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CA Syllabus ICAI

CA Syllabus by ICAI for (May 2022)

For those interested in pursuing a career in Commerce or any other stream, chartered accounting is one of the greatest possibilities.

It is a well-paid occupation. It is a very good career option for individuals who are interested in the field of taxation and accounting. The road to becoming a chartered accountant is arduous and difficult. It is almost a five-year program. The ICAI offers a variety of tests for students at various levels. The ICAI also prepares the CA syllabus for the CA exams. There are three levels of examination held by ICAI for the students. These three levels are CA foundation, CA Intermediate, and CA Final. Only when students clear all these three levels of exam, then they are considered professional chartered accountants.

A student’s minimal qualification to join CA is a +2. When a student joins CA after finishing +2, he or she must practice for the first level of the exam. Students take the foundation exam at this level of the exam. Students move on to the second level, CA Intermediate, after completing the first. Exams are divided into two groups at this level: group 1 and group 2. This is the most difficult level of CA. Students then take the third level of the exam, which certifies them as professional CAs. To know more about CA exams, CA exam syllabus, and difficulty level CA, you have to go with the flow of the article.

CA Course Overview

Being a Chartered Accountant is a difficult process because an individual must pass all three levels of examinations. The ICAI has established several eligibility criteria for admission to the CA program

Students can enroll in the CA program after passing the +2 test, and then register for the CA foundation exam. This is the preferred method of admission to the CA program. Those who choose to pursue CA after graduation should enroll in the CA Intermediate level, which is the best option. Candidates in the commerce stream must have a 55 percent grade point average, while students in other streams must have a 60 percent grade point average.

Students must complete the requirements listed above in order to appear at the CA Intermediate level.

Chartered Accountancy is mostly concerned with studies such as budgeting, market research, and managing an organization’s working capital.

Here is some important information about the chartered accounting course.

CA Course structure

There are different levels of the CA Exam, as previously mentioned.

The following are the three levels:

  • Foundation Level

  • Intermediate Level

  • Final Level

The Foundation exam is the first step to becoming a CA. Students who want to pursue a career as a Charted Accountant after finishing their +2 test should take the Foundation level exam. This exam is held twice a year by the ICAI. The first exam will take place in May, and the second exam will take place in November. The first level takes four months to complete. The ICAI has set the Foundation Level exam course fees at Rs.9200.

Candidates are eligible to register for the CA intermediate level after passing the foundation level. 

The exam is divided into two sections. Candidates who intend to take the CA exam after graduation can now register for the Intermediate level. This level has an eight-month course period. This is a particularly challenging level of examination. This exam is likewise held twice a year, once in May and again in November, by the ICAI. The examination has a fee structure of Rs.18000.

Students must pass the first two levels of the exam before proceeding to the third and final levels. Articleship training takes place during the time between the two preceding tests. A student can apply for membership after passing the final exam.

A candidate becomes a professional Chartered Accountant after that. In May and November of each year, the final level exam is given. The final level has a three-year length. Registration, a three-year course, and training are all included. The price for the final level exam is Rs.22000.

To become a professional chartered accountant, the candidate must pass all of the ICAI’s exams Levels and get training. The complete course was established by the Institute of Chartered Accountants of India to generate efficient chartered accountants every year.

CA Foundation Syllabus

CA Foundation syllabus includes four subjects. The candidate must have to clear all these four papers to qualify for the exam. The CA foundation syllabus 2021 PDF download is available on ICAI’s official site. The four papers for the CA foundation exam, as per the CA syllabus 2022, are:

Paper 1- Principle and Practice of accounting

This is a total 100 mark paper. A candidate must have a secure 40% mark to clear this paper. Topics of paper 1.

  • Theoretical Framework

  • Accounting Process

    • Preparation of Trial Balance

    • Rectification of Errors etc.

  • Bank Reconciliation Statements

  • Inventories

  • Concepts and Accounting for Depreciation

  • Accounting for Special Transactions

  • Final Accounts of Sole Proprietors

  • Partnership Accounts

  • Financial Statements of Not-For-Profit Organizations.

