IPCC Amendments for May 2016 (All Amendments)

January 21, 201639 Comments
Details of CA IPCC Amendments for May 2016 Exam:
IPCC result Nov 2015 is yet to be declared but the students who gonna appear for the first time in upcoming IPCC May 2016 exam are already searching for the IPCC Amendments for May 2016. So, IPCC Amendments for May 2016 for each subject are gathered below and taxation slab rates applicable in AY 2016-17 are given below which are applicable for CA IPCC May 2016 exam too. Below I have given CA IPCC Tax amendments for May 2016 CA IPCC exam. Check out the given links too for Taxation amendments for Intermediate/IPCC May 2016 examination.
We recommend you to get Practice Manual for IPCC May 2016.

IPCC Amendments May 2016

Here I have gathered all the important updates for IPCC amendments May 2016.

IPCC Tax amendments are given here, for rest subjects amendments click on the link given below.

1.IPCC Advanced Accounting Amendments May 2016
2.Company Law Amendments for CA IPCC May 2016
3.Information Technology New Chapters & IT SM Notes for May 2016

Paper 1 : Accounts 
Chapter Name – Following chapter is added from May 15 
Financial Statements of Companies
  • Meaning of company
  • Books of accounts to be maintained at registered office.
  • List of statuary books to be maintained.
  • Annual Return of company
  • Schedule III of companies Act, 2013
  • Managerial remuneration
  • Dividend
More updates will be given in Mid Feb 2016
Chapter name – Accounting for Bonus Issue 
Section 63 of Companies Act, 2013 related to the issue of bonus shares have been amended.
Paper 2 : Law, Ethics & Communication –
additional sections in Companies Act, 2013 which are notified by MCA i.e. Section 1-122 are applicable for May 2015 Onwards syllabus.
Download the latest Study Material & practice manual from IPCC Study Material & Practice Manual for May 2016 Onwards Exams
Paper 3: Cost & FM – No changes as this is a static subject.
Paper 4: Taxation – the changes will be as per finance act 2015, we will provide you the same very shortly. Keep checking this page for it’s updates.
Paper 5  Advance Accounts

Exclusion from paper 5:

  • Financial Reporting of Electricity Companies
Paper 6: Auditing – There are just slight changes in Company Audit 1 and 2 chapter, which you can find in RTP which will be out soon.
Paper 7 : IT & SM – No changes as of now, Still check RTP for more changes and cross check amendments given above.

NOTE: We will add new updates and amendments for IPCC May 2016 as and when it will be made available by ICAI, after declaration of IPCC Nov 2015 result. Stay tuned with us.

 

IPCC Tax Amendments for May 2016

a. Addition from Nov 14 attempt: Two new chapters are added in basic concept namely Central Excise Duty and Central Custom Duty whose material can be got from below given link b (ii).

b. Download   i. IPCC Tax Supplementary for Nov 2015 by ICAI

 ii. Revised Practice Manual & Study Material for CA IPCC

Must download:- IPCC Nov 2015 RTP

 

Income Tax Slab for A.Y. 2015-16 (F.Y. 2014-15)

Income tax slab rate for AY 2015-16 are given below which are applicable for IPCC May 2015 exams.

IncomeTax Rates
i)Income up to 2.5 lakhNIL
ii)Income From 2.5 Lakh to 5 Lakh10% on income over Rs. 2.5 Lakh
iii)Income from 5 Lakh to 10 LakhRs. 25,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 25 thousand plus 30% on income above 10 lakh
v)Surcharge will be applicable @ 10% when total taxable income is over 1 crore
vi)3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge

Income Tax Slabs for Individuals for 60 years or above but below 80 years A.Y.2015-16

 IncomeTax Rates
i)Income up to 3 lakhNIL
ii)Income From 3 Lakh to 5 Lakh10% on income over Rs. 3 Lakh
iii)Income from 5 Lakh to 10 LakhRs. 20,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 20 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals Over 80 Years A.Y.2015-16

 IncomeTax Rates
i)Income up to 5 LakhNIL
ii)Income From 5 Lakh to 10 Lakh20% on income over Rs.5 Lakh
iii)Income above 10 lakhRs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

More updates coming soon..

That’s it for IPCC amendments May 2016 exam.
Stay tuned !!!

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About the Author ()

I am Noor Punasiya, owner & founder of CAcracker, aspiring Chartered Accountant and a passionate blogger. I write about educational updates for CA, CS, CMA at CAcracker. Stay in touch with me through Facebook, Twitter or Google+.

Comments (39)

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  1. Abdul Baba says:

    please send me ipcc may 2015 amendments as soon as possible

  2. Kanishq Agrawal says:

    Sir any amendment in Ipcc for November 2015 term compared to may15 term.

  3. seema more says:

    please send me ipcc may 2015 amendments

  4. seema more says:

    please send me tax amendements for ipcc nov 2015

  5. arvind kumar says:

    Any more amendments for nov.15

  6. Arvind kumar says:

    Any more amendments for ipcc nov.15

  7. sreekanth reddy says:

    Sir plz send direct and indirect tax new amendments for nov 2015 for exams

  8. BALU SANAP says:

    please send me company law amendments for may 2016

  9. BALU SANAP says:

    for IPCC

  10. karthik chowdary says:

    sir I registered for Ipcc in septrmber 2012. so please tell me what is ravalidation date.

  11. Pradeep B A says:

    send me income tax amendments

  12. Pradeep B A says:

    hi sir,
    please send me income tax amendments for may 2016

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