CA Final Amendments for May 2025 Exams

CA Final Amendments:  The Institute of Chartered Accountants of India (ICAI) has released CA Final Amendments for May 2025 exams, which will follow the old syllabus. These amendments apply to subjects like accounting, auditing, taxation, information technology, law, and costing. ICAI conducts CA Final exams thrice a year, in January, May, and September. They announce the approved list of changes to Accounting Standards, Guidance Notes, and Legislative CA Final Amendments well before each exam term.

To prepare, it's crucial to stay updated with these CA Final amendments, and you can find various resources on the official ICAI website under the Board of Studies (BoS) Knowledge Portal, including study materials, additional reading material, practice manuals, suggested answers, revision test papers, and mock test papers with solutions. You can also purchase a physical copy of these materials from the closest ICAI branch office. For the CA Final May 2025 exams, it's essential to familiarize yourself with key Accounting Standards, Auditing Standards, Guidance Notes, official announcements, and updates from the Companies Act and Finance Act.

CA Final Amendments for May 2025

Moreover, check the section below for CA Final Amendments for May 2025 Exams:

Paper-1: FR (Financial Reporting)

Check here for CA Final Amendments for Paper-1 Financial Reporting: Download the FR Study Material October 2021 Edition, which is valid until November 2023. For CA Final Amendments, you should go through accounting RTP May 2025:

Applicable Accounting Standards: For the May 2025 exam, the Companies (Indian Accounting Standards) Amendment Rules, 2019, are in effect. This includes the replacement of Ind AS 17 with Ind AS 116, along with other related amendments issued by the Ministry of Corporate Affairs (MCA) on March 30, 2019.

Relevant Amendments and Rules:

• Any CA Final amendments, notifications, circulars, or rules issued by the Companies Act, 2013, up to April 30, 2023, will be applicable for the November 2023 examination.
• This includes CA Final amendments issued by MCA and notified by the Central Government on various dates, such as March 30, 2022 (Companies (Indian Accounting Standards) Rules, 2015), September 20, 2022 (Amendments in the Companies (Corporate Social Responsibility) Rules, 2014), and March 31, 2023 (Companies (Indian Accounting Standards) Rules, 2015).

Excluded Topics for CA Final Exams: The following topics will not be tested in the CA Final exam:

1. Indian Accounting Standard (Ind AS) 37: Provisions, Contingent Liabilities, and Contingent Assets
   
   1. Appendix A: Rights to Interests Arising from Decommissioning, Restoration, and Environmental Rehabilitation Funds
   2. Appendix B: Liabilities Arising from Participating in a Specific Market — Waste Electrical and Electronic Equipment
2. Indian Accounting Standard (Ind AS) 29: Financial Reporting in Hyperinflationary Economies
3. Indian Accounting Standard (Ind AS) 104: Insurance Contracts
4. Indian Accounting Standard (Ind AS) 106: Exploration for and Evaluation of Mineral Resources
5. Indian Accounting Standard (Ind AS) 114: Regulatory Deferral Accounts
6. Analysis of financial statements based on Accounting Standards

Make sure to study these CA Final amendments and exclusions to be well-prepared for your upcoming CA Final exam.

Paper-2: SFM (Strategic Financial Management)

 Check here for CA Final Amendments for Paper-2 Strategic Financial Management. Get the latest 2022 SFM study materials and the CA Final SFM RTP:

Important Topics in RTP: CA Final SFM RTP covers questions from almost the entire syllabus. Important topics are Security Valuation, Portfolio, Mutual Funds, Derivatives, Foreign Exchange, International Financial Management, IRR, Corporate Valuation, Mergers, Acquisitions and Corporate Restructuring.

