For students appearing in May 2010 and November 2010 examinations, the amendments made by the Finance (No.2) Act, 2009, as applicable for assessment year 2010-11, are relevant. Therefore, the amendments made by the Finance (No.2) Act, 2009 which are not applicable for A.Y.2010-11 would not be relevant for students appearing for May 2010 and November 2010 examinations.

Accordingly, the amendments made by the Finance (No.2) Act, 2009 in sections 44AA, 44AB, 44AD, 44AE and 44AF of the Income-tax Act, 1961 would not be applicable for the students appearing for the above-mentioned papers in May 2010 and November 2010 examinations, since these amendments are effective only from A.Y.2011-12.

Further, the amendment relating to taxation of investment income of non-life insurance business [Rule 5 of the First Schedule to the Income-tax Act] would also not be applicable, since it is effective only from A.Y.2011-12.

This clarification has also been given in the Supplementary Study Paper – 2009 for the Final Course and the study material on “Direct Tax Laws” for A.Y.2010-11 at the appropriate places where these sections are discussed.

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