Whats the difference between Act, Reckoner and Rules ?
CA. Abhishek K. Pandey (Manager (Advance)) (901 Points)
25 June 2010Whats the difference between Act, Reckoner and Rules ?
DT Fundas - Tarun rustagi
( Author)
(1150 Points)
Replied 25 June 2010
dear friend
act is the basic law provided by goverment. rules are subordinate to act or u can say rule give the information such as how to use the income tax provisions.rules provide specific formats of all forms also.reckoner is used for quick refrence to income tax provisions.it is in summarised form.
regards
tarun rustagi
Kalpesh Chauhan,
(Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))
(8311 Points)
Replied 25 June 2010
(1) I think Act refers to Bare Act which has been passsed in the parliament or bare act.
(2) Reckoner means the changes made year to year to a particular act after the act passed as described above in (1)
(3) Rules means the rules made under specific act for compliance of that particular act.
With Regards,
Kalpesh
CA. Abhishek K. Pandey
(Manager (Advance))
(901 Points)
Replied 26 June 2010
I think tarun is right.
@ kalpesh: reckoner does not include amendments only.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India
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