Paper-3: AAPE (Advanced Auditing and Professional Ethics)

Check here for CA Final Amendments for Paper-3 Advanced Auditing and Professional Ethics: Download the 2022 edition of the Study Material for Advanced Auditing (AA) and Professional Ethics (PE) for the November 2023 CA Final examination. Additionally, make sure to check out the CA Final Auditing RTP for November 2023, as it can be quite valuable. Regarding the Statement on Reporting under Section 227(1A) of the Companies Act, 1956 (now Section 143(1) of the Companies Act, 2013), this pertains to the requirements for auditors to report on various aspects of a company's financial statements and related matters as per the specific section mentioned. It's crucial for auditors to adhere to these reporting standards in their audits. List of applicable Engagements and Quality Control Standards on Auditing:

1. Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services Engagements [SQC 1]
2. Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing [SA 200]
3. Agreeing the Terms of Audit Engagements [SA 210]
4. Quality Control for Audit of Financial Statements [SA 220]
5. Audit Documentation [SA 230]
6. The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements [SA 240]
7. Consideration of Laws and Regulations in An Audit of Financial Statements [SA 250]
8. Communication with Those Charged with Governance (Revised) [SA 260]
9. Communicating Deficiencies in Internal Control to Those Charged with Governance and Management [SA 265]
10. Joint Audit of Financial Statements (Revised) [SA 299]
11. Planning an Audit of Financial Statements [SA 300]
12. Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment [SA 315]
13. Materiality in Planning and Performing an Audit [SA 320]
14. The Auditor’s Responses to Assessed Risks [SA 330]
15. Audit Considerations Relating to an Entity Using a Service Organization [SA 402]
16. Evaluation of Misstatements Identified During the Audits [SA 450]
17. Audit Evidence [SA 500]
18. Audit Evidence – Specific Considerations for Selected Items [SA 501]
19. External Confirmations [SA 505]
20. Initial Audit Engagements-Opening Balances [SA 510]
21. Analytical Procedures [SA 520]
22. Audit Sampling [SA 530]
23. Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures [SA 540]
24. Related Parties [SA 550]
25. Subsequent Events [SA 560]
26. Going Concern (Revised) [SA 570]
27. Written Representations [SA 580]
28. Using the Work of Another Auditor [SA 600]
29. Using the Work of Internal Auditors (Revised) [SA 610]
30. Using the Work of an Auditor’s Expert [SA 620]
31. Forming an Opinion and Reporting on Financial Statements (Revised) [SA 700]
32. Communicating Key Audit Matters in the Independent Auditor’s Report (New) [SA 701]
33. Modifications to the Opinion in the Independent Auditor’s Report (Revised) [SA 705]
34. Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report (Revised) [SA 706]
35. Comparative Information – Corresponding Figures and Comparative Financial Statements [SA 710]
36. The Auditor’s Responsibility in Relation to Other Information (Revised) [SA 720]

List of applicable Guidance Notes and other publications:

1. Guidance Note on Audit under Section 44AB of the Income-tax Act.
2. Guidance Note on Audit of Banks.
3. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.
4. Guidance Note on CARO 2020.

Applicability of the Companies Act, 2013 and other Legislative Amendments for the November 2023 Examination:- Students are required to stay updated with changes in laws and regulations up to 6 months before the exam. For the November 2023 CA Final exam, the relevant sections of the Companies Act 2013, along with any legislative changes, notifications, circulars, rules, and guidelines issued by the regulatory authority up to April 30, 2023, will apply. If there are important notifications and circulars issued after the October 2021 study material, they will be included as academic updates in the November 2023 Revision Test Paper. The Companies (Auditor's Report) Order, 2020, from the Ministry of Corporate Affairs will be relevant for the November 2023 exam. Also, the Peer Review Guidelines from 2022 and the revised chapter on Professional Ethics based on the Code of Ethics 2020 will apply. Additionally, there were amendments to Schedule III of the Companies Act 2013 made by the Central Government in March 2021, and these changes are applicable for the November 2023 exam. Lastly, amendments to the chapter on the audit of Non-Banking Financial Companies (NBFCs) are relevant for the same exam. Stay updated with these changes to perform well in the CA Final exam. List of topic-wise exclusions from the syllabus: In the November 2023 CA Final exam, please note the following important amendments:

• Chapter 14, which covers Special Audit Assignments, has been removed from the syllabus.
• Chapter 7, which deals with the SA 800 Series, SREs, SAEs, and SRSs series, will also be excluded from the syllabus due to the removal of the SA 800 Series and related topics.
• The topic of GST Audit will not be applicable to the November 2023 exam.

