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May 2015 to Nov 2015 CA FINAL

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Somesh Agrawal asked over 3 years ago

Sir My CA FINAL attempt is Nov 2015. 1. Is Finance Act 2015 applicable for nov 2015 For IDT like rate of Duty 12% old or 14% new or others 2. Companies Rules 2015 regarding Ind AS applicable for Account and Law ? 3. Is CARO Applicable in Audit ? and CARO 2003 or 2013

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8 Answers
Open uri20170510 32134 1ue0f38?1494421710 rohit agarwal answered about 3 years ago

Dear Somesh, So far as your query is concerned that what the changes relevant for for nov15 ca final, kindly note the following: Applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2015 – Final Examination Paper 1: Financial Reporting ---------------------------- Applicability of the Companies Act, 2013 and other Legislative Amendments The relevant notified Sections of the Companies Act, 2013 up to 31st March, 2015 and other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authority up to 30th April, 2015. Non-Applicability of Ind ASs: Students may note that these Ind ASs are not applicable for November, 2015 Examination. Paper 3: Advanced Auditing and Professional Ethics -------------------------------------------------- Applicability of the Companies Act, 2013 and Other Legislative Amendments: (i) The relevant notified Sections of the Companies Act, 2013 up to 31st March, 2015 alongwith other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities cut-off date will be 30th April, 2015. (ii) Companies (Auditor’s Report) Order, 2015 [CARO] issued by Ministry of Corporate Affairs on 10th April, 2015 is applicable for November 2015 Examination. Paper 4 : Corporate and Allied Laws ----------------------------------- Applicability of Relevant Amendments/Circulars/ Notifications/Regulations etc. The Companies Act, 2013 The relevant sections of the Companies Act, 2013, notified up to 31st March, 2015 along with relevant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs upto 30th April, 2015. SEBI (Issue of Capital and Disclosure Requirement) Regulations, 2009 SEBI vide Notification dated 24th March, 2015 has issued SEBI (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2015. The amendments have been carried out in regulation 4 and 54 of SEBI (ICDR) Regulations, 2009. The Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 Vide Notification dated 23rd March, 2015, Ministry of Law and Justice further amended the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 by enacting the Insurance Laws (Amendment) Act, 2015. It shall be deemed to have come into force on the 26th day of December, 2014. Non-Applicability of the following Amendments/Circulars/Notifications Chapter 9 of the study material (October, 2014 edition) covering provisions relating to Revival and Rehabilitation of Sick-Industrial Companies. Chapter 15 of the study material (October, 2014 edition) covering provisions relating to the National Company Law Tribunal and Appellate Tribunal. Paper 7 : Direct Tax Laws & Paper 8 : Indirect Tax Laws ------------------------------------------------------- Applicability of Finance Act, Assessment Year etc. for November, 2015 Examination The provisions of direct and indirect tax laws, as amended by the Finance (No.2) Act, 2014, including notifications and circulars issued up to 30th April, 2015, are applicable for November, 2015 examination. The relevant assessment year for Paper 7: Direct Tax Laws is A.Y.2015-16. **In Paper 7: Direct Tax Laws, the Wealth-tax Act, 1957 and Rules thereunder are not applicable for November 2015 examination.** Hope the above information comes useful to you. Thanks & Regards

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Manoj answered over 3 years ago

Hello, To know about the applicability of the amendment you need to visit the ICAI website. Moreover as per the ICAI rule the applicability of the amendment to the exam is if such amendment is made befor 6 month from the exam date.whereas you are concern with few of the amendment which are as follows. 1)Finance Act 2015 will not be applicable to Nov 15 exam, but to be much clearly on this you need to wait for the institute notification.In my opinion it will be not applicable., 2) Ind AS are applicable as institute has clearly notified it that in coming exam Ind AS are applicable for the exam. 3) CARO 2003 has been now not relevant as the Companies Act,2013 has been applicable. In that situation CARO 2013 will be applicable to the exam of Nov 15

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 nayan answered over 3 years ago

Hello dear , YOUR QUESTION IS ABOUT THE AMENDMENT APPLICABLE IN CA FINAL NOVEMBER 2015 EXAM. AS PER THE ICAI RULE AMENDMENT MADE IN VARIOUS LAW & RULES WITHIN 6 MONTH OF THE EXAM IS APPLICABLE IN SUCH EXAM . HOWEVER AS PER MY OBSERVATION THE ICAI NOT MAKE HUGE QUESTION OF AMENDMENT IN ANY NOVEMBER EXAM. SUCH AMENDMENT IS APPLICABLE IN MOST OF MAY EXAM. SO BE CAREFULLY. & ALSO WISHIT THW ICAI SITE REGULARLY. BEST REGARD NAYAN.

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Open uri20170510 32134 1tg2yib?1494421742 Shivam Gupta answered over 3 years ago

DEAR SOMESH, FINANCE ACT 2015 IS NOT APPLICABLE FOR NOVEMBER 2015 EXAMS. IT WILL BE APLLICABLE FOR MAY 2016 AND NOVEMBER 2016 EXAMS. AND ALSO CHANGES PRIOR TO 6 MONTHS OF EXAMS ARE APPLICABLE FOR THAT ATTEMPT.SO ACCORDINGLY,SERVICE TAX RATE WILL BE 12.36% FOR NOVEMBER 2015 EXAM. IND AS ARE APPLICABLE FOR NOVEMBER 2015 EXAM (SEE NOTIFICATION ON INSTITUTE WEBSITE). AND CARO 2003 WAS NOT APPLICABLE FOR MAY 2015 EXAM.HENCE IT WILL NOT APPLY IN NOV 2015 EXAM.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 prashanth answered over 3 years ago

all the ammendment s made before six months of the exams are applicable the change in rate of servie tax 14%is applicabe of 01/06/2015 so it may not be applicable for your attempt.CARO 2013 Would be applicable for your attempt companies rules and ammendment bill 2014 is also to be studied

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 varun answered over 3 years ago

Hi somesh, CA-FINAL exam course includes only the ammendments that are made atleast six months prior to the attempt. Moreover, ICAI always gives proper notification in regards to the same. For CA FINAL applicable ammendments you may give a visit to ICAI website. As regards to your specific queries for CA FINAL AMMENDMENTS, 1. FA, 2015 shall not be applicable. IT shall be applicable for the first time from may, 2016 CA FINAL. 2. IND AS shall not be applicable for accounts as well as law, be fearless and study the AS for CA FINAL 3. CARO,2013 should be made applicable in auditing for CA FINAL. These are my personal views and the ICAI will come up with the notification soon. Do visit ICAI website, CA FINAL section for the confirm update. Be cool, Prepare well and give you best. God Bless..

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 Prerana answered over 3 years ago

Dear Somesh As per ICAI any amendment took place before 6 months will be applicable for exam. For further clarification you can go through the Revison Test Paper , Amendment by institute applicable for exam and supplementary published by institute. Be in touch with CAKart notification and ICAI announccement. Thanks

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Open uri20170510 32134 191jpz9?1494421696 Lokesh answered over 3 years ago

Dear Somesh, Please note it has been practice from ICAI that if any amendment comes before six months of Exams is applicable, Apart from that ICAI may specify some amendments applicable even if those have been comes into force within past six months of exams. Please note no any such a clarification is given till regarding such bill. So please wait. Regards ! Lokesh Garg !

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