjects for all category students whether Maths or Non-Maths.

1. Number series, Coding and Decoding and odd man out.
2. Direction Tests
3. Seating Arrangements
4. Blood Relations
5. Syllogism.

SECTION – C Statistics

Maths students in their senior secondary classes have gone through all these topics-

1. Statistical description of Data
2. Measures of Central tendency and Dispersion
3. Probability
4. Theoretical Distributions
5. Correlation and Regression
6. Index Numbers and Time Series

PAPER – 4  Business Economics and Business and Commercial Knowledge

SECTION – A Business Economics

Develop an understanding of basics of Business Economics and apply such basic concepts in simple problem solving.

Topics covered in this section includes-

1. Introduction to Business Economics
2. Theory of Demand and Supply
3. Theory of Production and Cost
4. Price Determination in Different Markets
5. Business Cycles

SECTION – B Business and Commercial Knowledge

This is also a new subject introduced in CA Foundation to develop a basic understanding of Business and Commercial Concepts.

Topics covered in this subject are-

1. Business and Commercial Knowledge – An Introduction
2. Business Environment
3. Business Organizations
4. Government Policies for Business Growth
5. Organizations Facilitating Business
6. Common Business Terminologies

These are the four subjects covered in CA Foundation. The above two subjects will get wide with the increase in the levels and their paper is also subjective . However the later two papers will be objective and negative marking is also there in case of objective papers. For each wrong answer ¼ marks will get deducted and for each correct answer 1 mark will be given.

CA INTERMEDIATE

This is the second stage in the CA Journey. The course is very vast. And it’s really difficult to cover the entire course but not difficult. This level comprises of eight subjects divided into two groups each of 4 subjects-

PAPERS OF INTERMEDIATE COURSE-

Group -1

Paper 1: Accounting

Paper 2: Corporate & Other Laws

Part I: Company Law

Part II: Other Laws

Paper 3: Cost and Management Accounting

Paper 4: Taxation

Section A: Income-tax Law

Section B: Indirect Taxes

Group II

Paper 5: Advanced Accounting

Paper 6: Auditing and Assurance

Paper 7: Enterprise Information Systems & Strategic Management

Section A: Enterprise Information Systems

Section B: Strategic Management

Paper 8: Financial Management & Economics for Finance

Section A: Financial Management

Section B: Economics for Finance

PAPER – 1    Accounting

As we have already discussed that this is the core subject of the entire CA syllabus. Application of Accounting Standards and also various other topics to prepare the Financial Statements of various entities.

Topics covered in this Subject are-

1. Process of formulation of Accounting Standards including Ind ASs (IFRS converged standards) and IFRSs; convergence vs adoption; objective and concepts of carve outs.
2. Framework for Preparation and Presentation of Financial Statements (as per Accounting Standards)
3. Application of Accounting Standards
4. Company Accounts
5. Accounting for Special Transactions
6. Special Type of Accounting
7. Dissolution of partnership firms including piecemeal distribution of assets; Amalgamation of partnership firms; Conversion of partnership firm into a company and Sale to a company; Issues related to accounting in Limited Liability Partnership.

PAPER -2  Corporate and other Laws

SECTION – A  Company Law

To acquire the knowledge of company law and apply the same in audit of Companies or preparation of its Financial Statements. Until you don’t have an idea what is written in the law, you can’t audit a company’s Financial Statement. Basically it covers from Sec 1 to 148 from the Companies Act 2013.

Topics covered in this Section are –

1. Preliminary

2. Incorporation of Company and Matters Incidental thereto

3. Prospectus and Allotment of Securities

4. Share Capital and Debentures

5. Acceptance of Deposits by companies

6. Registration of Charges

7. Management and Administration

8. Declaration and Payment of Dividend

9. Accounts of Companies

10. Audit and Auditors

Note- Students shall also note that sections of Companies Act, 1956 which are still in force will form part of your syllabus.

SECTION – B    Other Laws

Interpretation of various statutes, their rules, develop a basic understanding of these rules.

