In accordance with the service tax law, as contained in the Finance Act, 1994, as amended by the Finance Act, 2012, the services which would not be taxable have been specified as against the earlier law where the individual taxable services were specified.
Accordingly, the amendment has been announced by CA Institute on 1st day of April, 2013 for Intermediate (Integrated Professional Competence) Examination applicable from May 2013 Examination onwards regarding Paper-4: Taxation (Part II: Service Tax and VAT).
India’s leading accounting profession institute, the Institute of Chartered Accountants of India (ICAI), has excluded certain topics pertaining to service tax law of Part II: Service tax and VAT in Paper 4 (Taxation) from the syllabus of CA IPCC (Integrated Professional Competence Course) for May, 2013 examination and onwards.
Further, certain new topics has also been included in the syllabus of IPCC relating to the Concepts, General principles and Charge of service tax and Taxable services in Paper 4 (Taxation) (contained in Volume III) by the Examination Committee of CA Institute at its 498th meeting held in September, 2012.
Therefore, please read the following changes in details made in the Study material of Intermediate (Integrated Professional Competence) Course.
Paper 4 of IPCC: The Examination Committee of ICAI at its 498th meeting held on September 23, 2012 has decided that the following sections of the Finance Act, 1994/rules will be covered in the syllabus of Part II (Service tax and VAT) in Paper- 4: Taxation from May 2013 examination onwards.
A) Already covered in the existing syllabus:
(i) Section 64: Extent, commencement and application
(ii) Point of Taxation Rules, 2011
B) New topics included in the syllabus:
(i) Sections 65B: Interpretations (only relevant ones which would be required to explain the concepts included)
(ii) Section 66B: Charge of service tax on and after Finance Act, 2012
(iii) Section 66D: Negative list of services
(iv) Section 66F: Principles of interpretation of specified descriptions of services or bundled services.
(v) Section 67A: Date of determination of rate of tax, value of taxable service and rate of exchange
However, the following topics pertaining to service tax law will not be included in the syllabus:
(i) Section 66C: Determination of place of provision of service;
(ii) Section 66E: Declared services;
(iii) Place of Provision of Service Rules, 2012;
(iv) Section 68(2) and Reverse Charge notification;
(v) Export of Services vide rule 6A of the Service Tax Rules, 1994;
(vi) Mega exemption notification and other exemptions; and
(vii) Abatement notification.
NOTE: It has been clarified by CA Institute that all other topics viz., valuation of taxable service, payment of service tax and filing of returns, topics related to VAT etc. as covered in the Study Material will continue to apply as they used to apply before.
If you have New (November) Edition of the Study Material and Practice Manual then you need not bother about these changes as it has already been incorporated.
However, those CA IPCC students who have the older editions of the Study Material and Practice Manual may download the same from official website of ICAI or purchase from the nearest chapter of CA Institute.
You may visit download section of AUBSP for latest Study Material, Practice Manuals, Supplementary Paper, RTPs and other relevant updates.
Paper 7A of IPCC: CA Institute has also excluded some topics from the syllabus of IPCC Group II Paper 7A: Information Technology paper i.e. no questions will be asked from these topics in May 2013 examination and onwards:
Chapter Number
|
Chapter/Unit Name
|
Excluded Portion
|
Chapter 1
|
Unit I: Introduction to Computers
Unit II: Input and Output Devices |
Complete unit
Complete unit |
Chapter 4
|
Internet and Other Technologies
|
Electronic Data Interchange (EDI)
|
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