Ammendment act 2012
This query is : Resolved
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.
Please advice.
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.
Please advice.
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%.
.
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%.
Message likes :
1 times
20 April 2012
Thank you Paras,
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.
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?
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.
.
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.
.
Message likes :
1 times
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)?
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)?
26 April 2012
Yes, now you have got.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Selecting Tax Regime while for calculating tax relief on under Section89 of income tax act 1961.
- Cloud service
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Conversion of Pvt Ltd Company to a LLP
- Accounting Policies changes
- Expenses add back in profit
- SECTION 194T
- Applicability of RCM on Frieght Inward supplies received from un-registered person
- GST on Fresh Juice Center(Sugarcane)
- Sale of Gold ornaments
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
- Clarification Required on GST Rate & HSN Classification – Millet-Based Probiotic Drink
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