These CA Final Amendments or changes in the syllabus are essential to keep in mind when preparing for your CA Final exam. Following Engagement and Quality Control Standards excluded:

1. SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework
2. SA 805 Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
3. SA 810 Engagements to Report on Summary Financial Statements
4. SRE 2400 Engagements to Review Historical Financial Statements (Revised)
5. SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
6. SAE 3400 The Examination of Prospective Financial Information
7. SAE 3402 Assurance Reports on Controls At a Service Organisation
8. SAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
9. SRS 4400 Engagements to Perform Agreed Upon Procedures Regarding Financial Information
10. SRS 4410 Compilation Engagements (Revised).

Following Guidance Notes and other publications are excluded:

1. Code of Ethics publication is excluded, whereas Chapter 18 on Professional Ethics is in the syllabus
2. Guidance Note on Independence of Auditors.
3. Guidance Note on Audit of Inventories.
4. Guidance Note on Audit of Debtors, Loans and Advances.
5. Guidance Note on Audit of Investments.
6. Guidance Note on Audit of Cash and Bank Balances.
7. Guidance Note on Audit of Liabilities.
8. Guidance Note on Audit of Revenue.
9. Guidance Note on Audit of Expenses.
10. Guidance Note on Computer Assisted Audit Techniques (CAATs).
11. Guidance Note on Audit of Payment of Dividend.
12. Guidance Note on Audit of Capital and Reserves.
13. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013.
14. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013.

Paper-4: CEL (Corporate and Economic Laws)

Check here for CA Final Amendments for Paper-4 Corporate and Economic Laws: Make sure to download the 2022 edition of the CA Final Corporate Law (CL) and Economic Law (EL) study material for the November 2023 exam. Also, be sure to review the CA Final Corporate Law and Economic Law RTP (Revision Test Paper) released for November 2023, as it can be quite helpful. For the November 2023 CA Final exam, the applicable content includes the provisions of the Companies Act 2013, along with important rules, notifications, circulars, clarifications, and orders issued by the Ministry of Corporate Affairs. Additionally, the economic laws covered in the Economic Laws section, as amended by the relevant authority, are in effect, including significant notifications and circulars issued up to April 30, 2023. These CA Final Amendments or updates are crucial to be aware of as you prepare for your CA Final exam in November 2023. Part I [Section A- Company Law]: For the November 2023 CA Final exams, please note the following amendments:

• Only the content included in the October 2021 edition of the Study Material and the legislative changes covered in the November 2023 RTP (Revision Test Paper) are relevant for the exams.
• With the exception of relevant rules found in the October 2021 study material and November 2023 RTP, all other rules of the Companies Act 2013 are not applicable.
• Specific sections of the Companies Act 2013, namely sections 337-343, 348-351, 359-378, 396-405, 408-419, 441, 448-449, 451-453, 456-470, and provisions related to Producer Companies, are excluded from the syllabus.

These CA Final amendments are important to consider in your preparation for the November 2023 CA Final exams. Part I: [Section B- Securities Laws]:

• Chapter 1: The Securities Contract (Regulation) Act, 1956 and Securities Contract (Regulation) Rules, 1957 – Entire Chapter Excluded.
• Chapter 2: The Securities Exchange Board of India Act, 1992, SEBI (ICDR) Regulations, 2009 and SEBI (LODR) Regulations, 2015.
  • Following provisions of the SEBI Act are excluded – Sections 2(1)(b), 2(1)(c), 2(1)(d), 2(1)(da), 2(1)(f), 2(1)(fa), 2(1)(g), 20, 21, 25, 28 & 33.
  • SEBI (ICDR) Regulations are excluded.

