CA Final November 2026 Question Paper Analysis — All Papers

Part I – MCQ Section: 30 Marks

The paper contains 23 MCQs. Questions 1–13 belong to three case scenarios carrying 18 marks. Questions 14–23 are standalone MCQs carrying 12 marks. Several questions require numerical application and interpretation of Accounting Standards rather than direct theoretical recall.

• Case Scenario I – Q1 to Q4 (6 Marks): Classification of loan liabilities, impairment of machinery and trademarks, and deferred tax treatment.
• Case Scenario II – Q5 to Q8 (5 Marks): Convertible debentures, foreign-currency purchase contracts, expected credit losses and calculation of goodwill.
• Case Scenario III – Q9 to Q13 (7 Marks): Business-combination goodwill, contingent consideration, acquired or reacquired licence rights, and financial-reporting automation.
• Standalone MCQs – Q14 to Q23 (12 Marks): Automation, Ind AS 101, revenue recognition, deferred tax, foreign operations, expense classification, professional ethics and financial instruments.

Part II – Descriptive Section: 70 Marks

Question 1 was compulsory (14 marks). Students were required to attempt any four of Questions 2–6, each carrying 14 marks. The following is the actual topic-wise coverage of the six questions offered.

1. Question 1 – 14 Marks: Business combination and amalgamation involving Mercury Ltd and Venus Ltd, creation of Plant Ltd, computation of purchase consideration, discharge of consideration and preparation of the new company's balance sheet.
2. Question 2 – 10 + 4 Marks: Convertible cumulative preference shares as compound financial instruments under Ind AS 32, including measurement and journal entries. Also included offsetting of financial assets and liabilities.
3. Question 3 – 8 + 6 Marks: Classification of property as Property, Plant and Equipment or Investment Property under Ind AS 16 and Ind AS 40. Current and deferred tax consequences for revalued land, customer advances and closure-related provisions under Ind AS 12.
4. Question 4 – 6 + 8 Marks: Onerous contract provision under Ind AS 37. Fair-value measurement involving goats and biological assets, including transport costs, auction fees and multiple transaction dates under Ind AS 113 and Ind AS 41.
5. Question 5 – 5 + 5 + 4 Marks: Allocation of transaction price between a product and after-sales service under Ind AS 115. Applicability of Ind AS to group entities. The optional final part covered either the development of Indian Accounting Standards or receivables factoring under Ind AS 109.
6. Question 6 – 5 + 5 + 4 Marks: Cybersecurity measures in accounting. Lease classification, right-of-use assets and lease liabilities under Ind AS 116. Adjusting and non-adjusting events under Ind AS 10, including events after the reporting period and loan covenant issues.

Part I – MCQ Section: 30 Marks

The paper contained 23 MCQs across six case scenarios, carrying 30 marks in total. The questions tested practical applications of derivatives, portfolio management, financial risk management and capital budgeting through numerical case studies.

• Case Scenario I – Q1 to Q2 (4 Marks): Bond forward valuation and USD/INR currency forward hedging using continuous compounding.
• Case Scenario II – Q3 to Q6 (4 Marks): Cross-currency swaps, borrowing-cost spreads and six-monthly interest savings.
• Case Scenario III – Q7 to Q10 (4 Marks): Bullet versus barbell bond portfolios, modified duration matching and weighted convexity.
• Case Scenario IV – Q11 to Q14 (6 Marks): Portfolio beta reduction, Treasury Bill investment and Nifty Futures hedging.
• Case Scenario V – Q15 to Q19 (6 Marks): Import payable hedging through forwards, money-market hedges and currency options.
• Case Scenario VI – Q20 to Q23 (6 Marks): Capital budgeting sensitivity, NPV, operating cash flows and changes in the cost of capital.

Part II – Descriptive Section: 70 Marks

Question 1 was compulsory (14 marks). Students had to attempt any four of Questions 2–6, each carrying 14 marks. The following is the topic-wise coverage of all six questions offered.

