CMA Intermediate December 2026: applicable amendments and notifications

Companies Act · notice of 15 Sept 2026

Companies Act 2013 and MCA rules amended up to 31 May 2026

For December 2026, the Companies Act 2013, together with significant MCA rules, notifications, circulars and orders and the other corporate laws in the syllabus, is examinable as amended up to 31 May 2026. This applies to Paper 5 (Business Laws and Ethics) and Paper 10 (Corporate Accounting and Auditing). The Paper 5 supplementary summarises the 2025-26 changes, including amendments to the incorporation, audit and auditors, board meetings, accounts and CSR rules.

What to do: Study the Paper 5 supplementary alongside the current study material and update your notes on company law rules.

Effective: Applicable for the December 2026 term of examination · Attempts: December 2026

Chapters affected: Company Types, Promotion, Formation and Related Procedures (Business Laws and Ethics); Directors - Role, Responsibilities, Qualification, Appointment, Removal, Remuneration and Powers (Business Laws and Ethics); Operational and Financial Control (Business Laws and Ethics); Internal Financial Control for Financial Reporting (Business Laws and Ethics); Rights of Shareholders (Business Laws and Ethics); Key Managerial Personnel (Business Laws and Ethics); Statement of Profit and Loss and Balance Sheet (Schedule III of Companies Act, 2013) (Corporate Accounting and Auditing); Statutory Audit under the Companies Act, 2013 (Corporate Accounting and Auditing); Secretarial Audit (Corporate Accounting and Auditing); Audit Report and Reporting under CARO (Corporate Accounting and Auditing); Report on Internal Financial Control over Financial Reporting (Corporate Accounting and Auditing)

Official source: ICMAI Directorate of Studies - Clarification for the December 2026 term of examination (Ref DoS-Academics/09/2026, 15 September 2026) · ICMAI - Supplementary for Paper 5, December 2026 term (Syllabus 2022) · ICMAI - Supplementary study material for the current term (Syllabus 2022)

Standards · notice of 15 Sept 2026

CAS 1-24 and Cost Records and Audit Rules amended up to 31 May 2026

Cost Accounting Standards 1 to 24 and the Companies (Cost Records and Audit) Rules, 2014 are examinable as amended up to 31 May 2026 for the December 2026 term. At Intermediate, the standards apply to Paper 8 (Cost Accounting) and the cost audit rules to Paper 10 (Corporate Accounting and Auditing).

Effective: Applicable for the December 2026 term of examination · Attempts: December 2026

Chapters affected: Cost Accounting Standards (CAS 1 to CAS 24) (Cost Accounting); Cost Audit (Corporate Accounting and Auditing)

Official source: ICMAI Directorate of Studies - Clarification for the December 2026 term of examination (Ref DoS-Academics/09/2026, 15 September 2026) · ICMAI - Supplementary study material for the current term (Syllabus 2022)

Tax law · notice of 15 Sept 2026

Direct tax: Finance Act 2025 with amendments up to 31 May 2026

ICMAI names the Finance Act 2025 for Paper 7 (Direct and Indirect Taxation) in the December 2026 term, with amendments up to 31 May 2026 applicable. The direct tax supplementary is framed on the Income-tax Rules, 1962 and covers the 2026 rule change letting ITR-1 and ITR-4 filers report up to two house properties for AY 2026-27.

What to do: Use the updated Paper 7 study material plus the Section A supplementary; do not switch to the Income-tax Act 2025 for this term unless ICMAI announces otherwise.

Effective: Applicable for the December 2026 term of examination · Attempts: December 2026

Chapters affected: Basic Concepts, Basis of Charge and Capital and Revenue Receipts (Direct and Indirect Taxation); Residential Status and Scope of Total Income (Direct and Indirect Taxation); Agricultural Income (Direct and Indirect Taxation); Income which does not form part of Total Income (Direct and Indirect Taxation); Salaries (Direct and Indirect Taxation); Income from House Property (Direct and Indirect Taxation); Profits and Gains of Business or Profession (Direct and Indirect Taxation); Capital Gains (Direct and Indirect Taxation); Income from Other Sources (Direct and Indirect Taxation); Clubbing of Income (Direct and Indirect Taxation); Set off and Carry Forward of Losses (Direct and Indirect Taxation); Deductions, Rebate and Relief (Direct and Indirect Taxation); Taxation of Individuals (including AMT) and HUF (Direct and Indirect Taxation); Advance Tax (Direct and Indirect Taxation); Tax Deducted at Source and Tax Collected at Source (Direct and Indirect Taxation); Filing of Return of Income (Direct and Indirect Taxation); PAN (Direct and Indirect Taxation); Self-Assessment and Intimation (Direct and Indirect Taxation)

