WEALTH TAX NOT APPLICABLE FROM NOVEMBER, 2015 CA FINAL EXAMS

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BOS of ICAI has announced that Wealth tax Not Applicable from November, 2015 CA Final Exams. For this purpose they has released a notification and the same has been published in Students Journal of May 2015. The reason is obvious i.e Abolishment of Wealth Tax By the finance bill 2015. Although other ammendments made in Finance bill will be applicable from May 2016 Exams . But this change in Direct Tax Syllabus made by ICAI is through special Notification .

Here is the official Notification of Wealth tax Not Applicable from November, 2015 CA Final Exams :-

The Finance Bill, 2015, introduced in the Parliament on 28 February 2015, has proposed to abolish the levy of wealth-tax under the Wealth-tax Act, 1957 with effect from A.Y 2016-17. The Finance Bill, 2015 would be enacted in May 2015, after it is passed by both the Houses of the Parliament and receives the assent of the President of India. The amendments made by the Finance Act, 2015 would be applicable from May 2016 examination. The relevant assessment year for May 2016 and November 2016 examinations is A.Y.2016-17. Hence, consequent to the abolition of levy of wealth-tax by the Finance Act, 2015 with effect from A.Y.2016-17, wealth- tax would not be applicable from May, 2016 examination.

The Council, at its 342nd meeting held from 15th to 17th April, 2015, decided that the Wealth tax Not Applicable from November, 2015 CA Final Exams also, even though the relevant assessment year for November 2015 examination is A.Y.2015-16. Accordingly, Wealth tax Not Applicable from November, 2015 CA Final Exams of Paper 7: Direct Tax Laws.

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