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ICWAI | CMA Intermediate International Taxation Notes pdf

ICWAI | CMA Intermediate International Taxation Notes pdf

ICWAI | CMA Intermediate International Taxation Notes pdf – ICWAI | CMA Inter Notes is available for download at The excellent download file is in the format of pdf. Students taking ICWAI | CMA Inter exams will find the ICWAI | CMA Inter Notes very useful. Exams are held two times in a year, starts on June and December.

Scroll down and check ICWAI | CMA Intermediate International Taxation Notes pdf

ICWAI | CMA Inter Important Topics for June 2017 Exam


1. Accounting Standards

  • AS-1: Disclosure of Accounting Policies
  • AS-2: Valuation of Inventories
  • AS-5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
  • AS-10: Accounting for Fixed Assets

2. Bank Reconciliation Statements
3. Depreciation Accounting (AS – 6); Impairment of Assets (AS -28)
4. Preparation of Financial statements :

  • Preparation of Receipts and Payments Account
  • Preparation of Income and Expenditure Account
  • Balance Sheet ICWAI | CMA Inter Important Topics
  • Concept of single entry system, conversion of single entry system into double entry system of accounting ICWAI | CMA Inter Important Topics

5. Partnership ICWAI | CMA Inter Important Topics

  • Admission, Retirement, Death, Treatment of Joint Life Policy
  • piece meal distribution
  • Amalgamation of partnership firms

6.Branch Accounts-Debtors system, Stock & Debtors system
7. Self-Balancing Ledger ICWAI | CMA Inter Important Topics
8.Insurance Claim ( Loss of Stock and Loss of profit)
9.Accounts of a Banking Company
10.Accounts of Insurance Companies (as per Insurance Act) including Stock Valuation.


Section A: LAWS (Industrial and Economic Laws) [60 marks]

1. Laws of Contracts ICWAI | CMA Inter Important Topics

  • Essential elements of a contract, offer and acceptance
  • Quasi-contracts, contingent contracts, termination or discharge of contracts
  • Special contracts : Indemnity and Guarantee; Bailment and Pledge; Laws of Agency ICWAI | CMA Inter Important Topics

2. Laws relating to Sale of Goods

  • Transfer of ownership ICWAI | CMA Inter Important Topics
  • Performance of the contract of sale

3. Laws relating to Employees:

Here you have to prepare object, scope and applicability of the every following Acts. Just know about basic concept of every Act .

  • Factories Act,1948
  • Industrial Disputes Act,1947
  • Workmen’s Compensation Act,1923
  • Payment of Wages Act, 1936 and Minimum Wages Act,1948
  • Payment of Bonus Act, 1965 and Payment of Gratuity Act, 1972
  • Employees State Insurance (E.S.I)Act, 1950
  • Provident Fund (P.F.) Act, 1952 ICWAI | CMA Inter Important Topics
  • The Child Employee (Prohibition and Regulation) Act, 1986

4. Negotiable Instruments Act, 1881

  • Definition, Acceptance and negotiation
  • Dishonour of a Negotiable Instrument

5. Laws related to Partnership:

  • Nature of Partnership
  • Rights and liabilities of Partners
  • Dissolution of Firms
  • Limited Liability Partnership Act, 2008

6. Prevention of Money Laundering Act ,2011

  • Prevention of Money Laundering Act, 2011
  • Obligations of Banks and Financial Institutions

Section B: Corporate Laws and Governance [20 marks]

7. Essentials of Corporate Laws

  • Company – types, formation and related procedures
  • Director- roles, responsibilities, qualification, disqualification, appointment/re-appointment, retirement, resignation, removal, remuneration, powers, duties, Director’s Identification Number (DIN), Loans to Directors, Office or Place of Profit
  • Cost Accountant – Appointment, Role and Responsibilities – with special reference to Certification ICWAI | CMA Inter Important Topics

8. Right to Information Act, 2005

  • Salient features, objective
  • Request for obtaining information

9. Governance ICWAI | CMA Inter Important Topics

  • Basic understanding of Corporate Governance
  • Corporate governance practices in India, USA, UK, Japan and Germany
  • Internal Audit for Governance – nature, scope, function, planning process, investigation of fraud, internal audit reports
  • Statutory Audit for Governance