Laws covered in this section are –

1. The Indian Contract Act, 1872

1. The Negotiable Instruments Act, 1881

1. The General Clauses Act, 1897

1. Interpretation of Statutes.

PAPER – 3 Cost and Management Accounting

Develop an understanding of the Cost Accounting Statements, calculation of the cost associated with the production of a products, preparation of cost accounting statements.

Topics covered under cost and management accounting are-

1. Overview of Cost and Management Accounting

1. 1. Introduction to the Cost and Management Accounting.
   2. Elements of cost and preparation of cost sheets.

1. Ascertainment of Cost and Cost Accounting System.
   1. Material Cost
   2. Employee Cost
   3. Direct Expenses
   4. Overheads
   5. Concept of ABC analysis
   6. Recording and Accounting of Costs

1. Methods of Costing –
   1. Single Output/ Unit Costing
   2. Job Costing
   3. Batch Costing
   4. Process / Operation Costing
   5. Costing of Service Sectors

1. Cost Control and Analysis
   1. Standard Costing
   2. Marginal Costing
   3. Budget and Budgetary control .

PAPER – 4        TAXATION

As we all know that CA is known as a tax planner. This subject develops an understanding of the Income Tax and Goods and Service Tax prevailing in India.

SECTION – A        Income Tax

This section covers topic like-

1. Basic concepts

1. Residential status and scope of total income

1. Income which do not form part of the total income

1. Heads of Income and computation of Income under various heads-
   1. Salaries
   2. Income from House Property
   3. Income from Business and Profession
   4. Capital Gains
   5. Income from other sources
2. Income of other person’s included in assessee’s total income

1. Aggregation of Income, Set off or Carry forward and set off of losses.

1. Deduction from the Gross Total Income

1. Computation of total income and tax liability of Individuals.

1. Advance Tax, Tax deduction at source and Introduction to Tax Collection at Source

1. Provisions for filing return of Income and Self Assessment.

SECTION – B        Indirect Taxes

As we all know friends that GST replaces the various taxes prevailing in the country. One Nation, One Tax. So, under this Section you will have to study about GST.

Topics covered under this head are-  

1. Concept of indirect taxes
2. Concept and features of indirect taxes
3. Principal indirect taxes

2. Goods and Services Tax (GST) Laws
3. GST Laws: An introduction including Constitutional aspects
4. Levy and collection of CGST and IGST
5. Application of CGST / IGST law
6. Concept of supply including composite and mixed supplies
7. Charge of tax
8. Exemption from tax
9. Composition levy

iii. Basic concepts of time and value of supply

1. Input tax credit
2. Computation of GST liability
3. Registration

vii. Tax invoice; Credit and Debit Notes; Electronic way bill

viii. Returns

1. Payment of tax including reverse charge

This is the entire syllabus of Group – 1 in Intermediate.

Group – II

PAPER – 5    ADVANCE ACCOUNTING

The objective of this subject is to apply Accounting Standards, Guidance Notes and Legislations to the various transactions and events in the preparation and presentation of Financial Statements of Business Entities.

And also to understand and apply financial reporting and regulatory requirements of Banking, Financial Services and Insurance Sector.

Topics Covered by this Subject are-

1. Application of Accounting Standards. (AS – 7,9,14,18,19,20,24,26,29)

1. Application of Guidance Notes issued by the ICAI on specific accounting aspects.

1. Special aspects of Company Accounts.

1. Reorganization of Companies.

1. Financial Reporting of Banking, Financial Services and Insurance.

1. Valuation of Goodwill.

1. Consolidated Financial Statements.

PAPER – 6     AUDITING AND ASSURANCE

As we all know that audit is the basic work of a Chartered Accountant. This subject helps in developing an understanding of the concept in auditing and generally accepted auditing procedures, techniques and skills and acquire the ability to apply the same in Audit and Attestation work.

Topics covered in this subject are as follows –

1. Nature, Objective and Scope of Audit.
   1. Auditing Concepts.
   2. Standard Setting  Process.
   3. Engagement Standards

.