  • Introduction to the Company Accounts

Paper 2- Business law, business correspondence, and reporting 

This paper has two parts. Part 1 comprises Business Law, which carries 60 marks and part 2 comprises Business Correspondence and Reporting, which has to carry 40 marks. Topics of paper 2

  1. The Indian Contract Act, 1872

  2. The sale of Goods Act, 1930

  3. The Indian Partnership Act, 1932

  4. The Limited Liability Partnership Act, 2008

  5. The Companies Act, 2013

Section 2

Part – 1   Communication

Part -2    Sentence Types and Word Power

  1. Sentence types (Direct, Indirect, Active-Passive Speech)

  2. Vocabulary Root Words, Synonyms, Antonyms, Prefixes, Suffixes,  Phrasal verbs, Collocations & Idioms.

Part -3 Comprehension Passages and Note Making

  1. Comprehension Passages

  2. Note Making

Part -4 Developing writing Skills

  1. Introduction to Basic writing

  2. Précis Writing

  3. Article Writing

  4. Report Writing

  5. Writing Formal Letters

  6. Writing Formal Mails

  7. Resume Writing

  8. Meetings

Paper 3- Business Mathematics and Logical Reasoning & Statistics

Paper 3 has 3 parts, and each part carries distinct marks Topics for paper 3

SECTION – A     Business Mathematics

Topics covered are-

  1. Ratio and Proportion, Indices and Logarithms

  2. Equations

  3. Linear Inequalities with Objective Functions and Optimization w.r.t. objective function.

  4. Time value of Money

  5. Permutations and Combinations

  6. Sequence and Series

  7. Sets, Relations, and Functions

  8. Basic applications of Differential and Integral calculus

SECTION – B Logical Reasoning

  1. Number series, Coding, and Decoding, and the odd man out.

  2. Direction Tests

  3. Seating Arrangements

  4. Blood Relations

SECTION – C Statistics

  1. Statistical description of Data

  2. Measures of Central tendency and Dispersion

  3. Probability

  4. Theoretical Distributions

  5. Correlation and Regression

  6. Index Numbers

Paper 4- Business Economics & Business and Commercial Knowledge

This paper has two parts. topics for paper 4

SECTION – A Business Economics

Topics covered in this section include-

  1. Introduction to Business Economics

  2. Theory of Demand and Supply

  3. Theory of Production and Cost

  4. Price Determination in Different Markets

  5. Business Cycles

SECTION – B Business and Commercial Knowledge

Topics covered in this subject are-

  1. Business and Commercial Knowledge – An Introduction

  2. Business Environment

  3. Business Organizations

  4. Government Policies for Business Growth

  5. Organizations Facilitating Business

  6. Common Business Terminologies

CA Intermediate Syllabus

The intermediate level of CA has 8 subjects. There are two groups at this level. A candidate faces four papers in the first group of the exam and four papers in the second group. CA applicants must pass the intermediate level in order to proceed to the final terms. According to the ICAI CA syllabus, a student has eight months to complete all of these subjects. Here is the first group’s paper.

Paper 1- Accounting

This paper comprises 100 marks. And a student gets 3 hours to complete this paper. The candidate must have secured a 40% mark for this paper.

Topics covered in this Subject are-

  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.

This paper has 2 parts. One is company law, and another is other laws. These 2 parts carry 50 marks each.

SECTION – A Company Law

Topics covered in this Section are –

  1. Preliminary

  2. Incorporation of Company and Matters Incidental thereto

  3. Prospectus and Allotment of Securities

  4. Share Capital and Debentures

  5. Acceptance of Deposits by companies

  6. Registration of Charges

  7. Management and Administration

  8. Declaration and Payment of Dividend

  9. Accounts of Companies

  10. Audit and Auditors

Note- Students shall also note that sections of the Companies Act, 1956 which are still in force will form part of your syllabus.

SECTION – B    Other Laws

Laws covered in this section are –

  1. The Indian Contract Act, 1872

  2. The Negotiable Instruments Act, 1881

  3. The General Clauses Act, 1897

  4. Interpretation of Statutes.

Paper 3- Cost and management accounting 

This paper also consists of 100 marks.

Topics covered under cost and management accounting are-

  • Overview of Cost and Management Accounting

    • Introduction to the Cost and Management Accounting.

