icai ca foundation result 2022

What Next after ICAI CA Foundation Result 2022 Declared

ICAI CA Foundation result declaration was made on February 03 2023, for exams taken in December 2022. We are aware that you have numerous inquiries striking on your mind. What happened next? What to do after the ICAI CA Foundation result. What comes after the CA Foundation? Ok! You will receive all of your answers to questions and have all of your uncertainties cleared up in 10 to 15 minutes. You have successfully finished your first or foundational Chartered Accountancy Course. Find all the materials you need for the following level, which is CA Intermediate.

Check here : CA Foundation Result 2022 – Know the Dates, How to Check the Results

What after CA Foundation Result 2022?

Within two weeks of the ICAI CA Foundation result being announced, the institute will begin the marks-verification procedure for the exams held in December 2022. Candidates can apply for a mark verification by following the instructions below.

  • Candidates should include a payment request and a handwritten request that is signed by them.
  • The procedure of verifying ICAI CA marks may take up to six to eight weeks.
  • Authorities will return the money paid for the verification if the candidate’s marks alter in any way.
  • Final results of the applicants for verification will be made available on the ICAI’s official website.

Procedure to Apply for Marks Verification for CA Foundation 2022

CA Foundation candidates must send their physical applications and the required money of Rs. 100 to the following address by fast post or registered mail in order to have their CA marks verified:

The Joint Secretary (Exams)

The Institute of Chartered Accountants of India

ICAI Bhawan

Indraprastha Marg

New Delhi 110 002

What next after passing CA Foundation?

You must sign up for the CA Intermediate course after passing CA Foundation. Become familiar with the CA Intermediate Syllabus. Choose the subjects for which you will prepare yourself now, and sign up for tutoring for the other papers. Start your preparation after that with the aid of study materials and, if necessary, suggested books. Solve questions from prior attempts and compare your findings to the ICAI’s proposed solutions. To increase your confidence, practise sums and theoretical questions using RTP and MTP. Regulatory updates and revisions pertinent to each exam are published by CA Institute. For the most latest ICAI announcements and updates on corporate law, GST law, and income tax law, you can also subscribe to our YouTube channel.

Because of inadequate knowledge and instruction, many students do poorly on the CA Inter exams. One of the most crucial things you should always keep in mind is that only CA Institute itself can offer you any trustworthy resources. Therefore, you ought to visit the official ICAI website, icai.org, at least once per week. If you pass the CA Foundation test in December 2022, you must register by March 1, 2023 (tentative), in order to be able to submit your application for the CA Inter exam, which will be administered in November 2023 due to the eight-month preparation period before the CA Intermediate exams.

icai new scheme 2023

ICAI New Scheme for 2023 Exams

After ICAI proposed the ICAI New Scheme for 2023 exams, many changes have been made in Education and Training of the CA Course. There are a total of three levels in the CA Course and these levels include CA Foundation course, CA Inter course and CA Final course. A few sections have been removed, few have been merged and few new changes have been introduced in the ICAI New Scheme for 2023 exams. 

Scroll further to have a detailed understanding of the new scheme proposed by ICAI for 2023 exams in the CA Syllabus.

Details of ICAI CA New Scheme

Changes made in the ICAI new exam pattern are mentioned below. Students are advised to go through all the changes carefully and be aware of the requirements before starting their preparations.

  • 2 Subjects have been removed from the CA Foundation level.
  • CA Intermediate level now has 6 papers, divided into two groups.
  • CA Final level has 6 papers, again divided into two groups.
  • Articleship period has been reduced to 2 years, from 3 years.

ICAI CA Foundation New Syllabus and Old Syllabus- Difference

Highlights Proposed Changes by ICAI  Old CA Foundation Syllabus
Eligibility Compulsory for students to have passed the 10th board No exact number of attempts restricting  the CA Foundation course.
Validity 4 years Validity Previously, there was no exact limitation to the CA Foundation registration validity.
Registration  No cut-off dates for CA Foundation registration. Cut off dates like January 1 or July 1 for CA Foundation Level

CA Foundation New Syllabus 2023

The changes that have been proposed in the ICAI new scheme of education and training, are mentioned below:

  • The new scheme has reduced 6 subjects and 4 papers to 4 subjects and 4 papers. These subjects have been removed.
  1. Business Correspondence & Reporting
  2. Business & Commercial Knowledge
  • A negative marking of .25 for every wrong answer. Previously there was no such negative marking.
  • Now, the students have to score at least 50% to pass the Foundation level.

