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Which finance Act is applicable for CA Final DT

Y GOPI REDDY (GREAT POLITICAL LEADER) (378 Points)

07 February 2018

Please advice me which Finance act is applicable for CA-Final DT november 2018 exam

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15 Replies

Divakar (Student CA Final ) (11857 Points)
Replied 07 February 2018

Finance act 2017 with some circular and notification

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Y GOPI REDDY (GREAT POLITICAL LEADER) (378 Points)
Replied 07 February 2018

But I am confusing with the institute general rule which says all amendments before 6 six months,

exam with this rule Finance act 2018 also comining before six months of November 2018 exam

Please help in this regards

Divakar (Student CA Final ) (11857 Points)
Replied 07 February 2018

But for DT amendments before 1 year... Upto 30.11.17 all amendments applicable... Thats why said finance act 2017 with some amendments

Y GOPI REDDY (GREAT POLITICAL LEADER) (378 Points)
Replied 07 February 2018

Thank you very much

Divakar (Student CA Final ) (11857 Points)
Replied 07 February 2018

Finance Act 2018 is applicable for may 19 and November 19

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Hit Veen (135 Points)
Replied 07 February 2018

for Nov 18 ..... amendment till apl 18 applicable.........

Divakar (Student CA Final ) (11857 Points)
Replied 07 February 2018

Hmmm but finance act 2017 applicable with circular and notification uoto 31.3.....finance act 2018 applicable from 1.4.18...so not applicable for nov 18

Pallav Bansal (CA Final) (372 Points)
Replied 07 February 2018

Dear Mr. Reddy,

Finance Act is applicable only after getting the assent of the president which in India always happens in May of the year..
So, For your Nov 18 exam, Amendments till 30th April, 2018 is applicable which does not include FA, 2018.

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Pallav Bansal (CA Final) (372 Points)
Replied 07 February 2018

May Month* of the year..

Y GOPI REDDY (GREAT POLITICAL LEADER) (378 Points)
Replied 07 February 2018

If act is passed out after 31st March, how they made it to applicable from 1st April 2018

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Y GOPI REDDY (GREAT POLITICAL LEADER) (378 Points)
Replied 07 February 2018

if Finance bill get assent after 31st march2018 (April or May 2018), how it will be made applicable from 01/04/2018?

Pallav Bansal (CA Final) (372 Points)
Replied 08 February 2018

First of all, you have to understand the difference between the two acts..

1. Income Tax Act, 1961.

As per IT Act, Finance Act is applicable from 01.04.XXXX itself even if it gets assent from LOK Sabha, RAJYA Sabha and President later on. It is in our constitution..

2. Chartered Accountants Act, 1949.

As per CA Act, All notifications, circulars, amendments and even Finance Act is only applicable if its actually been passed before 31.10.XXXX or before 30.04.XXXX for MAY & NOV Exams respectively.

CRUX : IT ACT is applicable from 01.04.XXXX for all except for our exams.

harsh garg (Student CA Final ) (28 Points)
Replied 24 May 2018

Originally posted by : Pallav Bansal
	Dear Mr. Reddy,Finance Act is applicable only after getting the assent of the president which in India always happens in May of the year..So, For your Nov 18 exam, Amendments till 30th April, 2018 is applicable which does not include FA, 2018.