Tapuriah Jain & Associates

Announcement for May 2018 & November 2018 IIPCE

Study Material applicable for IIPCC Paper 4: Taxation

Students of IIPCC, appearing in May 2018 and November 2018 examinations, may note that the new Study Material for Intermediate Paper 4: Taxation under the Revised Scheme of Education and Training is relevant for IIPCC Paper 4: Taxation as well, with the exception of the following topics in Section A: Income-tax Law discussed under the following headings -

- “8. Tax Collection at Source – Basic Concept [Section 206C]” in pages 9.60 to 9.65 in Chapter 9

- “19. Self-Assessment” in page 10.28 in Chapter 10

Consequently, the summary of the above two topics forming part of “Let us recapitulate” at the end of these chapters is also not relevant for IIPCC Paper 4: Taxation.

It may be noted that the content of Section A of the Study Material is based on the income-tax law as amended by the Finance Act, 2017. The relevant assessment year is A.Y.2018-19. The Study Guidelines, containing the list of topic-wise exclusions from the syllabus of New Intermediate Course Paper 4: Taxation, Section A: Income-tax law, given in pages ix – xix forming part of the initial pages of Module 1 of the Study Material, is applicable for IIPCC Paper 4: Taxation Section A Income-tax, also. In effect, the provisions/sections given in the Study Guidelines will be excluded from the syllabus of IIPCC Paper 4 Taxation, as well.

Section B: Indirect Taxes comprises of GST, the syllabus for which is the same in both old course and new course, and hence, the Study Material for new course is applicable for the old course.

Students may note that the marks allocation for Sections A & B is 50:50 in IIPCC Paper 4: Taxation and 60:40 in new Intermediate Paper 4: Taxation.

Integrated Study Material wherein amendments are given in italics/bold italics and questions from erstwhile Practice Manual are included in Section A: Income-tax Law

IIPCE students may also note that the new Intermediate Course Study Material for Paper 4A: Income-tax Law includes questions from erstwhile Income-tax Practice Manual, modified, adapted and answered on the basis of the provisions of income-tax law as amended by the Finance Act, 2017. These questions have been incorporated by way of illustrations explaining the relevant provisions of law or as exercise questions with answers at the end of the relevant chapters in the Study Material. The amendments made by the Finance Act, 2017 in income-tax law and latest circulars and notifications are indicated in italics/bold italics in the Study Material for ease of reference. In effect, the new course Study Material for IIPCE Paper 4A: Income-tax is an integrated material, incorporating questions and answers from erstwhile income-tax Practice Manual and the latest amendments in income-tax law. Since the Study Material is all inclusive, there would be no separate Practice Manual or Supplementary Study Paper either under the Old IIPCC Paper 4A: Income-tax or the New Intermediate Course Paper 4A: Income-tax Law.

It may be noted that in IIPCC/Intermediate Paper 4B: Indirect Taxes, fresh questions have been included in the Study Material as examples, illustrations and exercise questions with answers, since GST is a new law.

Students may also note that the Revision Test Papers (RTPs) and Mock Test Papers (MTPs) for May 2018 and November 2018 would also contain questions on income-tax law and GST for further honing your problem solving skills.