Announcement for students appearing in November 2010 examination Final (Old) Course [Direct Taxes] and Final (New) Course [Direct Tax Laws] 

For students appearing in November 2010 examination, the amendments made by the Finance (No.2) Act, 2009, as applicable for a`ssessment 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 November 2010 examination.

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 November 2010 examination, since these amendments are effective only from A.Y.2011-12.

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.

You might also want to read these:

• Announcement for students appearing in November 2010 examination PCC/IPCC
  For students appearing in November 2010 examination, the amendments made by the Finance (No.2) Act, ...
• Disallowance of Expenditure related to Income not includable in Total Income-Section 14A
  After prescribing rules for determination of expenditure related to income not includable in total i...
• Non-Resident Company Offers Profits to Tax on Book Profit Basis
  Income Tax - Sec 44BBB - non-resident company offers profits to tax on book profit basis - Revenue i...
• CBDT extends last date for return-filing to October 15
  On consideration of the reports of disturbance of general life caused due to floods and heavy rains,...
• New DTC to alter Resident Status
  As per the provisions of the Income Tax Act, 1961, an individual’s income is taxable based on his re...