Wealth tax
This query is : Resolved
16 May 2015
Y ICAI ASKED ABOUT WEALTH TAX IN MAY -15 EXAMINATION,THOUGH IT IS ABOLISHED.
16 May 2015
because it was applicable to the assessment year which was applicable to your exam.
16 May 2015
I KNOW, BUT NOW WE KNOW KNOW THAT THERE IS NO RELEVANCE OF WEALTH TAX SO LOGICALLY SHOULD NOT BE ASKED
16 May 2015
well there is no relevance for many things that ICAI has included in its course material. So better dont apply logic and cover the whole course.
16 May 2015
ICAI INCLUDED IN ITS MATERIAL BECAUSE AT THAT TIME W.T.WAS THERE,WHEN MATERIAL WAS PREPARED.
MOREOVER , EXAMINATION MUST BE SMART WORK BASIS (LOGICALLY) NOT LIKE HARD WORK BASIS, THAT ANYTHING CAN ASK
MOREOVER , EXAMINATION MUST BE SMART WORK BASIS (LOGICALLY) NOT LIKE HARD WORK BASIS, THAT ANYTHING CAN ASK
16 May 2015
well no point arguing! ICAI regularly updates on the portion of the study material that is being discarded. Since it did not on wealth tax, then there is no argument on why it was asked in the exam.
And smartness includes covering what is already provided in the study material.
And smartness includes covering what is already provided in the study material.
16 May 2015
U SAID SMARTNESS INCLUDES COVERING WHAT IS ALREADY PROVIDED IN THE STUDY MATERIAL - I AGREED
BUT , ICAI CAN ASK OTHER THINGS ALSO WHICH AVAILABLE IN STUDY MATERIAL HAVING RELEVANCE,AS NO RELEVANCE OF W.T.
BUT , ICAI CAN ASK OTHER THINGS ALSO WHICH AVAILABLE IN STUDY MATERIAL HAVING RELEVANCE,AS NO RELEVANCE OF W.T.
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16 May 2015
http://220.227.161.86/37411bos234015.pdf
See above link. It was notified that it will be excluded for CA Final Exam from Nov 2015 Exam.
If we go by your logic then IND AS should also be made applicable and no question from AS should be asked. There is going to be plethora of changes but syllabus can not be changed all of a sudden. It was official that Wealth tax would be abolished in Feb 2015 and exams are in May 2015. Just two months before. What about those students who had prepared for this knowing that it is applicable?
Whatever ICAI has done is good work. We should not complain.
See above link. It was notified that it will be excluded for CA Final Exam from Nov 2015 Exam.
If we go by your logic then IND AS should also be made applicable and no question from AS should be asked. There is going to be plethora of changes but syllabus can not be changed all of a sudden. It was official that Wealth tax would be abolished in Feb 2015 and exams are in May 2015. Just two months before. What about those students who had prepared for this knowing that it is applicable?
Whatever ICAI has done is good work. We should not complain.
18 May 2015
I SEEN LINK , IT WILL BE APPLICABLE FROM NOV. - 15 EXAM -WHEN I DENIED
U SAID, IND AS SHOULD ALSO BE MADE APPLICABLE AND NO QUESTION FROM AS SHOULD BE ASKED....
- SAME THING I'M TRYING TO SAY WHAT IS ACTUALLY APPLICABLE WHICH IS NOT ASKED , ASKED THOSE WHICH IS REALLY NOT APPLICABLE.
U SAID,ABOUT THOSE WHO HAD PREPARED...
-JUST GIVE ANSWER OF THIS QUESTION, SUPPOSE MR X KEPT A SIDE OF RS. 5000 FOR SOME CONTINGENCY EVENT BUT DUE TO SOME REASON THAT EVENT NOT HAPPENED :
NOW MR X HAS TWO OPTION:
1)MR X CAN UTILIZE RS. 5000 IN SOME OTHER AREA
2) MR X CREATES THAT CONTINGENT EVENT FOR WHICH HE KEPT A SIDE AND UTILIZED IT..
MOREOVER, IT IS NECESSARY THAT WHATEVER STUDENT PREPARED SHOULD BE ASKED OTHERWISE FOR PREPARATION OF 100 MARKS -DT , STUDENTS LEARN ABOUT 10000 MARKS (IT INCLUDES EVERY EXAMPLE - P.M..S.M.,RTP,OTHER....TEC.)
U SAID , WE SHOULD NOT COMPLAIN
-THIS IS NOT ABOUT COMPLAIN , THIS ABOUT REALITY ,CURRENT AFFAIR ,PRACTICALITY AS ICAI MORE INTERESTING
U SAID, IND AS SHOULD ALSO BE MADE APPLICABLE AND NO QUESTION FROM AS SHOULD BE ASKED....
- SAME THING I'M TRYING TO SAY WHAT IS ACTUALLY APPLICABLE WHICH IS NOT ASKED , ASKED THOSE WHICH IS REALLY NOT APPLICABLE.
U SAID,ABOUT THOSE WHO HAD PREPARED...