Section C : Ethics [20 marks]

  • Ethics – meaning, importance, nature and relevance to business, values and attitudes of Professional Accountants
  • The “Seven Principles of Public Life” – selflessness
  • The relationship between ethics and law, difference between ethical codes and contracts ICWAI | CMA Inter Important Topics
  • Unethical behavior – consequences



1. Income Tax Act, 1961

  • Basic Concepts and definitions
  • Residential Status and Incidence of Tax

2. Sec.10  ICWAI | CMA Inter Important Topics

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

  • Income from salaries
  • Capital gains
  • Income from other sources

4. Tax Planning and Tax Management

  • Concept and application
  • For setting up new business units
  • Tax incentives and Export Promotion Schemes,  exemptions
  • Computation of income and Return of Income Tax, Filing procedure, e-filing
  • Penalties, Fines and Prosecution


Wealth Tax Act, 1957

  • concept and charge of wealth tax
  • exempted assets
  • Valuation of assets
  • Return of Wealth Tax and assessment procedure


  • Residency issues, source of income
  • double taxation avoidance agreements
  • Reference to Cost Accounting Records and Cost Audit Reports.
  • General Anti-Avoidance Rules (GAAR) – concept and application


Problems :


  • Materials
  • Employee Costs
  • Overhead  ICWAI | CMA Inter Important Topics


  • Hire Purchase, Forfeiting, Bill Discounting, Factoring, Asset Securitization
  • Concepts of Value and Return – Time preference for money, Future Value, Present Value, Net Present Value (NPV)
  • Funds flow and Cash flow Analysis
  • Analysis Financial Ratio and Cash Flow
  • Cash and Marketable securities
  • Financing of working capital
  • Operating Risk and Financial Risk and Combined Leverages
  • Operating leverages and Cost-Volume-Profit (CVP) analysis, Earning Before Interest and Tax (EBIT), Earning Per Share (EPS), Indifference point
  • Weighted Average Cost of Capital and Marginal Cost of Capital
  • payback period method, accounting rate of return, net present value, internal rate of return, modified internal rate of return, discounted payback period and profitability index.


  • Financial Management – meaning, objectives, scope, related finance disciplines, planning environment, key-decision areas
  • Financial Decision – Making – Emerging role of finance managers
  • Time preference for money, Future Value, Present Value, Net Present Value (NPV) ICWAI | CMA Inter Important Topics
  • Operating leverages and Cost-Volume-Profit (CVP) analysis, Earning Before Interest and Tax (EBIT), Earning Per Share (EPS), Indifference point
  • Meaning, components, methods of determination of cost of capital related to debt, preference shares, equity shares, retained earnings, depreciation fund

Operation Management & Information Systems

Section A: Operations Management [60 marks]

  • Operations Management – introduction, scope, need, challenges, role in decision-making  ICWAI | CMA Inter Important Topics ICWAI | CMA Inter Important Topics
  • Process strategy , process analysis and design, production process flow, cost flow, costing system
  • Economics and optimization – basics, Pareto Optimality condition, price-mechanism and optimum resource allocation,
  • Studies at work place – Time study, Work study, Method study, Activity sampling, Work simplification, Job Evaluation
  • Project Life Cycle, scheduling with Gantt Charts, PERT and CPM, Project Risk measurement
  • Human Resource Planning and optimization – introduction, job allocation/assignment
  • Introduction, features, measurement techniques of factors of production, productivity index, productivity of Employee, productivity of materials, productivity of management resources
  • Methods of improving productivity including quality circles
  • Total Quality Management (TQM) – basics tools and certification
  • Spare parts – Planning, policy and control
  • Application of Queuing theory in maintenance and spares management

Section B: Information System [40 marks]

  • Structured Systems Analysis and Design, Physical and Logical Data Inflow Diagrams
  • Data Base Concept, Overview of DBMS, Data Models, Database Administrator, Database User, Schema, Data Independence
  • Definition, scope, planned and unplanned MIS, MIS information time scale, transaction processing ICWAI | CMA Inter Important Topics
  • MIS and Levels of Management – operational level, tactical level, strategic level
  • Business Intelligence – Architecture Analysis
  • Processing Management Accounting Information
  • MIS in functional areas: Finance & Cost Management, Inventory, Marketing, HRM, Financial modeling
  • Enterprise Resource Planning (ERP)
  • Cyber laws ICWAI | CMA Inter Important Topics