    • Elements of cost and preparation of cost sheets.

  • Ascertainment of Cost and Cost Accounting System.

    • Material Cost

    • Employee Cost

    • Direct Expenses

    • Overheads

    • Concept of ABC analysis

    • Recording and Accounting of Costs

  • Methods of Costing –

    • Single Output/ Unit Costing

    • Job Costing

    • Batch Costing

    • Process / Operation Costing

    • Costing of Service Sectors

  • Cost Control and Analysis

    • Standard Costing

    • Marginal Costing

    • Budget and Budgetary control.

Paper 4- Taxation

This paper is divided into two sections. In section one income tax law has 50 marks and in section two indirect taxes have 50 marks also.

SECTION – A Income Tax

This section covers topics like-

  1. Basic concepts

  2. Residential status and scope of total income

  3. Income that does not form part of the total income

  4. Heads of Income and computation of Income under various heads-

    1. Salaries

    2. Income from House Property

    3. Income from Business and Profession

    4. Capital Gains

    5. Income from other sources

  5. Income of other person included in assessee’s total income

  6. Aggregation of Income, Set off or Carry forward and set off of losses.

  7. Deduction from the Gross Total Income

  8. Computation of total income and tax liability of individuals.

  9. Advance Tax, Tax deduction at source, and Introduction to Tax Collection at Source

  10. Provisions for filing return of Income and Self-Assessment.

SECTION – B        Indirect Taxes

Topics covered under this head are-

  1. Concept of indirect taxes

  2. Concept and features of indirect taxes

  3. Principal indirect taxes

  4. Goods and Services Tax (GST) Laws

  5. GST Laws: An introduction including Constitutional aspects

  6. Levy and collection of CGST and IGST

  7. Application of CGST / IGST law

  8. Concept of supply including composite and mixed supplies

  9. Charge of tax

  10. Exemption from tax

  11. Composition levy

iii. Basic concepts of time and value of supply

  1. Input tax credit

  2. Computation of GST liability

  3. Registration

vii. Tax invoice; Credit and Debit Notes; Electronic waybill

viii. Returns

  1. Payment of tax including reverse charge

This is the entire syllabus of Group – 1 in Intermediate.

In group two of CA intermediate 4 papers are available. These are follows

Paper 5- Advanced accounting

This paper consists of 100 marks. A candidate should have to secure 40% to clear the paper.

Topics Covered by this Subject are-

  1. Application of Accounting Standards. (AS – 7,9,14,18,19,20,24,26,29)

  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.

6- Auditing and Assurance

This is the paper on auditing. In this paper, students face 100 marks for exams in 3 hours.

Topics covered in this subject are as follows –

  1. Nature, Objective, and Scope of Audit.

    1. Auditing Concepts.

    2. Standard Setting Process.

    3. 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

This paper is divided into two sections one is enterprise information system and another is strategic management. These two sections carry 100 marks.

SECTION – A     Enterprise Information Systems

Topics covered in the above section are as follows –

  1. Automated Business Processes

  2. Financial and Accounting Systems.

  3. Information Systems and its Components.

  4. E-Commerce, M-Commerce, and Emerging Technologies.

  5. Core Banking Systems.

SECTION – B     Strategic Management

Topics covered by this section are as follows-

  1. Introduction to Strategic Management.

  2. Dynamics of Competitive Strategy.

  3. Strategic Management Process.

  4. Corporate-level strategies.

  5. Business Level Strategies.

  6. Functional Level Strategies.

  7. Organization and Strategic Leadership.

  8. Strategy Implementation and Control.

Paper 8- Financial Management and Economics for Finance 

This paper also has two sections. One is financial management and another is Economics for Finance. This paper carries 100 marks also.

SECTION – A         Financial Management

Topics covered under this section are –

  • Financial Management and Financial Analysis.

    • Introduction to the Financial Management Functions

    • Financial Analysis through Ratios

  • Financing Decisions

    • Sources of Finance

    • Lease Financing

    • Cost of Capital

    • Capital Structure Decisions

    • Leverages

  • Capital Investment and Dividend Decisions

    • Capital Investment Decisions

    • Adjustment of Risk and Uncertainty in Capital Budgeting Decision

    • Dividend Decisions

  • Management of Working Capital

These are the topics that you will study in-depth under this section.