Vsmart Academy, has got your back if you are an individual aspiring to start CA Foundation exam preparations.

ICAI New Scheme 2023- CA Intermediate Level

CA Intermediate New Course Scheme CA Intermediate Old Course Scheme
No changes in the Eligibility criteria Students who have passed CA Foundation and 12th board are eligible to appear in this level
CA Inter registration validity- 5 years

(Charges on re-validation)

Re-validation allowed just once

Validity of Registration- 4 years 
Direct Entry Route – Mandatory 8 months study period 8 months study period for Foundation Route

Compulsory practical training of 9 months for Direct Entry Route

CA Intermediate Exam New Syllabus 2023

Key highlights of the ICAI CA Inter New Syllabus:

  • 2 subjects have been removed from the CA Inter new syllabus.
  • Paper 1 and 5 are now merged into “Advanced Accounting”.
  • “Enterprise Information Systems” is removed.
  • “Economics for Finance” is no longer included in paper 8.
  • Remaining part is included in paper 6, in the name of “Financial Management and Strategic Management”.
  • Paper 2 of CA intermediate will be only about the “Companies Act”.
  • In the ICAI new scheme 2023, there will be 2 groups of three papers in the CA Intermediate Syllabus. 
  • Business Law is now a part of the CA Foundation Level syllabus. 

ICAI New Scheme Exemptions and Passing Criteria (CA Intermediate Level)

CA Intermediate exemptions and passing criteria are mentioned below. 

30% MCQ questions for all the papers of CA Intermediate exam.

  • ICAI will be entertaining the exempted papers of CA Intermediate as permanently passed, after the new scheme. But students have to clear the rest of the papers with 50% marks individually.
  • Negative marking of .25.
  • If a student scores 60% in one or more papers in a single attempt, exemption of papers for immediate next three attempts is allowed in the intermediate level of CA. 
  • Students can surrender the exempted papers only after three attempts.

CA Articleship Changes in the new Scheme of ICAI, 2023

  • The CA Articleship duration has reduced to 2 years, from 3 years.
  • Students must have at least 1 year of experience in a CA firm.

Changes in the CA Final Course in the New Scheme of ICAI

  • Students have to clear the four sets of self paced modules to sit for the CA Final exam. These sets are divided as SET A, SET B, SET C and SET D. All these sets include the following subjects:
    1. Economic Laws(Compulsory set)
    2. Strategic Cost Management and performance evaluation(Compulsory set)
    3. Specialization Elective
    4. Incorporating multidisciplinary approach envisaged in NEP,2020
    5. Now, take a look at the key highlights of CA Final Syllabus changes proposed by ICAI:
      Categories  CA Final Level ICAI New Scheme CA Final Level Old Scheme
      Eligibility for Admission  Same as the previous course structure of CA Final level.  Students who have passed both groups of CA Inter exam and completed integrated course on information technology and soft skills
      Registration Validity 10 year validity (Re-validation permitted but with prescribed fee) No particular restrictions 
      Eligibility for Exam 
      • Completed advanced ICITISS course 
      • Completed six months after the practical training
      • Qualified the four self paced online modules
      Completed advanced ICITISS course and 2.5 years of practical training 
      • According to the CA Final new scheme, students have to score more than 50% in each module. 
      • Both the compulsory papers have been deleted from CA Final old course. 
      • In the remaining sets, students can choose their respective topics and then take their preparations forward. 
      • CA Final papers have been reduced from 6 papers from 6 papers, in the CA Final syllabus.
      • Subjects in paper 4 and 5 will be removed and added in self paced modules as compulsory sets.
      • Elective subjects like “Risk Management” and “Financial services” are now included in the Set C of self paced modules.

      In the new CA Final exam pattern, papers will have 30% MCQ based questions and there will be negative marking on every wrong answer. There was no negative marking in the previous scheme of CA but the newly proposed scheme has got negative marking which might be bad news for Aspirants. Students should not be intimidated by the results, as no matter what changes are proposed, if you are well prepared then nothing can stop you from achieving success. 