1. Question 1 – 14 Marks: Treasury Bill pricing, secondary-market sale value and yield comparison (6 marks); Japanese import financing and comparison of domestic versus overseas credit (4 marks); growth strategy and sustainability concepts (4 marks).
2. Question 2 – 6 + 4 + 4 Marks: Adjusted Present Value of an infrastructure project, including financing effects and expected distress costs; probability-weighted call option valuation; and risk identification in securitisation.
3. Question 3 – 6 + 4 + 4 Marks: Export credit insurance, non-recourse factoring and documentary LC comparison; mutual fund NAV calculations; and weak-form market efficiency using empirical tests.
4. Question 4 – 5 + 5 + 4 Marks: Probability-weighted dividend growth, CAPM and Gordon Growth valuation; Economic Value Added computation; and protective put hedging or venture capital concepts.
5. Question 5 – 8 + 6 Marks: International treasury management involving inter-company netting, SGD funding routes, consolidated cash costs and intra-group lending rates; portfolio restructuring, beta and total portfolio risk.
6. Question 6 – 7 + 7 Marks: Bond duration and convexity under changes in yield; merger valuation, share-exchange ratios, P/E multiples, synergy and EPS accretion or dilution.

Part I – MCQ Section: 30 Marks

The paper contains 23 MCQs: three case scenarios (Questions 1–17, 24 marks) and six standalone questions (Questions 18–23, 6 marks). Most scenario questions required selecting the correct audit procedure, reporting response or ethical requirement after reading detailed facts.

• Case Scenario I – Q1 to Q6 (8 marks): Audit sampling under SA 530, computer-assisted audit techniques (CAATs), reliance on internal audit under SA 610 and audit evidence from external confirmations under SA 505.
• Case Scenario II – Q7 to Q11 (10 marks): Chartered accountants' branch-office requirements, member-in-charge conditions, geographical exemptions and temporary offices under the professional-ethics framework.
• Case Scenario III – Q12 to Q17 (6 marks): Management and auditor responsibilities for fraud, disclaimer of opinion and scope limitations, fraud red flags, auditor withdrawal and pending limited-review reports following resignation.
• Standalone MCQs – Q18 to Q23 (6 marks): NBFC cash shortages and fraud reporting; investment entities under Ind AS 110; fraud risk factors; segregation of duties; going-concern reporting; and sale of NPAs to asset reconstruction companies.

Part II – Descriptive Section: 70 Marks

Question 1 was compulsory (14 marks). Students had to answer any four of Questions 2–6, each worth 14 marks. The six questions offered are summarised below; the total marks attempted in this section were 70.

1. Question 1 – 5 + 5 + 4 marks: (a) Misstatements in an annual report's revenue and internal-control claims under SA 720; (b) assessment of revenue fraud, management override and ERP controls at a fintech company under SA 315 and related risk-response requirements; (c) insufficient evidence from a payroll service organisation under SA 402.
2. Question 2 – 5 + 5 + 4 marks: (a) Five cases on ICAI professional ethics covering repeated branch audits, joint-audit association, staff ratios, fee disclosure and minimum-fee scales; (b) CARO 2020 reporting of previously unrecorded transactions identified in an income-tax search; (c) materially misstated creditors during a financial-statement compilation and the response to management refusal.
3. Question 3 – 5 + 5 + 4 marks: (a) NOCLAR under the Code of Ethics where a listed company proposes environmental-law violations; (b) NFTs in an art-auction business, including features and challenges; (c) professional and ethical considerations when associating with prospective financial information.
4. Question 4 – 5 + 5 + 4 marks: (a) Principal and branch auditors' responsibilities for an undetected trade-receivables misstatement; (b) contingent-fee engagements for debt recovery and a tax appeal; (c) audit reporting on a special-purpose cash-flow statement, including a restriction-on-use paragraph.
5. Question 5 – 5 + 5 + 4 marks: (a) Using internal auditors to provide direct assistance under SA 610; (b) firm-level versus engagement-level quality management standards and deficiencies; (c) C&AG audit planning for a state power distribution company, combining financial, compliance and performance audit concerns.
6. Question 6 – 5 + 5 + 4 marks: (a) Scope and acceptance considerations for a forensic engagement; (b) eligibility and accounting considerations for selling bank NPAs, including recourse terms; (c) BRSR stakeholder-related principles in an export-oriented textile manufacturer, OR refusal of a review engagement under SRE 2400 due to unavailable records.

Part I – MCQ Section: 30 Marks

The paper contains 23 MCQs carrying 30 marks. Questions 1–3 and 10–23 are organised into four case scenarios, while Questions 4–9 are standalone MCQs. The section tested statutory provisions, tax calculations, computation of taxable income, penalty implications and international taxation.