Part II: [Economic Laws]:

• Chapter 1: The Foreign Exchange Management Act, 1999
  • Following provisions of the FEMA, 1999 is excluded for the examination-Sections 2(cc) & Section 2(gg), 16(2)- 16(6) ,17(4) 17(6), 19 to 34, 37(2) – 37(3), 37A, 45, 46, 47 & 48.
  • All other FEM (Regulations)/ Rules, except given in column (3), are excluded.

• Chapter 2: SARFAESI Act, 2002 – Section 20 and onwards are excluded.
• Chapter 3: Prevention of Money Laundering Act, 2002
  • Following sections are excluded for examination: 2(1)(a), (b)(c), (d), (da), (f), (g), (h), (i), (ia), (ib), (j), (ja), (k), (m), (na), (o), (q), (r), (rc), (s), (sa), (sb), (sc), (t), (va), (z) , (zb) & (2)- Definitions, 6(3)-6(15), 7, 10, 11, 16 to 24, 35(1), 35(3)- 35(5), 36- 37, 39- 40, 49 to 54, 58A – 58B, 59-60, 61, 67-68, 73, 74 & 75.
  • Rules related to PMLA is excluded in their entirety

• Chapter 4: Foreign Contribution Regulation Act, 2010 – Following Sections are excluded from examination: Section 2(1)(a), (b), (c), (d), (e), (f), (k), (l), (o), (p), (q), (s), (t), & (u)- Definitions, 21, 23 – 27, 44, 45, 49, 53 & 54.
• Chapter 6: The Insolvency and Bankruptcy Code, 2016 – Provisions from section 60 onwards are excluded.

Paper-5: SCMPE (Strategic Cost Management and Performance Evaluation)

Check here for CA Final Amendments for Paper-5 Strategic Cost Management and Performance Evaluation: Please make sure to download the 2022 edition of the CA Final Supply Chain Management (SCM) and Performance Evaluation (PE) study material. Additionally, review the corrigendum for the November 2023 exam, as it contains the relevant updates. Furthermore, it's important to study the Costing RTP (Revision Test Paper) for November 2023, as it provides information about CA Final amendments in the subject of Costing. Being well-informed about these CA Final Amendments or changes will help you prepare effectively for your CA Final exams in November 2023.

Paper-6 A: Risk Management

Check here for CA Final Amendments for Paper-6 A - Risk Management: For the November 2023 CA Final exam, please be aware that the examination pattern for this paper is open-book and case study-based. The content that matters for your preparation includes everything in the August 2019 edition of the Study Material, including any additional topics mentioned in the syllabus. This means you should focus on the material from the August 2019 edition and any extra topics specified in the syllabus to succeed in the November 2023 exam.

Paper-6 B: Financial Services and Capital Markets

Check here for CA Final Amendments for Paper-6 B - Financial Services and Capital Markets: The exam pattern for this paper is open-book and case study-based. For the November 2023 CA Final exam in Financial Services and Capital Markets, focus on Part A of the Study Material from the November 2020 edition. Additionally, consider the SEBI regulations revised up to June 30, 2023, which include:

1. SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
2. SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018
3. SEBI (Prohibition of Insider Trading) Regulations, 2015
4. SEBI (Buy Back of Securities) Regulations, 2018
5. SEBI (Mutual Funds) Regulations, 1996

These are the specific areas of study for the November 2023 CA Final exam in this subject.