1. Audit Strategy, Audit Planning and Audit Programme.

1. Audit Documentation and Audit Evidence

1. Risk Assessment and Internal Control.

1. Fraud and Responsibilities of an Auditor in this regard.

1. Audit in an Automated Environment.

1. Audit Sampling.

1. Analytical Procedures.

1. Audit of Items of Financial Statements.

1. The Company Audit

1. Audit Report

1. Audit of Banks

1. Audit of Different types of Entities.

PAPER – 7     ENTERPRISE INFORMATION SYSTEMS AND STRATEGIC MANAGEMENT

SECTION – A     Enterprise Information Systems

Develop an understanding of technology enabled information systems and their impact on enterprise wide processes, risks and controls.

Topics covered in the above section are as follows –

1. Automated Business Processes

1. Financial and Accounting Systems.

1. Information Systems and its Components.

1. E-Commerce, M-Commerce and Emerging Technologies.

1. Core Banking Systems.

SECTION – B     Strategic Management

To develop an understanding of the Strategic Management concepts and techniques and acquire the ability to apply the same to business situations.

Topics covered by this section are as follows-

1. Introduction to Strategic Management.

1. Dynamics of Competitive Strategy.

1. Strategic Management Process.

1. Corporate level strategies.

1. Business Level Strategies.

1. Functional Level Strategies.

1. Organisation and Strategic Leadership.

1. Strategy Implementation and Control.

PAPER – 8 FINANCIAL MANAGEMENT AND ECONOMICS FOR FINANCE

SECTION – A         Financial Management

To develop an understanding of various aspects of Financial Management and acquire the ability to apply such knowledge in Decision – Making.

Topics covered under this section are –

1. Financial Management and Financial Analysis.
   1. Introduction to the Financial Management Functions
   2. Financial Analysis through Ratios

1. Financing Decisions
   1. Sources of Finance
   2. Lease Financing
   3. Cost of Capital
   4. Capital Structure Decisions
   5. Leverages

1. Capital Investment and Dividend Decisions
   1. Capital Investment Decisions
   2. Adjustment of Risk and Uncertainty in Capital Budgeting Decision
   3. Dividend Decisions

1. Management of Working Capital

This are the topics which you will study in depth under this section.

SECTION – B         Economics for Finance

To develop an understanding of the concepts and theories of Economics in the context of Finance and acquire the ability to address application oriented issues.

Topics covered under this section are as follows-

1. Determination of National Income
2. Public Finance
3. The Money Market
4. The International Trade

This is the entire course at Intermediate Level of CA Course.

CA FINAL

The last level in this journey is CA Final. The course of Final level is divided into eight subjects and these eight subjects are further divided into two groups. One of the paper from the eight papers is elective. Students are given a number of subjects from which they can opt a subject.

At the time of registration for the final course you have to opt a subject from the elective paper. Other subjects are mandatory for all.

These subjects are based on the new syllabus introduced  by the ICAI.

PAPER – 1     FINANCIAL REPORTING

Details study of Accounting Standards, IND AS , Guidance Notes and to acquire the ability to integrate and problem solving in practical scenarios based on the AS, IND AS. Their appropriate treatment and formulate the accounting policies.

Develop an understanding of the various forms of reporting and accounting for special transactions and apply such knowledge in problem solving.

Topics covered in this subject at the Final level are-

1. Application of Existing Accounting Standards (AS 15,21,23,25,27,28)

(you will also be require to apply other accounting standards if applicable in other questions).

1. Application of Guidance Notes issued by the ICAI on Specified Accounting Aspects.

1. Framework for the preparation and presentation of Financial Statements.

1. Application of Indian Accounting Standards (IND AS).

1. Consolidated and Separate Financial Statements (as per IND AS)

1. Application of Industry specific and Transaction specific Indian Accounting Standards.

1. Business Combinations and Accounting for Corporate Restructuring/ Demerger (As per IND AS).

1. Accounting and Reporting of Financial Instruments (As per IND AS).

1. Accounting for Share Based Payments.(As per IND AS)

1. Analysis of Financial Statements.

1. Accounting for Carbon Credits

1. Accounting for E-Commerce

1. Emerging trends in Reporting.

PAPER – 2     STRATEGIC FINANCIAL MANAGEMENT

The objective behind this subject is to acquire the ability to apply the Financial Management theories and techniques in Strategic Decision Making.