 

ca syllabus

Complete ICAI CA Syllabus and Subjects for Foundation, Inter and Final Exams for the year 2023

Candidates preparing for the highly competitive CA examinations should be well aware of the CA syllabus beforehand. The Institute of Chartered Accountants of India (ICAI) conducts the CA exams every year. The university grants commission(UGC), which is a statutory body by the Government of India has declared the CA course as similar to that of a postgraduate degree.
Here is a detailed CA syllabus by Vsmart Academy for the aspirants so that they can have an adequate knowledge of subjects in the CA syllabus, before the commencement of classes.

CA Course Highlights:

Course Name Chartered Accountant
Course structure
  • Foundation level
  • Intermediate level
  • Final level
Course type Certificate course
Course duration 5 years
Total number of Papers
  • CA foundation- 4 papers
  • CA Intermediate- 8 papers
  • CA Final- 8 papers

 Minimum Eligibility criteria to apply for CA examinations:

  • It is mandatory for all candidates to have passed the 10th and 10+2 from any recognised board.
  • Candidates in commerce field must have at least 55% and in case of belonging to any other stream, a minimum of 60% is required.
  • There is no age limit as such to appear for the CA exams.

 

 

CA Foundation Subjects:

CA foundation is the stepping stone for an aspiring chartered accountant. The candidate must know of the horizon he/she is stepping towards.

CA Foundation subjects for the  exams include:

                    Subjects                  Total Marks
Principles and practices of accounting                         100
Business Law & Business Correspondence and Reporting

  • Business law(60 marks)
  • Business correspondence and reporting(40 marks)
                        100
Business Mathematics and Logical Reasoning & Statistics

  • Business mathematics(40 marks)
  • Logical reasoning (20 marks)
  • Statistics (40 marks)
                        100
Business Economics & Business and Commercial Knowledge                         100

 

CA Foundation Syllabus 2023:

A candidate must secure 40%  in order to pass the CA foundation exams. The Paper 1 ( principles and practices of accounting) includes these below mentioned subjects:

1.Theoretical Framework
2.Accounting Process
3.Preparation of Trial Balance
4.Rectification of Errors etc,
5.Bank Reconciliation Statements
6.Inventories
7.Concepts and Accounting for Depreciation
8.Accounting for Special Transactions
9.Final Accounts of Sole Proprietors
10.Partnership Accounts
11.Financial Statements of Not-For Profit Organizations.
12.Introduction to the Company Accounts
13.Basic Accounting Ratios.

 

Paper 2 (business law & business correspondence and reporting)

This paper is divided into two parts, carrying 60 marks and 40 marks respectively.

PART 1           Communication
PART 2
  • Sentence types( direct, indirect, active, passive speech)  
  • Word power( vocabulary root words, synonyms, antonyms, prefixes, suffixes, phrasal verbs, collocations and idioms)
PART 3
  • Comprehension passages 
  • Note making
PART 4 Developing writing skills:

  • Introduction to basic writing
  • Precise writing
  • Article writing
  • Report writing
  • Resume writing
  • Formal letters
  • Formal mails
  • Meetings 

 

Paper 3 – Business Mathematics and Logical Reasoning and Statistics:

The third paper mainly tests the logical intelligence of every candidate. It has again been divided into three parts:

Section A Section B Section C
Ratio and Proportion, Indices and Logarithms Number series, Coding and Decoding and odd man out. Statistical description of Data
Equations and Matrices Direction Tests Measures of Central tendency and Dispersion
Linear Inequalities with Objective Functions and Optimization w.r.t. objective function. Seating Arrangements Probability
Time value of Money Blood Relations Theoretical Distributions
Permutations and Combinations Syllogism Correlation and Regression
Sequence and Series Index Numbers and Time Series
Sets, Relations, and Functions
Basic applications of Differential and Integral calculus

 

Paper 4 – Business Economics & Business and Commercial Knowledge

The paper 4 has again been divided into two parts, namely section A and Section B:

