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need help

anuj jain (no) (161 Points)

03 January 2010

Recently i came yo know that in the up-coming budget our finance minster is planning to introduce new bill for income tax. i just want to know that would this change make our past knowledge of income tax useless or not. i want to know that what kind of changes our finance minster would like to introduce. What about ols sections and provisions. Although i have passed my pcc but not wid good marks.

Now i am planning to be expertise in tax so should i wait for new bill or can i continue with old syllabus?

please reply

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5 Replies

Loganathan.R (CHARTERED ACCOUNTANT) (27 Points)
Replied 03 January 2010

Hi Anuj Your Fear is only an Illussion, You need not worry about the New Direct Tax Code proposed to be introduced. Its Only an "OLD WINE IN NEW BOTTLE".

Regards

Loganathan R

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 03 January 2010

The new direct tax code is proposed to be introduced w. e. f. 01.04.2011. Till then Income Tax Act will be there. If ur final attempt is on or after November 2011 then if the Direct Tax Code is implemented as proposed then for your attempt it will be applicable to you.

If the code is passed then the old income tax act will be superseded and Direct Tax code will be there and the old sections will be scrapped and new sections will be introduced. However the provisions of the direct tax code is like as stated by Loganathan above its like old wine in new bottle.

@ CA. $ahar$h @ (Student) (338 Points)
Replied 03 January 2010

Arrrrre naaa.

Dr. Girish Ahuja Sir has confirmed that it is not coming in some near future. In class of Vinod Gupta Sir he also assure that it will take a looooot of time for direct tax code to be completed. So enjoy yaar. and no one can change the tax completely.if u will learn the current act then it will help u to understand the new bill.trust me.