Topics covered under this subject are as follows –

1. Financial Policy and Corporate Strategy.

1. Indian Financial System.

1. Risk Management.

1. Security Analysis.

1. Security Valuation

1. Portfolio Management.

1. Securitization

1. Mutual Funds

1. Derivatives Analysis and Valuation.

1. Foreign Exchange Exposure and Risk Management.

1. International Financial Management.

1. Interest Rate Risk Management

1. Corporate Valuation

1. Mergers, Acquisition and Corporate Restructuring.

1. International Financial Center (IFC).

1. Startup Finance

1. Small and Medium Enterprises

PAPER – 3  ADVANCED AUDITING AND PROFESSIONAL ETHICS

The third paper comes in this queue is Adv. Auditing and Professional Ethics. The objective behind this subject is to acquire the ability to analyse the current business practices and procedures and apply them in auditing engagements.

Topics Covered in this Subject are as follows-

1. Auditing Standards, Statements and Guidance Notes

1. Audit Planning, Strategy and Execution.

1. Risk Assessment and Internal Control.

1. Special Aspects of Auditing in an Automated Environment.

1. Audit of Limited Companies.

1. Audit Reports.

1. Audit Reports and Certificates for Special Purpose Engagements.

1. Audit Committee and Corporate Governance.

1. Audit of Consolidated Financial Statements.

1. Special Features of audit of Banks, Insurance and Non Banking Financial Companies.

1. Audit under Fiscal Laws.

1. Special Audit Assignments.

1. Audit of Public Sector Undertakings.

1. Liabilities of Auditors.

1. Internal Audit, Management and Operational Audit.

1. Due Diligence, Investigation and Forensic Audit.

1. Peer Review and Quality Review.

1. Professional Ethics.

PAPER – 4     CORPORATE AND ECONOMIC LAWS

This subject is divided into two sections, one is Corporate Laws while the other one is Economic Laws.

PART – 1    CORPORATE LAWS

This is further divided into two section one is Company Law and the other one is Securities Law.

SECTION – A     Company Law

The objective behind this subject is to acquire the ability to analyse, interpret and apply the provisions of Company Law in practical situations.

Topics Covered under Company Law are as follows –

Companies Act, 2013

1. Appointment and Qualification of Directors.

1. Appointment and Remuneration of Managerial Personnel.

1. Meetings of Board and its Powers.

1. Inspection, Inquiry and Investigation.

1. Compromises, Amalgamations and Arrangements.

1. Prevention of Oppression and Mismanagement.

1. Winding Up.

1. Producer Companies.

1. Companies incorporated outside India.

1. Miscellaneous Provisions.

1. Compounding of Offences, Adjudication and Special Courts.

1. National Company Law Tribunal and Appellate Tribunal.

Corporate Secretarial Practice

Drafting notices, Resolutions, Minutes.

Note – The students should also note that the provisions of Companies Act, 1956 which are still in force would form part of your syllabus till their corresponding sections are not enforced in the Companies Act, 2013.

SECTION – B    Securities Law

The objective behind this section is to acquire the ability to analyse the significant provisions of select securities laws.

Topics covered under this head are as follows-

1. The Securities Contract (Regulation) Act, 1956 and Securities Contract (Regulation) Rules, 1957. Introduction and Important Provisions.
2. The Securities Exchange Board of India Act, 1992, SEBI (Issue of Capital and Disclosure Requirements) regulations, 2009 and SEBI(Listing Obligation and Disclosure Requirements) Regulations, 2015.

PART – 2     ECONOMIC LAWS

The second part of this subject is Economic Laws and the objective behind this section is to acquire the ability to analyse the significant provisions of Economic Laws.

Topics covered in this part are –

1. The Foreign Exchange Management Act, 1999.

1. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

1. The Prevention of Money Laundering Act, 2002.

1. Foreign Contribution Regulation Act, 2010.

1. The Arbitration and Conciliation Act, 1996.

1. The Insolvency and Bankruptcy Code, 2016.

PAPER – 5 STRATEGIC COST MANAGEMENT AND PERFORMANCE EVALUATION

Objective

1. To apply various cost management techniques for planning and controlling performance in order to set,

monitor and control strategic objectives.

