Hello friends,
I have come to know that the exemption limit Of Interest on RPF (8.5%) notification which was issued on August 26,2010 has now been superseded by a notification issued on May 13,2011 which states that the exemtion limit is to be restored at 9.5% again from 1-9-2010 onwards and the notification issued on August 26,2010 will now have no effect.
My question is that since for students appearing in IPCC exams of Nov.2011 only the amendments and notification issued upto 30 April,2011 are to be taken into consideration and as above notification is passed in May, so should we calculate the INTEREST ON RPF taxable portion at 9.5% and 8.5% for five and 7 months respectively (as per noti. issued in Aug 2010) in exams although we know that the exemtion limit of 8.5% has been replaced by 9.5%?
plz plz plz plz reply
thanking in anticipation
CAclubindia
