20 April 2012
Some of the amendments made by Finance Act, 2011 is effective from 01.04.2012. Example:- Section 35(2AA)- Weighted Deduction of 175% on amount paid to National Labouratory or a university or an indian institute e.g is availabe, But the act is amended by FA-2011 and effective from 01.04.2012, 200% deduction can avail on the sum paid.
My Question:- If in PY 2011-12, we paid sum of 1 lakh to national labouratory, can we claim the deduction of 200% for same.
In my CA Final May 2012 Exam, i have to consider 175 % or 200% calculation.
20 April 2012
The amendment which has been made effective from 01.04.2012 will be applicable for the AY 2012-13. . If question is related with AY 2011-12, you have to take 175% weighted deduction and if it is asked for AY 2012-13, you have to take deduction @ 200%.
Ok let me be clear on this. Assesse paid sum of 1 lakh to National Labouratory as on 01.01.2012. For AY 2012-13, can he claim 200% deduction (2 Lakh) while filing return for PY 2011-12.
If yes, then what is mean by effective date of 01.04.2012.
20 April 2012
As commented by you "The amendment effective form 01.04.2012 will be applicable for AY 2012-13" How?
Section 35(2AA)deal with the sum paid to National labouratory. If we pay any sum before 01.04.2012( before effective date)will fall under AY 2012-13.whereas the above deduction will be available only if we make payment after 01.04.2012( effecttive date of this law). Please clarify?
21 April 2012
As a general rule of interpretation adopted for Income Tax Act, w.e.f. 1-4-2012 means the first day of the A.Y. . However for any other date like 1-6-2012, the provision become effective from the very date only. . The date 1-4-2012 has to be understood in reference to the AY 2012-13 only. .
26 April 2012
Thank you very much for giving your valuable time.
Its means, even if we make payment before 01.04.2012 (i.e. 01.01.2012) under section 35(2AA), we can claim 200% for deduction in AY 2012-13 (While filing return for PY 2011-12)?
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