CMA New Syllabus 2016 Notification

No. CMA (3)/2015 : In pursuance of sub-regulation (b) of Regulation 20B and Regulation 31 of the Cost and Works Accountants Regulations, 1959, it is hereby notified that in exercise of powers conferred by clause (a) of sub-section (2) of Section 15 of the Cost and Works Accountants Act,1959, the Council of the Institute of Cost Accountants of India at its 293rd Meeting held on 20/5/2015 has approved the “Syllabus 2016” for introduction w.e.f. 1st February, 2016 as annexed in Annexure 1.

Students admitted to the Courses of the Institute w.e.f. 1st February,2016 shall pursue Courses under “Syllabus 2016”.

The First Examination under “Syllabus 2016” shall be conducted in December,2017.

This issues with the approval of the competent authority.

CMA Syllabus 2016 – Foundation Course

Trainings and Quality Assessment Tests during Intermediate Course

Special Features of Intermediate and Final Course / Syllabus 2016

Check out CMA Final DT Amendments

There are three sections in Paper-16 of CMA Final Course viz. A) Advanced Direct Tax Laws, B) International Taxation, and C) Tax Practice and Procedures.

Section A (Advanced Direct Tax Laws):

Section A of Paper-16 of CMA Final Course contain 10 topics and carries 50% weightage.

1. Return of Income & Assessment Procedure

(a) Return of Income
(b) Annual Information Return [Section 285BA]
(c) Assessment Procedure

2. Assessment of Various Entities & Tax Planning

(a) Assessment of Individuals
(b) Assessment of Hindu Undivided Family
(c) Assessment of Firms
(d) Assessment of Limited Liability Partnership (LLP)
(e) Assessment of Association of Persons / Body of Individuals
(f) Assessment of Companies
(g) Assessment of Co-operative Societies
(h) Assessment of Trusts
(i) Assessment of Mutual Association
(j) Alternate Minimum Tax and Minimum Alternate Tax
(k) Different Aspects of Direct Tax Planning

3. Clubbing of Income

Income of other person’s assessed/ clubbed in the hands of the Assessee

4. Set-Off and Carry forward and Set-off of losses

(a) Introduction
(b) Set off of loss in the Same Year
(c) Carry forward and set off of loss in Subsequent Years

5. Deduction in Computing Total Income

(a) Introduction
(b) Deductions from Gross Total Income

6. Business Restructuring

(a) Restructuring business
(b) Amalgamation
(c) Demerger, Reverse Merger
(d) Conversion of sole proprietary business to company
(e) Conversion of Firm into Company
(f) Conversion of Private Company/ Unlisted Public Company into Limited Liability Partnership (LLP)

7. Administrative procedures under Direct Taxation

(a) CBDT & Other Authorities
(b) Survey
(c) Search and Seizure
(d) Demand, Recovery, Assessment, appeal, revision, and settlement.
(e) E-commerce Transaction and liability in special cases
(f) Penalties, Fines and prosecution
(g) Income Computation and Disclosure Standards

8. Grievances Redressal Procedure

(a) Grievances Redressal Procedure
(b) Rectification
(c) Appeal and Appellate Hierarchy
(d) Revision

9. Settlement of Cases

(a) Liability under special cases
(b) Settlement of Cases [Section 245A to 245L]
(c) Advance Ruling

10. Black Money Act, 2015

(a) Introduction to Black Money Act
(b) Highlights of Black Money Act

Section B (International Taxation) [30 Marks]:

Section B of Paper-16 of CMA Final Course covers topics related to International Taxation and carries 30% weightage.

11. Double Taxation Avoidance Agreements (DTAA)

(a) Double Taxation Relief – Agreement with Foreign Countries or Specified Territories [Section 90]
(b) Adoption by Central Government of agreement between Specified Associations for Double Taxation Relief [Section 90A]
(c) Countries with which no Agreement Exists [Section 91]
(d) Tax Residency Certificate [TRC] [Section 90 and Section 90A]

12. Transfer Pricing Issues

In this topic also includes international and domestic transactions.

(a) International Taxation & Transfer Pricing issues
(b) Application of Generally Accepted Cost Accounting Principles and Techniques for determination of Arm’s Length Price
(c) Advance Pricing Agreement (APA) – Concept and Application

Section C (Tax Practice and Procedures) [20 Marks]:

Section C of Paper-16 of CMA Final Course contains case study related to tax practice and procedure.

13. Case Study Analysis

Note that the contents of Paer-16 of CMA Final Course shall be reviewed every 6 months and shall be incorporated accordingly by ICAI.

Check Out CMA Inter Direct Tax Amendments

There are three sections in Paper-7 of CMA Intermediate Course viz. A) Income Tax Act Basics, B) Heads of Income and Computation of Total Income and Tax Liability, and C) Administrative Procedures and ICDS.

Section A (INCOME TAX ACT BASICS) [10 Marks]:

In this section there are two topics which has been sited below.

1. Introduction to Income Tax Act, 1961

a) Basic Concepts and definitions
b) Background, concepts, definitions
c) Capital and revenue – receipts, expenditures
d) Basis of charge and scope of total income
e) Residential Status and Incidence of Tax

2. Incomes which do not form part of Total Income [Sec.10, and 11 to 13A]

SECTION B (HEADS OF INCOME AND COMPUTATION OF TOTAL INCOME AND TAX LIABILITY) [70 Marks]:

Section B of Paper-7 of CMA Intermediate Course is very important as it carries 70% weightage. In this section there are five topics related to Income-Tax Act, 1961. The detail contents have been discussed below.

3. Heads of Income and Computation of Total Income under various heads

(a) Income from salaries
(b) Income from House property
(c) Profits and gains from Business or Profession
(d) Capital gains
(e) Income from other sources

4. Clubbing Provisions, Set-off and Carry forward of Losses, Deductions

(a) Income of other persons included in Assessee’s Total Income
(b) Aggregation of Income and Set off or Carry Forward of Losses
(c) Deductions in computing Total Income
(d) Rebates & Reliefs
(e) Applicable Rates of Tax and Tax Liability

5. Assessment of Income of different persons

(a) Taxation of Individuals including Non-residents
(b) Hindu Undivided Family
(c) Firms, LLP, Association of Persons
(d) Co-operative Societies
(e) Trusts, Charitable and Religious Institutions

6. Corporate Taxation

(a) Classification, tax incidence, computation of taxable income and assessment of tax liability
(b) Dividend Distribution Tax (DDT)
(c) Minimum Alternate Tax (MAT)
(d) Other special provisions relating to companies

7. TDS, TCS and Advance Tax

(a) Tax Deduction at Source
(b) Tax Collection at Source
(c) Advance Tax

SECTION C (ADMINISTRATIVE PROCEDURE AND ICDS) [20 Marks]:

In this section there are two topics, the contents of which are explained hereunder.

8. Administrative procedures

a) Return Filing and Refund procedures
b) Demand, Recovery, Assessment, appeal, revision, and settlement.
c) Special Procedure for Assessment of search cases
d) E-commerce Transaction and liability in special cases
e) Penalties, fines and prosecution

9. Income computation and disclosure standards – Basic Concepts only

Click here and Download CMA Direct Tax Amendments For  Dec 2017 Exams

CMA Direct Tax Amendments

CMA Direct Tax Amendments for Dec 2018 exams