Direct TAx Amendments
This query is : Resolved
08 February 2011
please send me direct tax amendments applicable for May 2011 exams for CA Final
08 February 2011
Announcement for students appearing in May 2010 and November 2010 examinations Final (Old) Course [Direct Taxes] and Final (New) Course [Direct Tax Laws]
For students appearing in May 2010 and November 2010 examinations, the amendments made by the Finance (No.2) Act, 2009, as applicable for assessment year 2010-11, are relevant. Therefore, the amendments made by the Finance (No.2) Act, 2009 which are not applicable for A.Y.2010-11 would not be relevant for students appearing for May 2010 and November 2010 examinations.
Accordingly, the amendments made by the Finance (No.2) Act, 2009 in sections 44AA, 44AB, 44AD, 44AE and 44AF of the Income-tax Act, 1961 would not be applicable for the students appearing for the above-mentioned papers in May 2010 and November 2010 examinations, since these amendments are effective only from A.Y.2011-12.
Further, the amendment relating to taxation of investment income of non-life insurance business [Rule 5 of the First Schedule to the Income-tax Act] would also not be applicable, since it is effective only from A.Y.2011-12.
This clarification has also been given in the Supplementary Study Paper – 2009 for the Final Course and the study material on “Direct Tax Laws” for A.Y.2010-11 at the appropriate places where these sections are discussed.
For students appearing in May 2010 and November 2010 examinations, the amendments made by the Finance (No.2) Act, 2009, as applicable for assessment year 2010-11, are relevant. Therefore, the amendments made by the Finance (No.2) Act, 2009 which are not applicable for A.Y.2010-11 would not be relevant for students appearing for May 2010 and November 2010 examinations.
Accordingly, the amendments made by the Finance (No.2) Act, 2009 in sections 44AA, 44AB, 44AD, 44AE and 44AF of the Income-tax Act, 1961 would not be applicable for the students appearing for the above-mentioned papers in May 2010 and November 2010 examinations, since these amendments are effective only from A.Y.2011-12.
Further, the amendment relating to taxation of investment income of non-life insurance business [Rule 5 of the First Schedule to the Income-tax Act] would also not be applicable, since it is effective only from A.Y.2011-12.
This clarification has also been given in the Supplementary Study Paper – 2009 for the Final Course and the study material on “Direct Tax Laws” for A.Y.2010-11 at the appropriate places where these sections are discussed.
08 February 2011
Paper 7 : Direct Tax Laws (Final Course)
1. The study material for Paper 7: Direct Tax Laws (A.Y. 2011-12), as amended by the Finance
Act, 2010 (relevant for A.Y. 2011-12) and significant notifications/ circulars/other legislations
up to 30.4.2010.
2. Final Course - Supplementary Study Paper – 2010, which contains the amendments made by
the Finance Act, 2010 (relevant for A.Y. 2011-12) and significant notifications/circulars issued
between 1.5.2009 and 30.4.2010 [Portions relating to Direct Tax Laws].
3. Significant legal decisions relating to direct tax laws hosted a t the BOS knowledge portal on
the website of the Institute www.icai.org.
4. The significant amendments made by circulars/notifications issued between 1.5. 2010 and
31.10.2010 would be hosted on the website of the Institut e www.icai.org and would also be
given in the Revision Test Paper (RTP) for May, 2011 examination.
1. The study material for Paper 7: Direct Tax Laws (A.Y. 2011-12), as amended by the Finance
Act, 2010 (relevant for A.Y. 2011-12) and significant notifications/ circulars/other legislations
up to 30.4.2010.
2. Final Course - Supplementary Study Paper – 2010, which contains the amendments made by
the Finance Act, 2010 (relevant for A.Y. 2011-12) and significant notifications/circulars issued
between 1.5.2009 and 30.4.2010 [Portions relating to Direct Tax Laws].
3. Significant legal decisions relating to direct tax laws hosted a t the BOS knowledge portal on
the website of the Institute www.icai.org.
4. The significant amendments made by circulars/notifications issued between 1.5. 2010 and
31.10.2010 would be hosted on the website of the Institut e www.icai.org and would also be
given in the Revision Test Paper (RTP) for May, 2011 examination.
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