SECTION – B   Economics for Finance

Topics covered under this section are as follows-

  1. Determination of National Income

  2. Public Finance

  3. The Money Market

  4. The International Trade

This is the entire course at the Intermediate Level of CA Course.

The CA intermediate exam consists of 800 marks for the entire subject. This level of CA is difficult. So students have to put much attention to this level of exam.

CA Final Syllabus

The ICAI publishes the CA course syllabus so that students are aware of the exam’s courses and issues. The CA final exam is the final stage toward becoming a Chartered Accountant. If a candidate wants to become a professional CA, he or she must pass all three levels of the exam. CA’s final exam comprises eight subjects. This exam is divided into two groups by the ICAI.

The first group is made up of:

Paper 1: Financial Reporting

This paper carries 100 marks. And it takes 3 hours to complete the exam.

Topics covered in this subject at the Final level are-

  1. Application of Existing Accounting Standards (AS 15,21,23,25,27,28)

(You will also be required to apply other accounting standards if applicable in other questions).

  1. Application of Guidance Notes issued by the ICAI on Specified Accounting Aspects.

  2. Framework for the preparation and presentation of Financial Statements.

  3. Application of Indian Accounting Standards (IND AS).

  4. Consolidated and Separate Financial Statements (as per IND AS)

  5. Application of Industry-specific and Transaction-specific Indian Accounting Standards.

  6. Business Combinations and Accounting for Corporate Restructuring/ Demerger (As per IND AS).

  7. Accounting and Reporting of Financial Instruments (As per IND AS).

  8. Accounting for Share-Based Payments. (As per IND AS)

  9. Analysis of Financial Statements.

  10. Accounting for Carbon Credits

  11. Accounting for E-Commerce

  12. Emerging trends in Reporting.

Paper 2: Strategic Financial Management

This paper also carries 100 marks.

Topics covered under this subject are as follows –

  1. Financial Policy and Corporate Strategy.

  2. Indian Financial System.

  3. Risk Management.

  4. Security Analysis.

  5. Security Valuation

  6. Portfolio Management.

  7. Securitization

  8. Mutual Funds

  9. Derivatives Analysis and Valuation.

  10. Foreign Exchange Exposure and Risk Management.

  11. International Financial Management.

  12. Interest Rate Risk Management

  13. Corporate Valuation

  14. Mergers, Acquisition, and Corporate Restructuring.

  15. International Financial Center (IFC).

  16. Startup Finance

  17. Small and Medium Enterprises

Paper 3: Advanced Auditing and Professional Ethics

This paper also carries 100 marks.

Topics Covered in this Subject are as follows-

  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

This paper has two parts. One is corporate law and another is economic law. These two parts carry 100 marks.

PART – 1    CORPORATE LAW

This is further divided into two sections one is Company Law and the other one is Securities Law.

SECTION – A     Company Law

The objective behind this subject is to acquire the ability to analyze, interpret and apply the provisions of Company Law in practical situations.

Topics Covered under Company Law are as follows –

Companies Act, 2013

  1. 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 Offences, Adjudication, and Special Courts.

  12. National Company Law Tribunal and Appellate Tribunal.

Corporate Secretarial Practice

Drafting notices, Resolutions, Minutes.

Note – The students should also note that the provisions of the Companies Act, 1956 which are still in force would form part of your syllabus till their corresponding sections are not enforced in the Companies Act, 2013.

SECTION – B    Securities Law

The objective behind this section is to acquire the ability to analyze the significant provisions of select securities laws.

Topics covered under this head are as follows-

  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

Topics covered in this part are –

  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.

Group 2 papers 

Paper 5: Strategic Cost Management and Performance Evaluation

This is the paper on auditing. In this paper, students face 100 marks for exams in 3 hours.

The subject is divided into three categories-

  • Strategic Cost  Management and Decision Making.