Section A Section B
Introduction to Business Economics Business and Commercial Knowledge – An Introduction
Theory of Demand and Supply Business Environment
Theory of Production and Cost Business Organizations
Price Determination in Different Markets Government Policies for Business Growth
Business Cycles Organizations Facilitating Business
Common Business Terminologies

 

The CA Intermediate Subjects:

 The CA Intermediate exam  is the second level to crack the CA exams. It carries 8 subjects and is divided into two groups with each containing four subjects. In order to reach the final level, it is necessary for the aspirants to clear the intermediate level. The candidate is provided with a duration of 8 months to complete these subjects. The CA Inter subjects are:

PAPERS SUBJECTS TOTAL MARKS
PAPER 1 Accounting 100 marks
PAPER 2 Corporate laws and  other laws 100 marks
PAPER 3 Cost and management accounting 100 marks
PAPER 4 taxation 100 marks
PAPER 5 Advanced accounting 100 marks
PAPER 6 Auditing and assurance 100 marks
PAPER 7 Enterprise information system and strategic management 100 marks
PAPER 8 Financial management and economics for finance 100 marks

 

The CA Intermediate Syllabus:

After getting the overview about the CA Inter Subjects it’s time to get a detailed knowledge regarding the syllabus. Here is a detailed CA syllabus for better understanding of CA Inter subjects :

Paper 1 – Accounting:

SL. NO TOPIC
1. Process of formulation of Accounting Standards including Ind ASs (IFRS converged standards) and IFRSs; convergence vs adoption; objective and concepts of carve outs
2. Framework for Preparation and Presentation of Financial Statements (as per Accounting Standards)
3. Application of Accounting Standards
4. Company Accounts
5. Accounting for Special Transactions
6. Special Type of Accounting
7. Dissolution of partnership firms including piecemeal distribution of assets; Amalgamation of partnership firms; Conversion of partnership firm into a company and Sale to a company; Issues related to accounting in Limited Liability Partnership.

Paper 2 – Corporate and Other Laws :

SECTION A SECTION B
Preliminary The Indian Contract Act, 1872
Incorporation of Company and Matters Incidental thereto The Negotiable Instruments Act, 1881
Prospectus and Allotment of Securities The General Clauses Act, 1897
Share Capital and Debentures Interpretation of Statutes.
Acceptance of Deposits by companies
Registration of Charges
Management and Administration
Declaration and Payment of Dividend
Accounts of Companies
Audit and Auditors

Paper 3- Cost and management accounting :

SL. NO. TOPICS
1. Overview of Cost and Management Accounting:
Introduction to Cost and Management Accounting.
Elements of cost and preparation of cost sheets.
2. Ascertainment of Cost and Cost Accounting System:

  1. Material Cost
  2. Employee Cost
  3. Direct Expenses
  4. Overheads
  5. Concept of ABC analysis
3. Methods of Costing :

  1. Single Output/ Unit Costing
  2. Job Costing
  3. Batch Costing
  4. Process / Operation Costing
  5. Costing of Service Sectors
4. Cost Control and Analysis:

  1. Standard Costing
  2. Marginal Costing
  3. Budget and Budgetary control.

 

 

Paper 4- Taxation

SECTION A SECTION B
Basic concepts Concept of indirect taxes
Residential status and scope of total income Concept and features of indirect taxes
Income which do not form part of the total income Principal indirect taxes
Heads of Income and computation of Income  Goods and Services Tax (GST) Laws
Income of other person’s included in assessee’s total income GST Laws: An introduction including Constitutional aspects
Aggregation of Income, Set off or Carry forward and set off of losses. Levy and collection of CGST and IGST
Deduction from the Gross Total Income Application of CGST / IGST law
Deduction from the Gross Total Income Concept of supply including composite and mixed supplies
Advance Tax, Tax deduction at source and Introduction to Tax Collection at Source Charge of tax
Provisions for filing return of Income and Self Assessment Exemption from tax
Composition levy 

 

This paper also includes:

  1. The Basic concepts of time and value of supply:
  • Input tax credit
  • Computation of GST liability
  • Registration
  1. Tax invoice; Credit and Debit Notes; Electronic way bill
  2.  Returns

Paper 5- Advanced accounting:

SL.NO. TOPICS
1. Application of Accounting Standards.
2. Application of Guidance Notes issued by the ICAI on specific accounting aspects.
3. Special aspects of Company Accounts.
4. Reorganization of Companies.
5. Financial Reporting of Banking, Financial Services and Insurance
6. Valuation of Goodwill.
7. Consolidated Financial Statements.

