The Institute of Chartered Accountants of India (ICAI) has notified the applicability of Standards/Guidance Notes/Legislative Amendments etc. for November, 2022 for the Foundation Course Examination.
As per the notes issued by the ICAI on Tuesday, September 2021 edition of the Study Material is relevant for November 2022 examinations. The amendments – made after the issuance of this Study Material – i.e. for period 1st of May 2021 to 30th April, 2022 shall also be relevant. The relevant Legislative amendments for November 2022 are available on the BoS Knowledge Portal.
The relevant notified Sections of the Companies Act, 2013 and legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities up to 30th April, 2022 will be applicable for November, 2022 Examination, the Institute said.
“The Ministry of Corporate Affairs has notified Companies (Indian Accounting Standards) Rules, 2015 on 16th February, 2015, for compliance by certain class of companies. These Ind AS do not form part of the syllabus and hence are not applicable,” it added.
It was further stated that the provisions of Companies Act, 2013 along with significant Rules/ Notifications/ Circulars/ Clarification/ Orders issued by the Ministry of Corporate Affairs and the laws covered under the Other Laws, as amended by concerned authority, including significant notifications and circulars issued up to 30th April 2022 are applicable for November 2022 examination.
In Taxation paper, the provisions of income-tax law, as amended by the Finance Act, 2021, including significant circulars, notifications, press releases issued and legislative amendments made upto 30th April, 2022, are applicable for November, 2022 examination. The relevant assessment year for income-tax is A.Y. 2022-23.
The provisions of the CGST Act, 2017 and the IGST Act, 2017 as amended by the Finance Act, 2021, including significant notifications and circulars issued and other legislative amendments made, up to 30th April, 2022, are applicable for November 2022 examination.
The Institute also laid down the following notes.
(1) The syllabus includes select provisions of the CGST Act, 2017 and IGST Act, 2017 and not the entire CGST Act, 2017 and the IGST Act, 2017. The provisions covered in any topic(s) of the syllabus which are related to or correspond to the topics not covered in the syllabus shall also be excluded.
(2) In the above table, in respect of the topics of the syllabus specified in column (2) the related exclusion is given in column
(3). Where an exclusion has been so specified in any topic of the syllabus, the provisions corresponding to such exclusions, covered in other topic(s) forming part of the syllabus, shall also be excluded. For example, since provisions relating to ISD and tax collection at source are excluded from the topics “Input tax credit” and “Payment of tax including reverse charge” respectively, the provisions relating to (i) registration of ISD and person required to collect tax at source and (ii) filing of returns by an ISD and submission of TCS statement by an electronic commerce operator required to collect tax at source are also excluded from the topics “Registration” and “Returns” respectively.
(4) August 2021 edition of the Study Material is relevant for November 2022 examinations. The amendments in the GST law made after the issuance of this Study Material – to the extent covered in the Statutory Update for November 2022 examination alone shall be relevant for the said examination. The Statutory Update shall be hosted on the BoS Knowledge Portal.
Though the Statutory Update for November 2022 examination shall provide the precise scope and coverage of the amendments, for the sake of clarity, it may be noted that the amendments made in the various provisions of the GST law for providing relief to the taxpayers in view of spread of Novel Corona Virus (COVID-19) shall not be applicable for November 2022 examinations.
(5) The entire content included in the August 2021 edition of the Study Material (except the exclusions mentioned herein) and the Statutory Update for November 2022 examination shall be relevant for the said examination.
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