Further Clarification – Non-Applicability of Taxable Services in IPCE-Paper 4: Taxation for November, 2012 Examinations

Posted: 27/09/2012 in ICAI
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Further Clarification – Non-Applicability of Taxable Services in IPCE-Paper 4: Taxation for November, 2012 Examinations

We have received large number of queries from the students with regard to the BoS’ announcement dated 07.07.2012 relating to the non-applicability of taxable services in IPCE-Paper 4: Taxation for November 2012 examinations. In this regard, it is reiterated that the Examination Committee at its 497th meeting held in September, 2012 has decided that students appearing in November 2012 examinations will not be examined with respect to specific services in the area of service tax laws in Part-II Service Tax and VAT of Paper 4: Taxation (IPCE).

Therefore, it is clarified that ALL the taxable services (including the eight (8) services notified earlier by the BOS through its announcement dated 14.09.2011) will not be relevant for November 2012 exams.

It is further clarified that Unit 2 of Chapter 2 : Taxable Services of Part II: Service tax and VAT of Study Material and Practice Manual for Paper 4: Taxation will NOT be relevant for November, 2012 examinations. However, it may be noted that all other chapters of the Study Material and Practice Manual are relevant for November 2012 examination.

Based on the queries received from the students, the following are further clarified:

(i) Negative list of services and other amendments made vide the Finance Act, 2012 are not relevant for Nov 2012 exams.

(ii) Marks distribution between the two parts namely, Part I : Income Tax (50 marks) and Part II: Service Tax and VAT (25 for Service Tax and 25 for VAT) has not changed.

(iii) All the Chapters on VAT including Chapter 5: Input Tax Credit and Composition Scheme for Small Dealers and Chapter 6 : VAT Procedures given in Part II: Service tax and VAT of Study Material and Practice Manual for Paper 4: Taxation (IPCC) are applicable for November 2012 exams.

Director Board of Studies

Click here to download the above Clarification in PDF Format.

Source: The Institute of Chartered Accountants of India.

 

 

 

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