2. To develop skills of analysis, synthesis and evaluation in cost management to address challenges and issues which might affect or influence the management of performance with in organisations.

The subject is divided into three categories-

1. Strategic Cost  Management and Decision Making.
   1. Strategic Cost Management
   2. Strategic Decision Making

1. Performance Evaluation and Control.
   1. Performance Evaluation and Reporting.
   2. Managerial Control.

1. Case Studies (Covering course Concepts)

PART – 1     STRATEGIC COST MANAGEMENT AND DECISION MAKING

SECTION – A         Strategic Cost Management

Topics covered by the above section are –

1. Introduction to Strategic Cost Management.

1. Modern Business Environment.

1. Learn System and Innovation.

1. Cost Management Techniques.

1. Cost Management for Specific Sectors.

SECTION – B        Strategic Decision Making

1. Decision Making

1. Pricing Strategies / Decisions

PART – 2    PERFORMANCE EVALUATION AND CONTROL

SECTION – A     Performance Evaluation and Reporting   

1. Performance Measurement and Evaluation

1. Divisional Transfer Pricing

1. Strategic Analysis of Operating Income.

SECTION – B    Managerial Control

1. Budgetary Control

l

1. Standard Costing

SECTION – C  Case Studies

It covers the Course Concepts

Note- Apart from the above topics application of the following Quantitative Techniques are required to be studied to linkage to course concepts –

1. Linear Programming
2. Learning Curve / Experience Curve.

PAPER – 6   

As I have already told you friends that one of the paper from the eight paper is elective and paper no. 6 is a elective paper. You have to choose while registering for the Final Course.

The paper included are-

PAPER – 6A     Risk Management

PAPER – 6B    Financial Services and Capital Markets.

PAPER – 6C    International Taxation.

PAPER – 6D    Economic Laws

PAPER – 6E     Global Financial Reporting Standards

PAPER – 6F    Multi- Disciplinary Case Studies

PAPER – 6A         RISK MANAGEMENT

The objective behind introducing this subject in CA Curriculum is gain an understanding of the risk faced by the businesses and to learn techniques of managing such risks.

To build capability for applying such learning to address risk related issues in real business scenarios.

Topics Covered –

1. Introduction to Risk

1. Source and Evaluation of Risks.

1. Risk Management.

1. Quantitative Analysis

1. Risk Model

1. Credit Risk Measurement and Management.

1. Risk Associated with the Corporate Governance.

1. Enterprise Risk Management.

1. Operational Risk Management.

Following topics covered in SFM and LAW will also form part of this syllabus –

1. Risk Management in Investment Decisions.
2. Foreign Exchange Risk.
3. Interest Rate Risk.

PAPER – 6B     FINANCIAL SERVICES AND CAPITAL MARKETS

OBJECTIVE

To gain knowledge of Financial Services rendered by Intermediaries and Banks and their role and activities in the Financial Market in general and Capital Market in particular and also to apply such knowledge in practical scenarios.

Topics covered by this subject are as follows –

1. Global Financial Markets

1. Impact of Various policies of Financial Markets

1. Capital Market – Primary

1. Capital Market – Secondary

1. Money Market

1. Institutions and Intermediaries

1. Commodity Market

1. A.     Banking Management

1. Banking as a source of capital including NBFC’s

1. Mutual Funds

1. Private Equity

1. Investment Banking

1. Credit Rating

1. Treasury Operations

1. Risk Management

1. Credit Derivatives

1. SEBI Guidelines

Following topics which are covered in SFM and LAW will  also form part of the syllabus-

1. Securitization
2. Fixed Income Securities (Valuation of Bonds/ Debentures)
3. Derivatives
4. Interest Rate Risk
5. The Securities and Exchange Board of India Act, 1992
6. Legislative framework on listing agreements
7. The Securities Contract (Regulation) Act, 1956
8. Chapter III-D of the RBI Act, 1934

PAPER – 6C    INTERNATIONAL TAXATION

OBJECTIVE

The Objective behind introducing this subject in CA Course is to develop an understanding of the concepts, principles and provisions of International Taxation and to apply such concepts and knowledge in preparing Computation and address in practical scenarios.