Paper-6 C: International Taxation

Check here for CA Final Amendments for Paper-6 C - International Taxation: Applicability of amendments made by the Finance Act: For the CA Final exams in May and November, the amendments introduced by the Finance Act of a particular year become relevant for the next year. Therefore, for the November 2023 examinations, the direct tax laws modified by the Finance Act 2022 will apply. The assessment year (A.Y.) for the November 2023 exams is A.Y. 2023. This is particularly important for topics related to International Taxation under the Income-tax Act of 1961, equalization levy, and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015. Understanding this timing is crucial for preparing for your CA Final exams in November 2023. In case a case study question involves calculations or details related to an earlier assessment year, the question will provide the necessary provisions for that specific year. Alternatively, the question might mention that the relevant provisions for the earlier year are the same as they are for A.Y. 2023-24. This means you'll have the information you need in the question itself to address any calculations or determinations for prior assessment years. Applicability of amendments made by circulars, notifications, press releases/press notes and other legislations: To excel in your CA Final exams, it's important to stay informed about any updates in the direct tax laws. For the November 2023 exam, this means being aware of significant notifications, circulars, press releases, and legislative changes made by the CBDT and the Central Government up to April 30, 2023. These updates, issued up to 6 months before the exam, are crucial for your preparation. Applicability of provisions of direct tax laws dealt with in Final (New) Paper 7 while addressing issues and making computations in case study-based questions in Final (New) Paper 6C: For the CA Final Elective Paper 6C on International Taxation, you might encounter case study questions that require you to apply provisions from direct tax laws discussed in detail in Paper 7: Direct Tax Laws and International Taxation. So, here's what you need to do:

• Study the October 2021 edition of the Study Material for Paper 6C: International Taxation and Paper 7: Direct Tax Laws and International Taxation.
• Use the Supplementary Study Paper – 2022, which contains updates from the Finance Act, 2022 and notifications and circulars issued between November 1, 2021, and October 31, 2022.
• Refer to the Statutory Update with circulars and notifications issued between November 1, 2022, and April 30, 2023.
• Utilize the Judicial Update (for Paper 7) that's relevant for the November 2023 exam.
• Ensure you have access to the relevant income tax department webpages and the bare Acts and Rules.

By using these resources, you'll be well-prepared to tackle case study questions in the International Taxation paper. It's essential to integrate and apply knowledge from these materials to solve problems and make calculations effectively. Scope of coverage of certain topics: For specific International Taxation topics, such as Tax Treaties and Anti-Avoidance Measures, you should focus on the information provided in the October 2021 edition of the Study Material and the Supplementary Study Paper for 2022. However, it's important to note that the US Model Convention is excluded from the "Overview of Model Tax Conventions" topic according to the Study Guidelines. This means that when studying Tax Treaties and Anti-Avoidance Measures, you should mainly rely on the mentioned study materials, but you can disregard the US Model Convention for the specific topic of Model Tax Conventions.

Paper-6 D: Economic Laws

Check here for CA Final Amendments for Paper-6 D - Economic Laws: The CA Final Amendments state that all the important updates, such as Rules, Notifications, Circulars, Clarifications, and Orders, related to Economic Laws and covered by specific Acts, are applicable for the November 2023 examination. These CA Final amendments and related information can be found on the ICAI's BOS knowledge portal in the Economic Laws book, and they are relevant up to April 30, 2023. Chapter 1: The Competition Act, 2002 and Rules/Regulations – Sections 34, 37, 38 and 40 of Competition Act, 2002 are excluded. Chapter 2: Real Estate (Regulation and Development) Act, 2016 and Rules/Regulations – Regulations of RERA are excluded. Chapter 3: The Insolvency and Bankruptcy Code, 2016 and Rules/Regulations –

• The following sections are excluded of the Notified chapters of the Code: 3(2), 3(3), 3(5), 3(14), 3(22), 3(24), 3(25), 3(26), 3(28), 3(29), 3(32), 3(36), 3(37), 5(2) to 5(4), 5(16), 5(19).
• Specifically, chapters related to Insolvency resolution and bankruptcy for individuals and partnership firms of the Code (from sections 78 to 187) are excluded.
• Coverage of the Rules or regulations of the IBC is restricted to the extent covered in the study material.

