Join Your Exam WhatsApp group to get regular news, updates & study materials HOW TO JOIN

CA Intermediate | CA IPCC Tax Amendments nov 2017 | Taxation Syllabus

CA Intermediate | CA IPCC Tax Amendments nov 2017 | Taxation Syllabus 

CA Intermediate | CA IPCC Tax Amendments for May 2017 & Nov 2017 including Indirect Tax Amendments and Syllabus May 2017 & Nov 2017 Exams. Budget 2016 will be applicable for May 2017 & Nov 2017 CA Intermediate | CA IPCC Exams. And also, all Notifications and Circulars issued by the CBDT until October 31st, will be applicable for CA Intermediate | CA IPCC May 2017 & Nov 2017 Tax Exam. In Income Tax Part, there are no much amendments, however, Indirect Tax syllabus have few significant amendments. ICAI has already issued Supplementary Study Material explaining the amendments in CA Intermediate | CA IPCC Tax for May 2017 & Nov 2017. There are no changes in Income Tax Slabs rates. CA Gaurav Jain has explained these amendments below.

CA IPCC Tax Amendments

CA IPCC Tax Amendments

CA IPCC Tax Amendments

Applicability of KKC – IPCC Indirect Tax Amendment

KKC Computation – IPCC KKC Tax Amendment

ICDS – CA Intermediate | CA IPCC Tax Amendments

House Property – CA Intermediate | CA IPCC Tax Amendments

Non-Compete Fee – CA Intermediate | CA IPCC Tax Amendments

Corporate Tax Reduced to 25%- IPCC Tax May Amendment

Spectrum Fee Tax – Tax Amendments

NBFCs Bad Debts Deductible- IPCC  Tax Amendments

44AD Limit changed- Tax Amendments May 2017 & Nov 2017

44ADA – Tax Amendments for Professionals

Scroll down and check details of Bifurcation CA Intermediate | CA IPCC Tax Question Paper into two sections From Nov 2017

IPCC Service Tax Amendments May 2017 & Nov 2017

CA Intermediate | CA IPCC Tax Amendments

Applicability of KKC – IPCC Indirect Tax Amendment May 2017 & Nov 2017

The applicable Rate of Krishi Kalyan Cess is 0.5%. This takes the total Service Tax Rate to 15% (14% Service Tax + 0.5% SBC + 0.5% KKC).

KKC Computation – IPCC KKC Tax Amendment May 2017 & Nov 2017

The Krishi Kalyan Cess calculation is similar to that of regular Service Tax calculation. The KKC shall be levied on the taxable value of the service. You should note that KKC is not calculated on the Service Tax amount, but, shall be levied on the entire taxable value of the service.

ICDS –CA Intermediate | CA IPCC Tax Amendments May 2017 & Nov 2017

ICDS which is recently introduced by the CBDT will be applicable for May 2017 & Nov 2017 CA Intermediate | CA IPCC Tax Exam. The same has been specified by the ICAI in an Announcement.

House Property – CA Intermediate | CA IPCC Tax Amendments May 2017 & Nov 2017

Deduction for Interest on Capital borrowed for house construction can be claimed up to Rs. 2 Lakh. To claim this deduction, the house construction shall be completed with in 5 years (Earlier, the house construction shall  be completed with in 3 years. This was recently amended to 5 years).

This particular amendment in CA Intermediate | CA IPCC Tax Paper is very important for May 2017 & Nov 2017 Exam.

Non-Compete Fee – CA Intermediate | CA IPCC Tax Amendments May 2017 & Nov 2017 PGBP

Any income from Non-Compete fee received by an Assessee shall be taxable as Business Income. This is covered under section 55 of Income Tax Act.

Corporate Tax Reduced to 25%- IPCC Tax May 2017 & Nov 2017 Amendment

This is one of the most important incentive offered by the Finance Minister in the recently introduced budget. As per this incentive, the new rate of Corporate Tax is 25% (This is 30% earlier).

IPCC Students should also stress on this amendment as there are high chances that this amendment will be covered in May 2017 & Nov 2017 Tax Paper.

Spectrum Fee Tax – Tax Amendments May 2017 & Nov 2017

This covers the expenditure by any telecom company on payment on spectrum fee to the government.

This is relatively large amendment and students can read this from the Tax Amendments Material Provided below for May 2017 & Nov 2017.

NBFCs Bad Debts Deductible- IPCC May 2017 & Nov 2017 Tax Amendments

This is also one of the important amendment in Tax for May 2017 & Nov 2017. Non Banking Finance Corporations can claim deduction for Provision for Bad Debts under section 36(1)(viia).

44AD Limit changed- Tax Amendments May 2017 & Nov 2017

The threshold limit for Gross Receipts under section 44AD has been increased to Rs.2 Crore. Earlier, this limit is Rs.1 Crore Only.

44ADA – Tax Amendments for Professionals

This is a newly inserted section. This provision lays down presumptive taxation benefit for Professionals.

This CA Intermediate | CA IPCC Tax Amendments has also been covered in the Material provided below for May 2017 & Nov 2017.

Bifurcation CA Intermediate | CA IPCC Tax Question Paper into two sections From Nov 2017

It may be observed that currently Paper 4 Taxation of Intermediate (IPC) examination covers questions from both Direct and Indirect Taxes. Candidates are required to write their answers thereon on a single answer book.

It has now been decided to bifurcate the above mentioned Paper 4- Taxation of Intermediate (IPC) into two sections.

Accordingly, the question paper in respect of Paper 4 will have two sections.

Section A- covering questions from Direct Taxes ( 50 marks)
Section B- covering questions from Indirect Taxes ( 50 marks)

The said paper will continue to be held in a single session of 3 hours. Candidates will be required to write their answers in respect of each of the sections in two separate answer books. They will be required to write answers relating to Direct Taxes in the answer book meant for Section A ( duly marked “A” ) and those relating to Indirect Taxes in the answer book meant for Section B( duly marked “B”).

Consolidated marks of both the sections would be indicated in the statement of marks.

The paper will be treated as a single paper for the purpose of passing requirements, exemptions and for providing certified copies.

The above arrangement will operate on the same lines as Paper 7- Information Technology and Strategic Management of Intermediate (IPC) examination.

The bifurcation as mentioned above will be effective from the Intermediate(IPC) examination to be held in November 2017 and onwards.

CG on Unlisted Shares – May 2017 & Nov 2017 Tax amendment

The Period of holding of unlisted shares in order to be qualified as a Long-Term Capital asset has been brought down to ‘more than 24 months’. Earlier, it is ‘more than 36 months’.

LLP Conversion – IPCC Tax Amendments May 2017 & Nov 2017

Total Value of assets of a private company or unlisted company not to exceed Rs.5 crore in any of the three preceding previous years for exemption of transfer of capital asset or intangible asset on conversion of such company into LLP.

Gold Bonds Amendment for May 2017 & Nov 2017 Tax Paper

Redemption by an individual of sovereign gold bonds issued by RBI does not constitute transfer for the purpose of levy of capital gains tax. In simple words, it is not taxable.

CAKART provides India’s best faculty Video classes and books for CA CS CMA exams. Video classes are provdied in online as well as offline mode (PenDrive/ DVD).Visit www.cakart.in and chat with us today!For other subject video classes you can visit www.cakart.in.

Leave a comment

Your email address will not be published. Required fields are marked *