Section A: Cost & Management Accounting – Methods & Techniques (50 marks)

  • Necessity and importance of cost accounting
  • Reconciliation between cost and Financial profit and loss account; Integrated and non-integrated accounting and reporting
  • contract costing, process costing
  • work-in –progress and abnormal loss accounts
  • Marginal Costing  ICWAI | CMA Inter Important Topics
  • Integration of Standard Costing with Marginal Cost Accounting
  • Absorption Cost Accounting and Throughput Accounting
  • Accounting and control of waste, scrap, spoilage, defective, etc
  • Budget Concepts and Budget Preparation
  • Fixed, variable, semi-variable and activity-based categorizations of cost and their application in projecting financial results
  • accounting – methods and reconciliation – stock valuation
  • interpretation and uses for Managerial decision-making activities

Section B: Cost Records and Cost Audit (20 marks)

  • Cost Audit under Companies Act, 1956
  • Nature and scope of Cost Audit
  • Cost Accounting Record Rules, 2011 and Cost Audit Report Rules,2011

Section C: Economics for Managerial Decision-making (30 marks)

  • Concepts of Markets, analysis of market demand and empirical estimation of demand ICWAI | CMA Inter Important Topics
  • Government Intervention and effect
  • cost analysis
  • Factor demand and input decisions
  • Pricing Policies


  • Features of Indirect Tax, Constitutional Validity
  • The Central Excise Law – Goods, Excisable Goods, Manufacture and manufacturer, Classification, Valuation, Related Person, Captive Consumption, CAS 4 CENVAT, Basic Procedure, Export, SSI, Job Work
  • Central Excise Audit and Special Audit under 14A and 14AA of Central Excise Act
  • Impact of tax on GATT 94, WTO, Anti Dumping processing
  • Types of customs duties, Anti-Dumping Duty, Safeguard Duty
  • Valuation, Customs Procedures, Import and Export Procedures
  • Service Tax ( Full Chapter )
  • Introduction, Definitions, salient features of CST Act
  • Procedures under Central Sales Tax (CST)
  • Introduction, definitions, salient features of Sate VAT Act
  • Filing of return under State VAT Act
  • Accounting & Auditing VAT
  • International Taxation & Transfer Pricing issues in the context of Indirect Taxation  ICWAI | CMA Inter Important Topics
  • General Anti-Avoidance Rule (GAAR) – concept and application


Section A: Generally Accepted Accounting Principles (GAAP) (20 marks)

  • Accounting Standards ( All Standards are Imp. )

    • AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003)
    • AS 12: Accounting for Government Grants
    • AS 15: Employee Benefits
    • AS 19: Leases
    • AS 20: Earning Per Share
    • AS 26: Intangible Assets
    • AS 29: Provisions, Contingent Liabilities and Contingent Assets

Section B: Accounts of Joint Stock Companies (40 marks)

  • Issue of Equity shares
  • Forfeiture of Shares, Reissue of Forfeited Shares
  • Buy Back of Equity Shares
  • Under writing of Shares and Debentures
  • Part I – Form of Balance Sheet
  • Part II – Form of Statement of Profit and Loss
  • Cash Flow Statement (AS 3)
  • Accounting for Amalgamation [AS -14]
  • Internal Reconstruction
  • Accounting involved in liquidation of companies

 Section C – Auditing (40 marks)

  • Nature, scope and significance of Audit
  • Internal Check, Internal Control
  • Auditor’s qualification, disqualification, appointment, remuneration ,removal, power and duties
  • Reporting requirements under companies act
  • Audit of shares and debentures
  • Audit of Government Companies

ICWAI | CMA Intermediate International Taxation Notes pdf

ICWAI | CMA Inter direct tax and international taxation study material Download
 ICWAI | CMA Inter Indirect Taxation Study Material Download
 CMA IDT Amendments Download
 CMA DT Amendments Downlaod
 ICWAI | CMA Inter Direct Taxation Study Material Download

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