Paper 6 – Auditing and Assurance:

SL.NO. TOPICS
1. Nature, Objective, and Scope of Audit.

  • Auditing Concepts.
  • Standard Setting  Process.
  • Engagement Standards
2. Audit Strategy, Audit Planning, and Audit Programme.
3. Audit Documentation and Audit Evidence
4. Risk Assessment and Internal Control.

 

5. Fraud and Responsibilities of an Auditor in this regard.
6. Audit in an Automated Environment.
7. Audit Sampling.
8. Analytical Procedures.
9. Audit of Items of Financial Statements.
10. The Company Audit
11. Audit Report
12. Audit of Banks
13. Audit of Different types of Entities.

 

Paper 7 – Enterprise Information Systems and Strategic Management:

SECTION A SECTION B
Automated Business Processes Introduction to Strategic Management.
Financial and Accounting Systems. Strategic Management Process
Information Systems and its Components. Dynamics of Competitive Strategy.
E-Commerce, M-Commerce and Emerging Technologies. Strategic Management Process.
Core Banking Systems. Corporate level strategies.
Organization and Strategic Leadership
Strategy Implementation and Control.

Paper 8 – Financial Management and Economics for Finance

SECTION A SECTION B
Financial Management and Financial Analysis:

  • Introduction to the Financial Management Functions
  • Financial Analysis through Ratios
Determination of National Income
Financing Decisions:

  • Sources of Finance
  • Lease Financing
  • Cost of Capital
  • Capital Structure Decisions
  • Leverages
Public Finance
Capital Investment and Dividend Decisions:

  • Capital Investment Decisions
  • Adjustment of Risk and Uncertainty in Capital Budgeting Decision
  • Dividend Decisions
The Money Market
Management of Working Capital The International trade

The whole CA intermediate exam has a total of 800 marks. When compared to the CA foundation exams, the intermediate level is one scale higher in the difficulty range. 

CA FINAL Subjects:

Students can appear for the final CA exams only after completing 2.5 years of articleship in the final level. The exams are conducted twice a year. CA final syllabus is divided into two groups, comprising eight papers each. The CA Final Subjects are as follows

Total number of Papers CA Final Subjects Total Marks
Paper 1 Financial Reporting 100
Paper 2 Strategic Financial Management 100
Paper 3 Advanced Auditing and Professional Ethics 100
Paper 4 Corporate Laws and other Economic Laws 100
Paper 5 Strategic Cost Management and Performance Evaluation 100
Paper 6 Elective Paper 100
Paper 7 Direct Tax Laws 100
Paper 8 Indirect Tax Laws 100

 

CA Final Syllabus:

PAPER 1 PAPER 2
Application of Guidance Notes issued by the ICAI on Specified Accounting Aspects. Financial Policy and Corporate Strategy.
Framework for the preparation and presentation of Financial Statements Indian Financial System.
Application of Indian Accounting Standards (IND AS). Risk Management.
Consolidated and Separate Financial Statements (as per IND AS) Security Analysis.
Application of Industry-specific and Transaction-specific Indian Accounting Standards. Security Valuation
Business Combinations and Accounting for Corporate Restructuring/ Demerger  Portfolio Management.
Accounting and Reporting of Financial Instruments (As per IND AS). Securitization
Accounting for Share-Based Payments Mutual Funds
Analysis of Financial Statements. Derivatives Analysis and Valuation
Accounting for Carbon Credits Foreign Exchange Exposure and Risk Management.
Accounting for E-Commerce International Financial Management
Emerging trends in Reporting. Interest Rate Risk Management
Corporate Valuation
Mergers, Acquisition and Corporate Restructuring.
International Financial Center (IFC).
Startup Finance
Small and Medium Enterprises

Paper 3: Advanced Auditing and Professional Ethics:

