The exam importance of Direct Tax Amendments ranges between 20 marks to 40 marks. If we look back then ICAI had given importance of 40 marks to the amendments in recent examination of Nov. 2018 (old) syllabus. Therefore, as a student of CA, one cannot ignore these amendments made by Finance Act. It is often observed that students are not able to handle the questions on amendments effectively during exam hours.
Below listed are the major issues faced by the students while dealing with Direct Tax Amendments.
(1) SOURCE -'From where to read these amendments'?
This issue has become slightly bigger for the students appearing for May 2019 attempts since ICAI has not provided any supplementary on the same. Fortunately, google comes to rescue. Unfortunately, it gives numerous information, including the information without authenticity and correctness. Some files on amendments contains very few pages while other set of files may offer 200 pages. In between these extremes, what to read is a big confusion!!
(2) INTELLECT LEVEL- 'How do I obtain in-depth understanding on these amendments?'
Since the files containing amendments are based on the commentary given in 'Memorandum Explaining Union Budget', it becomes more theoretical and less practical for the students. Another difficulty is that most of the amendments are drafted in the following forms:
- To resolve these conflict, following proviso has been inserted under sub section (2) of section................
- Second proviso appearing in sub-section (3) has been omitted w.r.e.f.............
- After sub-section (2) of section................, following sub-section has been inserted.
- Sub-section (5) of section.................has been substituted by the following w.e.f. ..
Unless you have a habit of reading the bare act, hardly one can digest the amendments drafted in the above fashion in various files found on the search results.
(3) PREDICTION -- 'How ICAI will test these amendments'?
Even after balancing the first two problems, the thousand ton question is that how it is taken care of by the paper setter in the professional examinations. Unfortunately, you are the first one to face them, for coming attempt.
(4) PRESENTATION --'What shall I write in the answer sheet?'
Suppose, you may know how ICAI will test the amendments, then also difficulty persists in drafting the solution during 3 hours of examinations. This is because, most of the students lack on intellect level of amendments as compared to the level of questions ICAI may set in the exams.
To resolve the above problems, I have already started sharing series of articles on CAclubindia