366 days or 365 days for A.Y.2016-17?
castdnt (ipcc) (292 Points)
17 October 2016
how many days should i use in ipcc tax paper as icai has used 366 days in practice manual?
3 Replies
CA Saba Naaz
(Chartered Accountant)
(8487 Points)
Replied 17 October 2016
Generally, it's specified in the question paper about the no. of days to be taken for calculation. As year 2016 is a leap year, ICAI PM considered it as 366 days as the A.Y.2016-17 means computation for P.Y.2015-16 which includes the month February.
CA Saba Naaz
(Chartered Accountant)
(8487 Points)
Replied 17 October 2016
You can also specify your assumption in the answer regarding the no.of days taken for calculation purpose if nothing is specified in the question.
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