Direct Taxes Amendements for May 2021 - Ca Final Old course

The direct tax amendments for the CA Final (Old Course) May 2021 examination were primarily based on the Finance Act, 2020. These amendments covered updates and changes in the Income-tax Act, 1961, applicable for the Assessment Year (AY) 2021-22.

Because this examination took place in 2021, the specific syllabus and materials are now considered archival. Below is a summary of how you can access the relevant resources or understand the context of those amendments:

Where to Find the Amendments

• ICAI BOS Knowledge Portal: The official source for all historical study materials, including Revision Test Papers (RTPs) and Statutory Updates for specific exam attempts, is the ICAI Board of Studies (BOS) Knowledge Portal. You can navigate to the "Revision Test Papers" section to download the RTP for May 2021, which contains a consolidated list of applicable amendments for that period.

• Revision Test Papers (RTPs): The RTPs are the most reliable source for a "glance" at the amendments, as they are curated by the ICAI specifically to highlight the changes relevant to a particular exam cycle.

• Educational Archives: Several educational platforms and faculty members (such as CA Vinod Gupta or CA Bhanwar Borana, who were prominent for DT at the time) have archived their 2021 amendment lectures on platforms like YouTube.

Key Contextual Changes for May 2021

The amendments for the May 2021 exam cycle included, but were not limited to:

• The Finance Act, 2020: Introduction of new tax regimes and modifications to existing deduction/exemption provisions.

• Section 115BAC: The introduction of the optional concessional tax rate regime for individuals and HUFs.

• Section 80M: Deduction in respect of certain inter-corporate dividends.

• TDS/TCS Updates: Various updates to rates and applicability thresholds.

• Non-Resident Status: Introduction of Section 6(1A) regarding the residential status of Indian citizens/PIOs.

Summary: For CA Final (Old Course) May 2021, the applicable amendments were based on the Finance Act, 2020. You can find these details by accessing the ICAI BOS Knowledge Portal and downloading the specific Revision Test Paper (RTP) for May 2021.

CA Final DT Amendments May 2021

This video provides a walkthrough of the major Direct Tax amendments covered for the May 2021 and November 2021 exam attempts, as prepared by subject matter experts from that period.