Further it is divided into two sections-

1. Taxation of International Transactions and Non- Resident Taxation in India

1. Other aspects of International Taxation

SECTION – A  Taxation of International Transactions and Non- Resident Taxation in India

Topics covered in this subject are as follows –

1. Transfer Pricing Provisions under the INCOME TAX Act, 1961.

1. Arm’s Length Price
2. International Transactions

iii. Most Appropriate Method

1. Functions, Assets and Risk Analysis
2. Documentation & Compliances
3. Specific Reporting Regime in respect of Country by Country reporting and master file

vii. Advance Pricing Agreements

1. Other Provisions relating to taxation of international transactions and non-resident taxation under the Income-tax Act, 1961

1. Non-resident Taxation (including Source Rule of Taxation)
2. Double Taxation Relief

iii. Advance Rulings

1. Law and Procedures under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – An Overview.

SECTION – B    Other Aspects of International Transaction

Topics covered by this topics are as follows –

1. Overview of Model Tax Conventions.

1. OECD Model Tax Convention
2. UN Model Tax Convention

iii. US Model Tax Convention

1. Tax treaties, Application and Interpretation

1. Features of Tax treaties
2. Overview of Tax Information Exchange Agreements

iii. Commentaries and their importance

1. Role of Vienna Convention in application and interpretation of tax treaties

1. Anti Avoidance Measures

1. Controlled Foreign Corporations
2. Base Erosion and Profit Shifting

iii. Other Anti Avoidance Measures

1. Taxation of E-Commerce Transactions

1. Introduction
2. Emerging issues

iii. Equalisation levy

Note – The students may note that transfer pricing part in PART – 1 will carry 30 marks.

PAPER – 6D        ECONOMICS LAWS   

OBJECTIVE

To develop an understanding of the provisions of different economic laws and acquire the ability to apply such knowledge to address issues in practical case scenarios.   

Topics covered under this subject are as follows –

1. World Trade Organization (WTO) covering its Role, Principles, Functions and Dispute Settlement Mechanism

2. Competition Act, 2002 and Rules/ Regulations

3. Real Estate (Regulation and Development) Act, 2016 [Central Act and Rules/ Regulations]

4. Insolvency and Bankruptcy Code, 2016 and Rules/ Regulations

5. Prevention of Money Laundering Act, 2002 and Rules/ Regulations

6. Foreign Exchange Management Act, 1999 and Rules/ Regulations

7. Prohibition of Benami Property Transactions Act, 1988 and Rules/ Regulations

PAPER – 6E    GLOBAL FINANCIAL REPORTING STANDARDS

OBJECTIVE

1. To develop an understanding of the key concepts and principles of International Financial Reporting Standards and to acquire the ability to apply such knowledge to make computations and address issues in practical case scenarios.
2. To develop an understanding of the significant differences between IFRS and US GAAPs and apply the same in practical case scenarios.

Topics Covered –

1. Conceptual Framework for Financial Reporting as per IFRS – 10 Marks

2. Application of International Financial Reporting Standards – 70 Marks

3. Significant differences between IFRS and US GAAPs – 20 Marks

PAPER – 6F     MULTI-DISCIPLINARY  CASE STUDY

OBJECTIVE

To analyze and integrate the concepts, principles and provisions of accounting, auditing, taxation, corporate laws, finance and business strategy and management to address issues in practical case scenarios

Topics covered –

This paper will include Case Studies covering the following areas.

1. Financial Accounting and Reporting

2. Audit and Assurance

3. Taxation

4. Finance and Financial Management

5. Management Accounting

6. Corporate Laws

7. Business Strategy and Management

PAPER – 7     DIRECT TAXATION AND INTERNATIONAL TAXATION

SECTION – A        Direct Taxation

OBJECTIVE

To acquire the ability to analyze and interpret the provisions of direct tax laws and recommend solutions to practical problems.