    • Strategic Cost Management

    • 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         Strategic Cost Management

Topics covered by the above section are –

  1. Introduction to Strategic Cost Management.

  2. Modern Business Environment.

  3. Learn System and Innovation.

  4. Cost Management Techniques.

  5. Cost Management for Specific Sectors.

SECTION – B        Strategic Decision Making

  1. Decision Making

  2. Pricing Strategies / Decisions

PART – 2    PERFORMANCE EVALUATION AND CONTROL

SECTION – A     Performance Evaluation and Reporting   

  1. Performance Measurement and Evaluation

  2. Divisional Transfer Pricing

  3. Strategic Analysis of Operating Income.

SECTION – B    Managerial Control

  1. Budgetary Control

  2. Standard Costing

SECTION – C  Case Studies

It covers the Course Concepts

Note- Apart from the above topics application of the following Quantitative Techniques are required to be studied to link to course concepts –

  1. Linear Programming

  2. Learning Curve / Experience Curve.

Paper 6: Elective Paper

This is an elective paper. So candidates can select one of the under elective papers

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

PAPER – 6A         RISK MANAGEMENT

The objective behind introducing this subject to CA Curriculum is to gain an understanding of the risk faced by the businesses and to learn techniques for managing such risks.

To build capacity for applying such learning to address risk-related issues in real business scenarios.

Topics Covered –

  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.

The following topics covered in SFM and LAW will also form part of this syllabus –

  1. Risk Management in Investment Decisions.

  2. Foreign Exchange Risk.

  3. Interest Rate Risk.

PAPER – 6B     FINANCIAL SERVICES AND CAPITAL MARKETS

OBJECTIVE

To gain knowledge of Financial Services rendered by Intermediaries and Banks and their role and activities in the Financial Market in general and the Capital Market in particular and also to apply such knowledge in practical scenarios.

Topics covered by this subject are as follows –

  1. Global Financial Markets

  2. Impact of Various policies on 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

The following topics which are covered in SFM and LAW will also form part of the syllabus-

  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

OBJECTIVE

The objective behind introducing this subject in CA Course is to develop an understanding of the concepts, principles, and provisions of International Taxation and to apply such concepts and knowledge in preparing Computation and addressing in practical scenarios.

Further, it is divided into two sections-

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

  2. Other aspects of International Taxation

SECTION – A  Taxation of International Transactions and Non-Resident Taxation in India

Topics covered in this subject are as follows –

  1. Transfer Pricing Provisions under the INCOME TAX Act, 1961.

  2. Arm’s Length Price

  3. International Transactions

iii. 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

vii. Advance Pricing Agreements

  1. Other Provisions relating to the 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

iii. 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    Other Aspects of International Transaction

The topics covered by this topics are as follows –

  1. Overview of Model Tax Conventions.

  2. OECD Model Tax Convention

  3. UN Model Tax Convention

iii. US Model Tax Convention

  1. Tax treaties, Applications, and Interpretation

  2. Features of Tax treaties

  3. Overview of Tax Information Exchange Agreements

iii. 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

iii. Other Anti Avoidance Measures

  1. Taxation of E-Commerce Transactions

  2. Introduction

  3. Emerging issues

iii. Equalisation levy

Note – The students may note that the transfer pricing part in PART – 1 will carry 30 marks.

PAPER – 6D        ECONOMICS LAWS   

OBJECTIVE

To develop an understanding of the provisions of different economic laws and acquire the ability to apply such knowledge to address issues in practical case scenarios.

Topics covered under this subject are as follows –

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

  2. Competition Act, 2002 and Rules/ Regulations

  3. Real Estate (Regulation and Development) Act, 2016 [Central Act and Rules/ Regulations]

  4. Insolvency and Bankruptcy Code, 2016 and Rules/ Regulations

  5. Prevention of Money Laundering Act, 2002 and Rules/ Regulations

  6. Foreign Exchange Management Act, 1999 and Rules/ Regulations

  7. Prohibition of Benami Property Transactions Act, 1988 and Rules/ Regulations

PAPER – 6E    GLOBAL FINANCIAL REPORTING STANDARDS

OBJECTIVE

  1. To develop an understanding of the key concepts and principles of International Financial Reporting Standards and to acquire the ability to apply such knowledge to make computations and address issues in practical case scenarios.

  2. To develop an understanding of the significant differences between IFRS and US GAAPs and apply the same in practical case scenarios.