Chapter 4: The Prevention of Money Laundering Act, 2002 and Rules/Regulations

• The Following provisions are excluded from the examination: Sections 2(1) (a), (c), (d), (g), (ga), (h), (m), (ma), (r), (t), (v), (x), (za), (zc), (ze), (zg)- (zj), & 2(2)- Definitions, 27, 28, 29, 30, 31, 32, 33, 34, 48, 49, 50, 51, 52, 53, & 54.
• Rules related to PMLA are excluded.

Chapter 5: The Foreign Exchange Management Act, 1999 and Rules /Regulations

• Following provisions of the FEMA, 1999 are excluded from the examination- Sections 17(3) – 17(6), 20 to 31, 33, 45, 46, 47 & 48
• Following FEM(Regulations)/ Rules are entirely excluded:
  • Foreign Exchange (Authentication of Documents) Rules, 2000
  • Foreign Exchange (Compounding Proceedings) Rules, 2000
  • Foreign Exchange Management (Adjudication Proceedings and Appeal) Rules, 2000
  • Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and Payment of Interest) Rules, 2000
  • Foreign Exchange Management (Borrowing and lending in Rupees) Regulations, 2000
  • Foreign Exchange Management (Deposit) Regulations, 2016
  • Foreign Exchange Management (Establishment in India of a Branch Office or a Liaison Office or a Project Office or any other place of business) Regulations, 2016
  • Foreign Exchange Management (Export and Import of Currency) Regulations, 2015.
  • Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015.
  • Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000
  • Foreign Exchange Management (Guarantees) Regulations, 2000
  • Foreign Exchange Management (Insurance) Regulations, 2015
  • Foreign Exchange Management (Investment in firm or proprietary Concern in India) Regulations, 2000
  • Foreign Exchange Management (Issue of security in India by a Branch Office or Agency of a person Resident in outside India) Regulations, 2000
  • Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2016
  • Foreign Exchange Management (Remittance of Assets) Regulations, 2016
  • Foreign Exchange Management (Transfer or issue of any Foreign Security) Regulations, 2004
  • Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations, 2000
  • Foreign Exchange Management (Withdrawal of General Permission to Overseas Corporate Bodies) Regulations, 2003
  • Foreign Exchange Management (Removal of Difficulties) Order, 2000
  • Foreign Exchange Management (Crystallization of Inoperative Foreign Currency Deposits) Regulations, 2014
  • Foreign Exchange Management (Offshore Banking Unit) Regulations, 2002
  • Foreign Exchange Management (International Financial Services Centre) Regulations, 2015
  • Foreign Exchange Management (Regularization of assets held abroad by a person Resident in India) Regulations, 2015.

Chapter 6: Prohibition of Benami Property Transactions Act,1988 and Rules/ Regulations. The entire content included in the October 2021 edition of the Study Material, read with the significant relevant CA Final amendments hosted on the website, shall only be relevant. Chapter 7: The entire content included in the October 2021 edition of the Study Material, read with the significant relevant amendments hosted on the website, shall only be relevant.

Paper-6 E GFRS: Global Financial Reporting Standards

Check here for CA Final Amendments for Paper-6 E - Global Financial Reporting Standards: For the CA Final Amendments applicable to the November 2023 exam, you should pay attention to an announcement on the ICAI website and "Significant Differences between IFRS and US GAAP." Also, make sure to download GFRS Case studies and information on major differences between Ind AS and IFRS. In the core paper on Financial Reporting, there are certain international accounting standards like IAS 26, IAS 29, IFRS 4, IFRS 6, IFRS 14, IFRS 16, and IFRS 17 that are not covered. These standards will not be part of the GFRS Paper either. Similarly, some Ind AS standards do not have corresponding appendices in IFRIC 2, IFRIC 23, and SIC 7, so they won't be discussed in the core paper on Financial Reporting or the GFRS Paper. Students should stay updated with notifications, circulars, and legislative changes in Ind AS that correspond to IFRS. These updates should be considered up to 6 months before the exam. Specifically, the notification issued by the MCA on 30th March 2019 for CA Final amendments in Indian Accounting Standards is relevant for the GFRS paper for the November 2023 exam concerning IFRS. For Paper-6 F (Multidisciplinary Case Study): In the CA Final, there are no separate books specifically released for this subject. Instead, CA final students are recommended to use the study material provided for the core papers in the final course to prepare for this examination.