Topics Covered –

Law and Procedures under the Income-tax Act, 1961

1. Basis of charge, residential status, income which do not form part of total income, heads of income, income of other persons included in assessee’s total income, aggregation of income,  set-off and carry forward of losses, deductions from gross total income, rebates and reliefs

2. Special provisions relating to companies and certain persons other than a company

3. Provisions relating to charitable and religious trusts and institutions, political parties and electoral trusts

4. Tax Planning, Tax Avoidance & Tax Evasion

5. Collection & Recovery of Tax, Refunds

6. Income-tax Authorities, Procedure for assessment, Appeals and Revision

7. Settlement of Tax Cases, Penalties, Offences & Prosecution

8. Liability in Special Cases

9. Miscellaneous Provisions and Other Provisions

SECTION – B         International Taxation

OBJECTIVE

To develop an understanding of the concepts, principles and provisions of International Taxation and acquire the ability to apply such knowledge to make computations and to address application oriented issues .

Topics Covered –

1. Taxation of international transactions and Non-resident taxation
2. The provisions under the Income-tax Act, 1961, including
3. Specific provisions relating to Non-residents
4. Double Taxation Relief
5. Transfer Pricing & Other Anti-Avoidance Measures
6. Advance Rulings
7. Equalisation levy

2. Overview of Model Tax Conventions – OECD & UN

3. Application and interpretation of Tax Treaties

4. Fundamentals of Base Erosion and Profit Shifting

PAPER – 8    INDIRECT TAX LAWS

It consists of two parts –

1. Goods and Service Tax
2. Customs &  FTP

SECTION – A     Goods and Service Tax

OBJECTIVE

To acquire the ability to analyze and interpret the provisions of goods and services tax law and recommend solutions to practical problems.

Topics Covered –

1. Goods and Services Tax (GST) Law as contained in the Central Goods and Services Tax (CGST) Act, 2017 and Integrated Goods and Services Tax (IGST) Act, 2017
2. Constitutional aspects
3. Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax; Exemption from tax; Composition levy

iii. Place of supply

1. Time and Value of supply
2. Input tax credit
3. Computation of GST liability

vii. Procedures under GST – All procedures including registration, tax invoice, credit and debit notes, electronic way bill, accounts and records, returns, payment of tax including reverse charge, refund, job work

viii. Provisions relating to electronic commerce

1. Liability to pay in certain cases
2. Administration of GST; Assessment and Audit
3. Inspection, Search, Seizure and Arrest

xii. Demand and Recovery

xiii. Offences and Penalties

xiv. Advance Ruling

1. Appeals and Revision

xvi. Other provisions

SECTION – B         Customs & FTP

OBJECTIVE

1. To develop an understanding of the customs laws and acquire the ability to analyze and interpret the provisions of such laws.
2. To develop an understanding of the basic concepts of foreign trade policy to the extent relevant to indirect tax laws and acquire the ability to analyze such concepts.

Topics Covered –

1. Customs Law as contained in the Customs Act, 1962 and the Customs Tariff Act, 1975
2. Introduction to customs law including Constitutional aspects
3. Levy of and exemptions from customs duties – All provisions including application of customs law, taxable

event, charge of customs duty, exceptions to levy of customs duty, exemption from custom duty

iii. Types of customs duties

1. Classification and valuation of imported and export goods
2. Officers of Customs; Appointment of customs ports, airports etc.
3. Import and Export Procedures – All import and export procedures including special procedures relating to

baggage, goods imported or exported by post, stores

vii. Provisions relating to coastal goods and vessels carrying coastal goods

viii. Warehousing

1. Drawback
2. Demand and Recovery; Refund
3. Provisions relating to prohibited goods, notified goods, specified goods, illegal importation/exportation of goods

xii. Searches, seizure and arrest; Offences; Penalties; Confiscation and Prosecution

xiii. Appeals and Revision; Advance Rulings; Settlement Commission

xiv. Other provisions

2. Foreign Trade Policy to the extent relevant to the indirect tax laws
3. Introduction to FTP – legislation governing FTP, salient features of an FTP, administration of FTP, contents of

FTP and other related provisions

1. Basic concepts relating to import and export of goods

iii. Basic concepts relating to export promotion schemes provided under FTP

This is the whole syllabus of Chartered Accountancy Course.