SL.NO. TOPICS
1. Auditing Standards, Statements and Guidance Notes
2. Audit Planning, Strategy and Execution.
3. Risk Assessment and Internal Control
4. Special Aspects of Auditing in an Automated Environment.
5. Audit of Limited Companies.
6. Audit Reports.
7. Audit Reports and Certificates for Special Purpose Engagements.
8. Audit Committee and Corporate Governance.
9. Audit of Consolidated Financial Statements.
10. Special Features of audit of Banks, Insurance and Non Banking Financial Companies.
11. Audit under Fiscal Laws.
12. Special Audit Assignments.
13. Audit of Public Sector Undertakings.
14. Liabilities of Auditors.
15. Internal Audit, Management and Operational Audit.
16. Due Diligence, Investigation and Forensic Audit.
17. Peer Review and Quality Review.
18. Professional Ethics.

Paper 4: Corporate and Economic Laws

SECTION – A  

This paper aims at testing the candidate’s ability to apply laws in practical situations.

  1. Includes Appointment and Qualification of Directors.
  2. Appointment and Remuneration of Managerial Personnel.
  3. Meetings of Board and its Powers.
  4. Inspection, Inquiry and Investigation.
  5. Compromises, Amalgamations and Arrangements.
  6. Prevention of Oppression and Mismanagement.
  7. Winding Up.
  8. Producer Companies.
  9. Companies incorporated outside India.
  10. Miscellaneous Provisions.
  11. Compounding of Offenses, Adjudication and Special Courts.
  12. National Company Law Tribunal and Appellate Tribunal.

SECTION – B :
1.The Securities Contract (Regulation) Act, 1956 and Securities Contract (Regulation) Rules, 1957. Introduction and Important Provisions.

2.The Securities Exchange Board of India Act, 1992, SEBI (Issue of Capital and Disclosure Requirements) regulations, 2009 and SEBI(Listing Obligation and Disclosure Requirements) Regulations, 2015.

PART – 2 ECONOMIC LAWS

Concerned topics:

  1. The Foreign Exchange Management Act, 1999.
  2. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
  3. The Prevention of Money Laundering Act, 2002.
  4. Foreign Contribution Regulation Act, 2010.
  5. The Arbitration and Conciliation Act, 1996.
  6. The Insolvency and Bankruptcy Code, 2016.

Paper 5: Strategic Cost Management and Performance Evaluation

  • Strategic Cost  Management and Decision Making.

1.Strategic Cost Management
2.Strategic Decision Making

  • Performance Evaluation and Control.
    Performance Evaluation and Reporting.
  • Managerial Control.
  • Case Studies (Covering course Concepts)

PART – 1 STRATEGIC COST MANAGEMENT AND DECISION MAKING

SECTION – A    Introduction to Strategic Cost Management.

  • Modern Business Environment.
  • Learn System and Innovation.
  • Cost Management Techniques.
  • Cost Management for Specific Sectors.

SECTION – B

  • Decision Making
  • Pricing Strategies / Decisions

PART – 2

SECTION – A     

  1. Performance Measurement and Evaluation
  2. Divisional Transfer Pricing
  3. Strategic Analysis of Operating Income.

SECTION – B  

  1. Budgetary Control
  2. Standard Costing

SECTION – C

This section covers basic course concepts.

Paper 6: Elective Paper

Candidates are welcome to select any desired elective in this paper.

  1. 6A Risk Management, 
  2. 6B Financial Services, and Capital Markets, 
  3. 6C International Taxation, 
  4. 6D Economic Laws, 
  5. 6E Global Financial Reporting Standards, 
  6. 6F Multi-disciplinary Case Study

PAPER – 6A   RISK MANAGEMENT

Businesses face a lot of risks in their long run. This particular section helps the candidates to learn various techniques to handle such risky situations or avoid them altogether. The covered topics in this paper are:

  1. Introduction to Risk
  2. Source and Evaluation of Risks.
  3. Risk Management.
  4. Quantitative Analysis
  5. Risk Model
  6. Credit Risk Measurement and Management.
  7. Risk Associated with Corporate Governance.
  8. Enterprise Risk Management.
  9. Operational Risk Management.