• Case Scenario I – Q1 to Q3 (5 Marks): Penalty proceedings under Section 270A, scrutiny assessment, reassessment under Section 147, misreporting of income and prosecution consequences for false invoices under Section 271AAD and related provisions.
• Standalone MCQs – Q4 to Q9 (6 Marks): Partner remuneration and assessment rectification, transfer pricing secondary adjustment, enhanced compensation interest, buy-back of shares, clubbing of income from gifted capital and appeal-filing fees before the ITAT.
• Case Scenario II – Q10 to Q14 (6 Marks): Taxation of virtual digital assets under Section 115BBH, Bitcoin trading profits and losses, NFTs, taxable gifts, TDS under Section 194S and taxation under the default tax regime.
• Case Scenario III – Q15 to Q19 (7 Marks): Taxation of a non-resident company's Indian income, foreign company tax rates, income under Sections 115A and 44DA, royalty income, treaty benefits, debenture interest and Global Depository Receipts.
• Case Scenario IV – Q20 to Q23 (6 Marks): Taxation of a Real Estate Investment Trust (REIT), business trust income, dividend and interest distributions, Section 115UA, TDS and taxation of unitholders.

MCQ Takeaway: The case-based MCQs required students to identify the relevant statutory provision and calculate the resulting tax consequences. Virtual digital assets, non-resident taxation and business trust taxation formed important application-based areas.

Part II – Descriptive Section: 70 Marks

Question 1 was compulsory (14 marks). Students were required to answer any four of Questions 2–6 , each carrying 14 marks. The descriptive section included company tax computations, taxation of firms and trusts, foreign income, transfer pricing, assessment proceedings and international taxation. The following breakdown covers all six questions offered.

1. Question 1 – 14 Marks (Compulsory): A comprehensive computation involving Bardhaman Technologies Ltd. for Assessment Year 2026–27. The question tested impairment of goodwill, CSR expenditure, expected credit loss provisions, foreign currency exchange losses, depreciation, professional fees, electoral trust contributions, insurance receipts and agricultural land transactions. Students also needed to consider subsidies, additional depreciation, tax liability and whether Section 115BAA or 115BAB would be beneficial. This was a multi-adjustment company taxation question requiring structured working notes.
2. Question 2 – 4 + 4 + 6 Marks: Q2(a)(i): Computation of partnership firm income considering MSME-related payment issues, employee expenditure, partner remuneration and interest on partners' capital. Q2(a)(ii): Tax implications of assets distributed to shareholders on company liquidation, including agricultural land and subsequent transfer. Q2(b): Determination of taxable income or loss of an Indian branch of a foreign company, including the restriction on head-office expenditure under Section 44C.
3. Question 3 – 8 + 6 Marks: Q3(a): Charitable trust taxation involving registration under Section 12AB, benefits given to specified persons, application of income, donations to other trusts and treatment of religious trust expenditure. Q3(b): Computation of tax liability where an Indian resident earns income in foreign countries without a DTAA. The question involved foreign business income, losses, capital gains, tax treatment in other countries and unilateral double-taxation relief.
4. Question 4 – 8 + 6 Marks: Q4(a): TDS/TCS applicability under different transactions, including purchase of goods, natural gas transportation charges and salary payments relating to different months. The practical situations required identification of applicable sections and tax deduction obligations. Q4(b): International transfer pricing involving India Car Ltd. The question tested associated enterprises, deemed associated enterprises, intra-group loans, international transactions, purchase and sale of goods and arm's length pricing adjustments.
5. Question 5 – 8 + 6 Marks: Q5(a): Students had to answer any two of three four-mark case-based sub-questions. These covered revision of income-tax returns and Section 264 proceedings, assessment after company amalgamation and waiver of interest following Mutual Agreement Procedure proceedings. Answers required the issue, applicable provision, analysis and conclusion. Q5(b): Interpretation of hybrid mismatch arrangements and comparison of the OECD Model and UN Model Tax Conventions, particularly provisions relating to royalties.
6. Question 6 – 6 + 4 + 4 Marks: Q6(a): Tax audit reporting responsibilities involving transportation payments, Section 194C, Section 40(a)(ia), reporting in Form 3CD and professional ethical implications. Q6(b): Classification of transactions as tax planning, tax management or tax evasion. The question also examined whether an equipment lease arrangement involving higher rental deductions could attract GAAR. Q6(c): Advance ruling procedure for a non-resident transaction, including application fees, withdrawal period and time limit for pronouncing the ruling.

