sir please clear my doubt
This query is : Resolved
12 July 2016
sir, today i read that rate applicable on 1april of assessment year will used for tax calculation of a.y. then why finance bill 2015 applicable for may2016 exam which is a.y. 16 -17.I mean why finance bill 2016 doesn't applies on a.y.16-17 in exam
12 July 2016
That is because the finance act is not passed when May, 2016 exams are held and you study the latest Act which is the FA 2015. Study material and books for FA 2016 will be available only from Nov/Dec onwards. Therefore, FA 2015 is also applicable for Nov 2016 exams.
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12 July 2016
thank u so much ,sir
but sir in reality finance bill passed in p.y.will applicable for that previous year tax calculation.is this statement write besides exams.
12 July 2016
Correct but the FA in force on 1st April, 2016 is FA 2015 hence the provisions in force on this date apply to PY 2015-16.
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