Topics Covered –

  1. Conceptual Framework for Financial Reporting as per IFRS – 10 Marks

  2. Application of International Financial Reporting Standards – 70 Marks

  3. Significant differences between IFRS and US GAAPs – 20 Marks

PAPER – 6F     MULTI-DISCIPLINARY  CASE STUDY

OBJECTIVE

To analyze and integrate the concepts, principles, and provisions of accounting, auditing, taxation, corporate laws, finance, business strategy, and management to address issues in practical case scenarios

Topics covered –

This paper will include Case Studies covering the following areas.

  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

This paper is divided into two parts. One is Direct tax laws and another is International taxation.

SECTION – A        Direct Taxation

OBJECTIVE

To acquire the ability to analyze and interpret the provisions of direct tax laws and recommend solutions to practical problems.

Topics Covered –

Law and Procedures under the Income-tax Act, 1961

  1. Basis of charge, residential status, income which does not form part of total income, heads of income, the income of other persons included in assessee’s total income, aggregation of income,  set-off and carry forward of losses, deductions from gross total income, rebates, and reliefs

  2. Special provisions relating to companies and certain persons other than a company

  3. Provisions relating to charitable and religious trusts and institutions, political parties, and electoral trusts

  4. Tax Planning, Tax Avoidance & Tax Evasion

  5. Collection & Recovery of Tax, Refunds

  6. Income-tax Authorities, Procedure for assessment, Appeals, and Revision

  7. Settlement of Tax Cases, Penalties, Offences & Prosecution

  8. Liability in Special Cases

  9. Miscellaneous Provisions and Other Provisions

SECTION – B         International Taxation

OBJECTIVE

To develop an understanding of the concepts, principles, and provisions of International Taxation and acquire the ability to apply such knowledge to make computations and address application oriented issues.

Topics Covered –

  1. Taxation of international transactions and Non-resident taxation

  2. The provisions under the Income-tax Act, 1961, including

  3. Specific provisions relating to Non-residents

  4. Double Taxation Relief

  5. Transfer Pricing & Other Anti-Avoidance Measures

  6. Advance Rulings

  7. Equalization levy

  8. Overview of Model Tax Conventions – OECD & UN

  9. Application and interpretation of Tax Treaties

  10. Fundamentals of Base Erosion and Profit Shifting

Paper 8: Indirect Tax Laws

This paper is also divided into two parts one is goods and services taxes and another is customs and FTP.

 SECTION – A     Goods and Service Tax

OBJECTIVE

To acquire the ability to analyze and interpret the provisions of goods and services tax law and recommend solutions to practical problems.

Topics Covered –

  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

iii. 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 waybill, accounts and records, returns, payment of tax including reverse charge, refund, job work

viii. 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

xii. Demand and Recovery

xiii. Offences and Penalties

xiv. Advance Ruling

  1. Appeals and Revision

xvi. Other provisions

SECTION – B         Customs & FTP

OBJECTIVE

  1. To develop an understanding of the customs laws and acquire the ability to analyze and interpret the provisions of such laws.

  2. To develop an understanding of the basic concepts of foreign trade policy to the extent relevant to indirect tax laws and acquire the ability to analyze such concepts.

Topics Covered –

  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

iii. 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

vii. Provisions relating to coastal goods and vessels carrying coastal goods

viii. Warehousing

  1. Drawback

  2. Demand and Recovery; Refund

  3. Provisions relating to prohibited goods, notified goods, specified goods, illegal importation/exportation of goods

xii. Searches, seizure and arrest; Offences; Penalties; Confiscation and Prosecution

xiii. Appeals and Revision; Advance Rulings; Settlement Commission

xiv. Other provisions

  1. Foreign Trade Policy to the extent relevant to the indirect tax laws

  2. Introduction to FTP – legislation governing FTP, salient features of an FTP, administration of FTP, contents of

FTP and other related provisions

  1. Basic concepts relating to the import and export of goods

iii. Basic concepts relating to export promotion schemes provided under FTP

This is the whole syllabus of the Chartered Accountancy Course

All of the final test papers are worth 800 marks. To pass all of the final test papers, a student must receive a 40 percent grade. CA syllabus 2021 PDF is available on the ICAI’s official website, where you may learn more about each subject in depth.

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