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IPCC Taxation Latest Notes, Amendments, Updates For May 2019
Section A: Income-tax
Applicability of the Finance Act Assessment Year etc. for May, 2019 examination The provisions of income-tax law, as amended by the Finance Act, 2018 including significant circulars and notifications issued upto 31st October, 2018, are applicable for May, 2019 examination. The relevant assessment year for income-tax is A.Y. 2019-20. List of topic-wise exclusions from the syllabus
Section B: Indirect Taxes
Applicability of the provisions of GST law for May, 2019 Examination The provisions of CGST Act, 2017 and IGST Act, 2017, including significant circulars and notifications issued upto 31st October, 2018, are applicable for May, 2019 examination. *Rates specified for computing the amount payable under composition levy are included in the syllabus. Notes: (1) Only the following sections of the Central Goods and Services Tax (Amendment) Act, 2018, which have become retrospectively effective from 1st July, 2017, are applicable for May, 2019 examination:
(i) Section 3 of the CGST Amendment Act, 2018 amending section 7 of the CGST Act, 2017, and(ii) Section 31 of the CGST Amendment Act, 2018 amending Schedule II to the CGST Act, 2017.
It may be noted that all the remaining provisions of the CGST Amendment Act, 2018 have not been made effective till 31.10.2018 and hence, are not applicable for May, 2019 examination. (2) 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. (3) 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) September, 2018 edition of the Study Material is relevant for May, 2019 and November, 2019 examinations. The amendments – made after the issuance of this Study Material – to the extent covered in the Statutory Updates for May, 2019 examination alone shall be relevant for the said examination. The Statutory Updates shall be hosted on the BoS Knowledge Portal. (5) The provisions of CGST Act, 2017 and the rules issued thereunder and IGST Act, 2017 and the rules issued thereunder, to the extent included in the September, 2018 edition of the Study Material, except the exclusions mentioned in the table above, and the Statutory Updates for May, 2019 examination shall alone be relevant for the said examination.
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