-JUST GIVE ANSWER OF THIS QUESTION, SUPPOSE MR X KEPT A SIDE OF RS. 5000 FOR SOME CONTINGENCY EVENT BUT DUE TO SOME REASON THAT EVENT NOT HAPPENED :
NOW MR X HAS TWO OPTION:
1)MR X CAN UTILIZE RS. 5000 IN SOME OTHER AREA
2) MR X CREATES THAT CONTINGENT EVENT FOR WHICH HE KEPT A SIDE AND UTILIZED IT..
MOREOVER, IT IS NECESSARY THAT WHATEVER STUDENT PREPARED SHOULD BE ASKED OTHERWISE FOR PREPARATION OF 100 MARKS -DT , STUDENTS LEARN ABOUT 10000 MARKS (IT INCLUDES EVERY EXAMPLE - P.M..S.M.,RTP,OTHER....TEC.)
U SAID , WE SHOULD NOT COMPLAIN
-THIS IS NOT ABOUT COMPLAIN , THIS ABOUT REALITY ,CURRENT AFFAIR ,PRACTICALITY AS ICAI MORE INTERESTING
03 August 2025
Your concern is completely valid, and it touches on a recurring debate among students: relevance vs. syllabus in professional exams like CA Final.
Let’s address your key points logically and practically:
🔍 Why Did ICAI Ask About Wealth Tax in May 2015?
Wealth Tax was abolished in the Union Budget 2015 (February 28).
However, the abolition was effective from A.Y. 2016–17 (i.e., from 1 April 2015 onwards).
The May 2015 exams were based on A.Y. 2015–16, where Wealth Tax was still applicable.
Hence, technically, it was within syllabus at that point, even if no longer practically relevant post-budget.
📚 ICAI’s Approach
ICAI syllabus is framed and frozen months in advance to maintain consistency and fairness.
A sudden change (like abolishing a tax) does not lead to immediate syllabus change, unless ICAI officially notifies.
In fact, ICAI issued clarification that Wealth Tax was excluded starting Nov 2015 exams — not May 2015.
🤔 On Smartness vs. Logic
You're right that smart preparation involves knowing what is likely to be asked — but in CA exams, syllabus completion is still key.
It’s not like university exams where current affairs dominate. Here:
If it’s in the study material, you’re responsible for it.
Even if it's outdated due to recent amendments, unless ICAI announces deletion, it’s still testable.
🧠 Your Example of Mr. X (Contingency vs. Real Use)
This analogy makes a philosophical point:
"Just because we prepared something doesn't mean it must be tested, especially if it's no longer relevant."
True — but ICAI’s goal isn’t only to test current affairs — it tests conceptual knowledge based on law as applicable for a given assessment year, not just real-time developments.
💬 Final Thoughts
ICAI follows a cut-off date system for changes.
That’s why Finance Act 2014 was applicable for May 2015, and not Finance Act 2015, even though it was already announced.
If ICAI had excluded Wealth Tax for May 2015, it would have been unfair to students who already studied it.
✅ Recommendation for Students:
Prepare what’s in the official syllabus, even if you feel it’s obsolete.
Keep an eye on ICAI announcements and RTPs, which often specify exclusions/inclusions.
Understand that practicality ≠ syllabus validity in ICAI’s structure.
Let’s address your key points logically and practically:
🔍 Why Did ICAI Ask About Wealth Tax in May 2015?
Wealth Tax was abolished in the Union Budget 2015 (February 28).
However, the abolition was effective from A.Y. 2016–17 (i.e., from 1 April 2015 onwards).
The May 2015 exams were based on A.Y. 2015–16, where Wealth Tax was still applicable.
Hence, technically, it was within syllabus at that point, even if no longer practically relevant post-budget.
📚 ICAI’s Approach
ICAI syllabus is framed and frozen months in advance to maintain consistency and fairness.
A sudden change (like abolishing a tax) does not lead to immediate syllabus change, unless ICAI officially notifies.
In fact, ICAI issued clarification that Wealth Tax was excluded starting Nov 2015 exams — not May 2015.
🤔 On Smartness vs. Logic
You're right that smart preparation involves knowing what is likely to be asked — but in CA exams, syllabus completion is still key.
It’s not like university exams where current affairs dominate. Here:
If it’s in the study material, you’re responsible for it.
Even if it's outdated due to recent amendments, unless ICAI announces deletion, it’s still testable.
🧠 Your Example of Mr. X (Contingency vs. Real Use)
This analogy makes a philosophical point:
"Just because we prepared something doesn't mean it must be tested, especially if it's no longer relevant."
True — but ICAI’s goal isn’t only to test current affairs — it tests conceptual knowledge based on law as applicable for a given assessment year, not just real-time developments.
💬 Final Thoughts
ICAI follows a cut-off date system for changes.
That’s why Finance Act 2014 was applicable for May 2015, and not Finance Act 2015, even though it was already announced.
If ICAI had excluded Wealth Tax for May 2015, it would have been unfair to students who already studied it.
✅ Recommendation for Students:
Prepare what’s in the official syllabus, even if you feel it’s obsolete.
Keep an eye on ICAI announcements and RTPs, which often specify exclusions/inclusions.
Understand that practicality ≠ syllabus validity in ICAI’s structure.
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