CA Final Direct Tax & International Taxation Supplementary Study Material for May 2023 and November 2023

Hello Dear CA Final Students,

We are Sharing With You CA Final Direct Tax & International Taxation Supplementary Study Material for May 2023 and November 2023. So kindly Check Out our website and ALL the Best for Your Upcoming Exams.



Direct Tax Laws and International Taxation is one of the most dynamic subjects of the
chartered accountancy course.

The direct tax laws of the country undergo significant changes every year with the passing of the annual Finance Act. Apart from these major amendments which take place every year, notifications and circulars are issued by the CBDT from time to time to implement the provisions of the Act and clarify issues regarding the meaning and scope of certain provisions. Further, decisions are pronounced by various courts interpreting the provisions of direct tax laws.

For May, 2023 examination, the direct tax laws, as amended by the Finance Act, 2022 and
circulars and notifications issued upto 31.10.2022 would be applicable.

The relevant assessment year for May, 2023 examination is A.Y.2023-24. Accordingly, this Supplementary Study Paper 2022 contains the amendments made by the Finance Act, 2022 and notifications and circulars issued between 1.11.2021 and 31.10.2022, relevant for May 2023 examination.

The amendments have been presented chapter-wise to facilitate easy co-relation with the
October 2021 edition of the Study Material.

The Supplementary Study Paper 2022 has to be read along with the October 2021 edition of the Study Material. For this purpose, the corresponding pages of the Study Material have been given in the Content page for easy reference. The Judicial Update for May, 2023 examination would be webhosted at the BoS Knowledge Portal.

The manner in which amendments have been presented in the Supplementary Study Paper
can be grouped into three categories

First, where the entire content of a chapter or a major portion thereof has been given in this Supplementary Study Paper, owing to significant changes therein. The content relating to charitable and religious trusts, dispute resolution and advance rulings have been given in entirety in this Supplementary Study Paper on account of significant changes therein vis-à-vis the Study Material.

Second, where the relevant provision (Section/Sub-section/Clause/Proviso) has been given in entirety, with the amendments therein indicated in italics/bold italics. This has been done in respect of newly inserted provisions (like provisions relating to taxation of Virtual Digital Assets, updated return, sections 79A, 156A, 170A, 194R etc.) as well as existing provisions where a major part thereof has undergone a change or where there are two or three different changes in the same provision.

Third, where the relevant provision has not been given in entirety in this Supplementary Study
Paper, but only the respective notification/circular or the sub-section/ clause/proviso/Explanation which has undergone change has been explained in this Supplementary Study Paper. Here also, the relevant amendment has been indicated in italics/bold italics along with a note requiring the students to read the amendment along with the related provisions in the Study Material. Thus, students may note that whereas in the

First and Second categories, the content given in this Supplementary Study Paper will
substitute the related content given in the Study Material, in the third category, the amendment
given in this Supplementary Study Paper has to be read along with the related provision in the
Study Material.

Students may note that in this Supplementary Study Paper, the amendments are presented
under the respective chapter to which they primarily relate. However, the related provisions
which have undergone a change may find reference in other chapters of the Study Material as

For example, amendments in certain chapters in Modules 1 and 2 of the Study Material
are likely to have an impact in Chapter 12 Assessment of various entities and Chapter 14 Tax
Planning, Avoidance and Evasion. Also, some of the cases reported as Significant Select Cases at the end of each chapter of the Study Material would no longer be relevant on account of the amendments. Accordingly, Notes have been added at the relevant places advising the students to ignore those cases for May, 2023 examination.

Students are advised to read this Supplementary Study Paper thoroughly and understand the
amendments and their effect. This Supplementary Study Paper 2022 along with the October,
2021 edition of the Study Material and webhosted Judicial Update would be relevant for May,
2023 examination.

Happy Reading!

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