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Finance bill 2017 | effective date for few sections

Tax queries 282 views 1 replies

B.S.Omkareshwar

CA-Final Student

217 Points Joined April 2014

Hi everyone,

I would be writing my CA Finals exams in May 2018. So i presume all amendment via Finance Act 2017 would be applicable and all amendments, notifications, circulars etc till Oct 2017 are relevant.

But as I was going through Finance Bill 2017. In the bill i could see everywhere that -

"...this section shall be inserted with effect from 1st day of April, 2018."

now my question is whether these amendments are applicable to my attempt since these are effective from 1st April 2018.

Kindly guide me in this regard.

Thanks in advance,

Omkareshwar

Replies (1)

Sanjay S

Chartered Accountant

1375 Points Joined August 2012

Usually for CA Final DT & IDT, all amendments made in the provisions of Taxation by the Finance Act, 2017 including various circulars and notifications issued up to 31st October, 2017 will be applicable for CA Final May, 2018 examinations.

The words "w.e.f 01.04.2018" that you see in many provisions refers to the AY starting from such date. Hence it implies.. the provision shall from AY 2018-19 and onwards.

Note:- There are exceptional cases where the above words also mean AY 2019-20.. but its quite rare..