Paper-7: DTLIT (Direct Tax Laws and International Taxation)

Check here for CA Final Amendments for Paper-7 Direct Tax Laws and International Taxation: For the November 2023 CA Final Examination, the relevant tax laws have been updated according to the Finance Act, 2022, and these changes, along with significant notifications and circulars issued until April 30, 2023, will be in effect. The applicable assessment year is 2023-24. To prepare for this, you should use the October 2021 edition of the Study Material, which covers direct tax laws and international taxation (Modules 1, 2, and 3). You should also refer to the Supplementary Study Paper-2022, which contains the amendments from the Finance Act 2022 and notifications and circulars issued from November 1, 2021, to October 31, 2022. For certain topics in International Taxation, including Model Tax Conventions, Tax Treaty interpretation, and Base Erosion and Profit Shifting, the content from the October 2021 Study Material and Supplementary Study Paper-2022 will be relevant for the November 2023 exam.

Paper-8: ITL (Indirect Tax Laws)

Check here for CA Final Amendments for Paper-8 Indirect Tax Laws. To prepare for CA Final Amendments for the November 2023 exam, follow these steps:

• Use the 2022 edition of study material as your primary reference.
• Supplement your study material with the statutory updates specifically meant for the CA Final November 2023 exam.
• Download the CA Final GST RTP (Revision Test Paper) for November 2023. RTPs are valuable resources for practice.
• Pay attention to the Case Scenarios provided for both the May 2023 and November 2023 exams. These can give you practical insights into how to apply your knowledge.
• Don't forget to study the Supplementary Study Paper designed for the November 2023 exam. This paper may contain additional information and guidance.
• Focus on the amendments made to the CGST Act, 2017, IGST Act, 2017, Customs Act, 1962, and Customs Tariff Act, 1975. These changes are due to the Finance Act 2022.
• Ensure you're up to date with circulars and notifications issued up to 30th April 2023. These may provide critical information related to the exam.

By following these steps and staying informed about the relevant CA Final amendments and updates, you'll be well-prepared for the upcoming CA Final exam in November 2023. Statutory Update for November 2023 examination: Part-I: Goods and Services Tax: Goods and Services Tax- Provisions which are excluded from the corresponding topic of the syllabus:

• Rate of tax prescribed for supply of goods*
• Rate of tax prescribed for supply of services*
• Exemptions for supply of goods
• Categories of supply of goods, tax on which is payable on a reverse charge basis
• Value of supply in cases where Kerala Flood Cess is applicable

Input tax credit:

• Manner of determination of input tax credit in respect of inputs, input services and capital goods and reversal thereof in respect of real estate projects.
• Manner of reversal of credit of additional duty of customs in respect of Gold dore bar.

Procedures under GST:

• Furnishing of GSTR-2, GSTR-1A and GSTR-3
• Matching, reversal & reclaim of input tax credit
• Matching, reversal & reclaim of reduction in output tax liability.

Completely excluded:-

• Officers of Customs: Appointment of customs ports, airports etc.
• Provisions relating to coastal goods and vessels carrying coastal goods
• Warehousing
• Demand and Recovery
• Provisions relating to prohibited goods, notified goods, specified goods, and illegal importation/exportation of goods.

Part-II: Customs & Foreign Trade Policy [With effect from 01.04.2023, Foreign Trade Policy 2023 has come into force. The chapter based on the new Foreign Trade Policy shall be web-hosted shortly.] Therefore, the CA Final Amendments for the November 2023 exams encompass various changes and updates to the syllabus, examination patterns, and relevant study materials. It's crucial for candidates to stay well-informed about these amendments, including the applicability of specific regulations, legislative changes, and the use of case studies in different papers. Adhering to these updates will be essential for success in the CA Final exams in November 2023.