PAPER – 6B:

  1. Global Financial Markets
  2. Impact of Various policies of Financial Markets
  3. Capital Market – Primary
  4. Capital Market – Secondary
  5. Money Market
  6. Institutions and Intermediaries
  7. Commodity Market
  8. A. Banking Management
  9. Banking as a source of capital including NBFCs
  10. Mutual Funds
  11. Private Equity
  12. Investment Banking
  13. Credit Rating
  14. Treasury Operations
  15. Risk Management
  16. Credit Derivatives
  17. SEBI Guidelines

 Topics covered in SFM and law:

  1. Securitization
  2. Fixed Income Securities (Valuation of Bonds/ Debentures)
  3. Derivatives
  4. Interest Rate Risk
  5. The Securities and Exchange Board of India Act, 1992
  6. Legislative framework on listing agreements
  7. The Securities Contract (Regulation) Act, 1956
  8. Chapter III-D of the RBI Act, 1934

PAPER – 6C INTERNATIONAL TAXATION:

Two divide sections:

  1. Taxation of International Transactions and Non- Resident Taxation in India
  2. Other aspects of International Taxation

SECTION – A  :

Transfer Pricing Provisions under the INCOME TAX Act, 1961.

  1. Arm’s Length Price
  2. International Transactions

 Most Appropriate Method

  1. Functions, Assets and Risk Analysis
  2. Documentation & Compliances
  3. Specific Reporting Regime in respect of Country by Country reporting and master file

 Advance Pricing Agreements

  1. Other Provisions relating to taxation of international transactions and non-resident taxation under the Income-tax Act, 1961
  1. Non-resident Taxation (including Source Rule of Taxation)
  2. Double Taxation Relief

 Advance Rulings:

  1. Law and Procedures under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – An Overview.

SECTION – B   

Covered topics:

Overview of Model Tax Conventions.

  1. OECD Model Tax Convention
  2. UN Model Tax Convention

 US Model Tax Convention

  1. Tax treaties, Application, and Interpretation
  2. Features of Tax treaties
  3. Overview of Tax Information Exchange Agreements

 Commentaries and their importance:

  1. Role of Vienna Convention in application and interpretation of tax treaties
  2. Anti Avoidance Measures
  3. Controlled Foreign Corporations
  4. Base Erosion and Profit Shifting

Other Anti Avoidance Measures:

  1. Taxation of E-Commerce Transactions
  2. Introduction
  3. Emerging issues
  4.  Equalization levy:

PAPER – 6D :

    World Trade Organization (WTO) covering its Role, Principles, Functions and Dispute Settlement Mechanism

  1. Competition Act, 2002 and Rules/ Regulations
  2. Real Estate (Regulation and Development) Act, 2016 [Central Act and Rules/ Regulations]
  3. Insolvency and Bankruptcy Code, 2016 and Rules/ Regulations
  4. Prevention of Money Laundering Act, 2002 and Rules/ Regulations
  5. Foreign Exchange Management Act, 1999 and Rules/ Regulations
  6. Prohibition of Benami Property Transactions Act, 1988 and Rules/ Regulations

PAPER – 6E   Conceptual Framework for Financial Reporting as per IFRS – 10 Marks

  1. Application of International Financial Reporting Standards – 70 Marks
  2. Significant differences between IFRS and US GAAPs – 20 Marks

PAPER – 6F     

  1. Financial Accounting and Reporting
  2. Audit and Assurance
  3. Taxation
  4. Finance and Financial Management
  5. Management Accounting
  6. Corporate Laws
  7. Business Strategy and Management

Paper 7: Direct Tax Laws & International Taxation:

SECTION – A:

  1. Special provisions relating to companies and certain persons other than a company
  2. Provisions relating to charitable and religious trusts and institutions, political parties and electoral trusts
  3. Tax Planning, Tax Avoidance & Tax Evasion
  4. Collection & Recovery of Tax, Refunds
  5. Income-tax Authorities, Procedure for assessment, Appeals and Revision
  6. Settlement of Tax Cases, Penalties, Offenses & Prosecution
  7. Liability in Special Cases
  8. Miscellaneous Provisions and Other Provisions

SECTION – B        

  1. The provisions under the Income-tax Act, 1961, including
  2. Specific provisions relating to Non-residents
  3. Double Taxation Relief
  4. Transfer Pricing & Other Anti-Avoidance Measures
  5. Advance Rulings
  6. Equalization levy
  7. Overview of Model Tax Conventions – OECD & UN
  8. Application and interpretation of Tax Treaties
  9. Fundamentals of Base Erosion and Profit Shifting

