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DTC 2010 or IT Act, 1961 in Nov. 2012 CA Final Exam ?

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8310 Points)

10 December 2010

I would like to rquest you to please provide me details with reasons that which Income Tax Act whether IT Act, 1961 or Direct Tax Code, 2010 would be applicable to me in My Final exam which is due in November 2012.?

Thanks in advance.....

Kalpesh Chauhan

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6 Replies

CA Sahil Singla.. (Service Tax ) (3746 Points)
Replied 10 December 2010

for sure it will be DTC bcoz it is a tendency of the institute to cover the changes made during the 6 months well before xams...so xams r in Nov 2012 & DTC is applic1ble from 01.04.2012...difference of 6 months is there

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CA.CWA.Venkatesh Repala (CA CWA;(CS PROFESSIONAL)) (1231 Points)
Replied 10 December 2010

expecting from may 2012

Ashish Bhatt ( B.COm C.A FINAL (New)) (493 Points)
Replied 10 December 2010

i HAVE ALSO SAME QUESTION. MY FINAL ATTEMPT IS ALSO IN NOV. 2010

Barun Kumar Ghosh (Chartered Accountant) (194 Points)
Replied 11 December 2010

For direct tax laws the changes to be made by the Finance Bill, 2011 (which is to be placed in the Parliament on 28th February, 2011) will be applicable to examinations in May 2012 and Novemeber 2012. DTC, if implemented from 1st April, 2012 will be applicable from May 2013 examination. This is my understanding. However, it is better if the students write to the Board of Studies of ICAI for clarification.

CA.CWA.Venkatesh Repala (CA CWA;(CS PROFESSIONAL)) (1231 Points)
Replied 11 December 2010

Originally posted by : Barun Kumar Ghosh
	For direct tax laws the changes to be made by the Finance Bill, 2011 (which is to be placed in the Parliament on 28th February, 2011) will be applicable to examinations in May 2012 and Novemeber 2012. DTC, if implemented from 1st April, 2012 will be applicable from May 2013 examination. This is my understanding. However, it is better if the students write to the Board of Studies of ICAI for clarification.

yes, my opinion is same as above

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YASH JAIN (ARTICLE) (554 Points)
Replied 22 December 2010

Not at all and for sure. Reason1. DTC will be applicable from 1.4.2012 and first return and tax audit will be done in July-2013 and August 2013(mnth has changed) hence its application is only one year after its implementation so no way of asking DTC in Nov 2012 though certain portion will be covered but not all of DTC. NO chance of GST as governmetn is yet to notify the same. The only one of the major changes will be cmpny Bll 2010 which will change entire company law and related audit part. IFRS will also be one of the changes.