Finance Act (No.1) ammendments

Others 2148 views 8 replies

vishnupriya

CA Final

1418 Points Joined July 2009

Announcement for students appearing in May 2010 and November 2010 examinations PE-II [Income-tax and Central Sales Tax] and PCC/IPCC [Taxation] - (28-04-2010)

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.

This clarification has also been given in the Supplementary Study Paper – 2009 for both PE-II course and PCC/IPCC and the study material on “Taxation” for A.Y.2010-11 at the appropriate places where these sections are discussed.

Can any one provide me the ammendments of Finance Act (No.1) please applicable for May 2010 exams

Replies (8)

Amir

Learner

4016 Points Joined December 2009

Dear Vishnu,

Is this applicable for FINAL also??

Cos heading suggests that it is only for PE-II/PCC/IPCC...........????

Aditya Maheshwari

CA in Practice

35867 Points Joined June 2009

Amendments made by the Finance Act (no.2) Act 2009 is relevant for May exams in respect to amendments for A. Y. 2010 - 11. So why you need finance (no.1) act 2009?

vishnupriya

CA Final

1418 Points Joined July 2009

Announcement for students appearing in May 2010 and November 2010 examinations Final (Old) Course [Direct Taxes] and Final (New) Course [Direct Tax Laws] - (28-04-2010)

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.

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.