Paper 8: Indirect Tax Laws:

  1. Goods and Services Tax (GST) Law as contained in the Central Goods and Services Tax (CGST) Act, 2017 and Integrated Goods and Services Tax (IGST) Act, 2017
  2. Constitutional aspects
  3. Levy and collection of CGST and IGST – Application of CGST/IGST law; Concept of supply including composite and mixed supplies, inter-State supply, intra-State supply, supplies in territorial waters; Charge of tax; Exemption from tax; Composition levy

 Place of supply

  1. Time and Value of supply
  2. Input tax credit
  3. Computation of GST liability

vii. Procedures under GST – All procedures including registration, tax invoice, credit and debit notes, electronic way bill, accounts and records, returns, payment of tax including reverse charge, refund, job work

  •  Provisions relating to electronic commerce:
  1. Liability to pay in certain cases
  2. Administration of GST; Assessment and Audit
  3. Inspection, Search, Seizure and Arrest
  •  Demand and Recovery
  •  Offenses and Penalties
  •  Advance Ruling
  • Appeals and Revision
  • Other provisions

Section B:

  1. Customs Law as contained in the Customs Act, 1962 and the Customs Tariff Act, 1975
  2. Introduction to customs law including Constitutional aspects
  3. Levy of and exemptions from customs duties – All provisions including the application of customs law, taxable

the event, a charge of customs duty, exceptions to levy of customs duty, exemption from custom duty

  • Types of customs duties:
  1. Classification and valuation of imported and export goods
  2. Officers of Customs; Appointment of customs ports, airports etc.
  3. Import and Export Procedures – All import and export procedures including special procedures relating to baggage, goods imported or exported by post, stores
  •  Provisions relating to coastal goods and vessels carrying coastal goods
  • Warehousing
  1. Drawback
  2. Demand and Recovery; Refund
  3. Provisions relating to prohibited goods, notified goods, specified goods, illegal importation/exportation of goods
  • Searches, seizure and arrest; Offenses; Penalties; Confiscation and Prosecution
  •  Appeals and Revision; Advance Rulings; Settlement Commission
  •  Other provisions
  •  Foreign Trade Policy to the extent relevant to the indirect tax laws
  • Introduction to FTP – legislation governing FTP, salient features of an FTP, administration of FTP.

FTP and other related provisions:

  1. Basic concepts relating to import and export of goods
  1. Basic concepts relating to export promotion schemes provided under FTP

CONCLUSION:

When it comes to cracking all the three levels of CA, it has been marked and noted that a lot of students give up mid way. Chartered accountants are well paid and this is an extremely prestigious course. If given proper guidance along with hard work, sky’s the limit and anyone can break through this rigid exam. So, never give up and hang in there until you achieve success!

 levels: Foundation , intermediate and Final level

 CA Foundation syllabus includes Principles and Practice of Accounting, Business Laws & Correspondence and Reporting, Mathematics, Logical Reasoning and Statistics and Business Economics and Commercial Knowledge.

 The CA syllabus for the ICAI Intermediate level consists of Accounting, Business Laws, Ethics and Communication, Cost Accounting and Financial Management, Taxation, Advanced Accounting, Auditing and Assurance, Information Technology and Strategic Management and Financial Management, and Economics for Finance.

The ICAI CA syllabus for the Final level consists of Financial Reporting, Strategic Financial Management, Advanced Auditing, and Professional Ethics, Corporate and Economic Laws, Strategic Cost Management and Performance Evaluation, Risk Management, Financial Services and Capital Markets, International Taxation, Economic Laws, Global Financial Reporting Standards, Multidisciplinary Case Study, Direct Tax Laws, and International Taxation and Indirect Tax Laws.

The CA syllabus is vast and contains many complex topics but it is not entirely impossible to crack the CA Foundation exam in 1st attempt.

The changes proposed by the ICAI in the CA Intermediate subjects are: Paper 1 and 5 are merged into one, and one paper is – Advanced Accounting. Enterprise Information Systems is removed from paper 7, and Economics for Finance is removed from paper 8.