IFRS AND DIRECT TAX CODE
This query is : Resolved
18 November 2009
Dear Experts,
My CA Final exms are in MAY 2011.
and I m going to start my preprations. So pls tell me whether I should read AS and Income tax act1961 as IFRS and Direct tax code will be made applicable from April 2011..
Pls advice..
Thanx and Regards
Ritin Kharbanda
CA (FINAL), CS (EXEC PRG)
My CA Final exms are in MAY 2011.
and I m going to start my preprations. So pls tell me whether I should read AS and Income tax act1961 as IFRS and Direct tax code will be made applicable from April 2011..
Pls advice..
Thanx and Regards
Ritin Kharbanda
CA (FINAL), CS (EXEC PRG)
18 November 2009
Hi Ritin, till now we don't know for which companies IFRS will be applicable, what will be the capital requirements etc. secondly, IFRS are not totally different from AS ofcourse at some points both will differ. So its better you start with AS. It will give you the required base. Regards, CA Shakuntala Chhangani
19 November 2009
And what about INCOME TAX ACT 1961 ??
19 November 2009
see, the whole Act will not change. only few provisions will change. start with d chapters like MAT, Wealth tax,Capital gains
19 November 2009
their is lot of change in Direct tax code.
22 November 2009
But rather than sitting idle one should start reading so that he can make out what is the effect of change
22 November 2009
Agree
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