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Students of Final (Old) Course, appearing in May, 2018 and November, 2018 examinations, may note that the new Study Materials for Final Paper 7: Direct Tax Laws and International Taxation and Final Paper 8: Indirect Tax Laws under the Revised Scheme of Education and Training are relevant for Papers 7 & 8 of the Final (Old) Course as well, with the exception of the following three chapters in Module 4 of the Study Material of Paper 7 Part II: International Taxation, namely,
Chapter 6: Overview of Model Tax Conventions;
Chapter 7: Application and Interpretation of Tax Treaties; and
Chapter 8: Fundamentals of Base Erosion and Profit Shifting.
Thus, Modules 1,2,3 and chapters 1 to 5 of Module 4 of Study Material of Final (New) Paper 7: Direct Tax Laws and International Taxation are relevant for Final (Old) Paper 7: Direct Tax Laws also. The content of the Study Material is based on the direct tax laws as amended by the Finance Act, 2017. The relevant assessment year is A.Y.2018-19.
Students may note that in the new course Final Paper 7 is divided into two parts, namely, Part I: Direct Tax Laws carrying 70 marks and Part II: International Taxation carrying 30 marks. There is no such marks bifurcation in the old course Final Paper 7: Direct Tax Laws.
As far as Paper 8: Indirect Tax Laws is concerned, the syllabus is the same in both old course and new course, and hence, the Study Material for new course is applicable for the old course. The syllabus is divided into two parts: Part I : GST (75 marks)and Part II: Customs and FTP(25 marks). Here again, the content of Part II is based on the law as amended by the Finance Act, 2017.
Integrated Study Materials for Final Paper 7 & 8 [incorporating questions from erstwhile Practice Manual, case laws from Select Cases and amendments in italics/bold italics]
Students of Final (Old) Course may also note that the new course Study Materials for Final Papers 7 & 8 include questions from erstwhile Direct and Indirect Tax Laws Practice Manuals, modified, adapted and answered on the basis of the provisions of direct tax laws and customs law as amended by the Finance Act, 2017. Further, these Study Materials incorporate significant select cases in direct tax laws and customs law at the end of the respective chapters. Case laws are also discussed in the content of the Study Materials as well as in the answers to exercise questions. The amendments by the Finance Act, 2017 in direct tax laws and customs law and latest circulars and notifications are given in italics/bold italics for ease of reference. In effect, the new course Study Materials for Final Papers 7 & 8 are integrated materials incorporating questions and answers from erstwhile Practice Manual, case laws and latest amendments in direct tax laws and customs law. Since the Study Materials are all inclusive, there would be no separate Practice Manual, Supplementary Study Paper or Select Cases for Papers 7 & 8 either under the Old Course or the New Course.
It may be noted that GST, being a new law, fresh questions have been included in the Study Material as examples, illustrations and exercise questions with answers.
Students may also note that the Revision Test Papers and Mock Test Papers for May 2018 and November 2018 would also contain questions on these subjects for further honing your problem-solving skills.
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