Part I – MCQ Section: 30 Marks

The uploaded examination paper contains 23 MCQs carrying 30 marks. The questions were divided into three integrated case scenarios and five standalone MCQs. The section tested statutory provisions, exemptions, compliance requirements and calculation-based GST decisions.

• Integrated Case Scenario I – Q1 to Q6 (8 Marks): The first scenario involved Ankur Cooperative Housing Society, registered under the Maharashtra Co-operative Societies Act. The society collected member contributions, property tax, water tax, electricity charges, transfer charges, parking charges and non-occupancy charges. It also provided advertising, installation and other services to different recipients. Important topics tested: GST TDS under Section 51, place of supply, QRMP filing requirements, aggregate turnover, GST registration thresholds, exemptions for housing societies and effective date of registration. Questions Q1–Q6:
  • Q1 – GST TDS on services supplied to government departments (2 marks)
  • Q2 – Place of supply for advertising hoarding rights (1 mark)
  • Q3 – GSTR-3B due date under QRMP (1 mark)
  • Q4 – Computation of aggregate turnover (2 marks)
  • Q5 – GST registration applicability (1 mark)
  • Q6 – Effective date of registration (1 mark)
• Standalone MCQs – Q7 to Q11 (6 Marks): These questions focused mainly on Customs provisions, with practical situations involving importers, transporters and passengers.
  • Q7 – Penalty for movement of exempt goods without valid documents under Section 129 (1 mark)
  • Q8 – Maximum period permitted for payment of tax in instalments (1 mark)
  • Q9 – Customs duty relief in cases of pilferage of imported goods (2 marks)
  • Q10 – Baggage Rules and applicable duty-free allowances (1 mark)
  • Q11 – Conditions for deferred payment of Customs import duty (1 mark)
• Integrated Case Scenario II – Q12 to Q17 (8 Marks): The second scenario involved Ms. Poorva, a GST-registered supplier in Kerala providing goods and services to different customers. Her transactions included purchases of automobile parts, services to a CBSE school, imported legal services, technical consultancy to a US company and services provided to a related person. Important topics tested: Value of supply, time of supply, aggregate turnover, input tax credit, educational service exemptions and related-person valuation. Questions Q12–Q17:
  • Q12 – Valuation of foreign-currency consultancy services (2 marks)
  • Q13 – Aggregate turnover calculation (2 marks)
  • Q14 – Valuation of services supplied to a related person (1 mark)
  • Q15 – ITC eligibility and timing for goods received in instalments (1 mark)
  • Q16 – Exemption for services supplied to a CBSE school (1 mark)
  • Q17 – Time of supply of imported legal services (1 mark)
• Integrated Case Scenario III – Q18 to Q23 (8 Marks): The third scenario involved Procto Limited, an electronic commerce operator registered under GST. The platform facilitated supplies of restaurant services, passenger transportation, groceries, clothing, footwear and electronic goods. The scenario included returns of goods, supplies subject to Section 9(5), TCS and GSTR-8 compliance. Important topics tested: E-commerce operator liability, output GST, TCS computation, Section 9(5), GSTR-8, input tax credit and return-filing requirements. Questions Q18–Q23:
  • Q18 – Late fee for delayed GSTR-8 filing (1 mark)
  • Q19 – E-commerce operator compliance and ITC restrictions (1 mark)
  • Q20 – Inter-state supplies through an e-commerce operator (1 mark)
  • Q21 – Output GST liability of Procto Limited (2 marks)
  • Q22 – TCS computation under Section 52 (2 marks)
  • Q23 – GSTR-8 and TCS payment due dates (1 mark)

MCQ Takeaway: The MCQ section required students to apply multiple GST provisions to integrated business situations. Housing society taxation, value of supply, ITC, e-commerce operators and TCS formed important practical areas. The standalone questions tested knowledge of Customs and compliance provisions.

Part II – Descriptive Analysis: Awaited

The uploaded 16-page scan contains only the 30-mark MCQ portion of the CA Final IDT November 2026 question paper. The descriptive question paper has not yet been provided for review. We will update this section with the descriptive question-wise breakdown, major topics tested, marks distribution and difficulty analysis after the remaining pages are available and verified.