Official source: ICMAI Directorate of Studies - Clarification for the December 2026 term of examination (Ref DoS-Academics/09/2026, 15 September 2026) · ICMAI - Supplementary for Paper 7 (Section A, Direct Taxation), December 2026 term (Syllabus 2022) · ICMAI - Supplementary study material for the current term (Syllabus 2022)

Tax law · notice of 15 Sept 2026

GST: amendments up to 31 May 2026

GST amendments made up to 31 May 2026 are applicable for Paper 7 in December 2026. The indirect tax supplementary covers retail-sale-price based valuation for tobacco and pan masala under new Rule 31D of the CGST Rules, the removal of intermediary services from the special place-of-supply rule in the IGST Act from 30 March 2026, and the end of compensation cess after 1 February 2026.

Effective: Applicable for the December 2026 term of examination · Attempts: December 2026

Chapters affected: Introduction to GST Law (Direct and Indirect Taxation); Levy and Collection of CGST and IGST (Direct and Indirect Taxation); Concept of Supply including Composite and Mixed Supplies (Direct and Indirect Taxation); Charge of Tax including Reverse Charge (Direct and Indirect Taxation); Exemption from Tax (Direct and Indirect Taxation); Composition Levy (Direct and Indirect Taxation); Time and Value of Supply (Direct and Indirect Taxation); Input Tax Credit (Direct and Indirect Taxation); Computation of GST Liability (Direct and Indirect Taxation); Registration (Direct and Indirect Taxation); Tax Invoice - Electronic Way Bill (Direct and Indirect Taxation); Returns and Payment of Taxes (Direct and Indirect Taxation)

Official source: ICMAI Directorate of Studies - Clarification for the December 2026 term of examination (Ref DoS-Academics/09/2026, 15 September 2026) · ICMAI - Supplementary for Paper 7 (Section B, Indirect Taxation), December 2026 term (Syllabus 2022) · ICMAI - Supplementary study material for the current term (Syllabus 2022)

Standards · notice of 15 Sept 2026

Ind AS and AS amended up to 31 May 2026, including AS 22 Pillar Two changes

Ind AS (as covered by the syllabus, including comparative provisions) and accounting standards are examinable as amended up to 31 May 2026 for Paper 6 (Financial Accounting) and Paper 10 (Corporate Accounting and Auditing). The Paper 6 supplementary adds the March 2026 amendment to AS 22: an exception from deferred tax accounting for OECD Pillar Two income taxes, plus new disclosures.

Effective: Applicable for the December 2026 term of examination · Attempts: December 2026

Chapters affected: Introduction to Accounting Standards (GAAP, AS and Convergence to Ind AS) (Financial Accounting); Accounting for Taxes on Income (AS 22) (Financial Accounting); Conceptual Framework (Corporate Accounting and Auditing); Presentation of Financial Statements (Ind AS 1) (Corporate Accounting and Auditing); Inventories (Ind AS 2) (Corporate Accounting and Auditing); Events after the Reporting Period (Ind AS 10) (Corporate Accounting and Auditing); Employee Benefits (Ind AS 19) (Corporate Accounting and Auditing); Earnings per Share (Ind AS 33) (Corporate Accounting and Auditing); Provisions, Contingent Liabilities and Contingent Assets (Ind AS 37) (Corporate Accounting and Auditing)

Official source: ICMAI Directorate of Studies - Clarification for the December 2026 term of examination (Ref DoS-Academics/09/2026, 15 September 2026) · ICMAI - Supplementary for Paper 6, December 2026 term (Syllabus 2022) · ICMAI - Supplementary study material for the current term (Syllabus 2022)

Exam format · notice of 13 Aug 2026

December 2026 Intermediate exam: offline, centre-based, groups on alternate dates

The December 2026 Intermediate exam will be held offline at exam centres, in the 2 pm to 5 pm slot, with each group held on alternate dates. ICMAI tells candidates to follow the Directorate of Studies clarifications issued for the term.

Effective: December 2026 term of examination · Attempts: December 2026

Scope: the whole exam, not one chapter.

Official source: ICMAI - Time table and programme, Intermediate and Final Examination, December 2026