New Delhi:  The Institute of Chartered Accountants of India (ICAI), regulator of the profession of Chartered Accountancy in India, has decided to bifurcate the Paper 4 Taxation of Intermediate (IPC) examination covers questions from both Direct and Indirect Taxes. Hence, the above mentioned Paper 4- Taxation of Intermediate (IPC) will have two sections: Section A- covering questions from Direct Taxes (50 marks) and Section B- covering questions from Indirect Taxes (50 marks).

As per the currently practices, the Paper 4 Taxation of Intermediate (IPC) examination covers questions from both Direct and Indirect Taxes. Candidates are required to write their answers thereon on a single answer book.

Now as per the new decision of ICAI, the bifurcation as mentioned above will be effective from the Intermediate (IPC) examination to be held in November 2017 and onwards.

As per the statement issued by ICAI, accordingly, the question paper in respect of Paper 4 will have two sections:

Section A- covering questions from Direct Taxes ( 50 marks)

Section B- covering questions from Indirect Taxes ( 50 marks)

The said paper will continue to be held in a single session of 3 hours. Candidates will be required to write their answers in respect of each of the sections in two separate answer books. They will be required to write answers relating to Direct Taxes in the answer book meant for Section A ( duly marked “A” ) and those relating to Indirect Taxes in the answer book meant for Section B( duly marked “B”).

Consolidated marks of both the sections would be indicated in the statement of marks.

The paper will be treated as a single paper for the purpose of passing requirements, exemptions and for providing certified copies.

ICAI clarified that the above arrangement will operate on the same lines as Paper 7- Information Technology and Strategic Management of Intermediate (IPC) examination.