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urgent 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?

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2 Replies

Ashish M (Chartered Accountant) (2731 Points)
Replied 03 January 2010

See ! 1st of all, the new DTC is to be applicable from 1st april, 2011. so it can't come in exams right now.

Moreover, the new code will certainly not make the current Act useless in all spheres.. The new ACt is the extension and improvement of old ACt,. so reading old Act would certainly help u a lot in understanding the new code. as they say, one of the rule behind interepreting a section is to first read what the problem the old law was having.... so reading the current act will certianly pay u off. !!!!!!!!

Their is no doubt, the new code will not be applicable at once, the various sectors across the industries are trying to bring their practices adn planning in consonance with the new law, still a new Act takes time in its applicablity. i suggest, along with the current law, find time to read various provisons of the new code. moreover till now, major articles has already been published underlining the basic differenece in the newcode........ their is no hurry now.!!!!!!!!!!!