Applicability of Amendment in sec 16(ia)
This query is : Resolved
11 March 2020
The standard deduction under salary head is amended from Rs. 40000 to Rs. 50000 by Finance Act 2019, and applicability as per Act is "with effect from the
1st day of April, 2020." which mean A.Y. 2021-22 but as per many sites and sources Rs. 50000 deduction is taken in A.Y. 2020-21 and Income tax calculator of Income tax sites as well giving a deduction of Rs. 50000 for A.Y. 2020-21.
Please help me to know that when such amendment will applicable.
1st day of April, 2020." which mean A.Y. 2021-22 but as per many sites and sources Rs. 50000 deduction is taken in A.Y. 2020-21 and Income tax calculator of Income tax sites as well giving a deduction of Rs. 50000 for A.Y. 2020-21.
Please help me to know that when such amendment will applicable.
CA PARAS BAFNA
(Expert)
11 March 2020
w.e.f. 01-04-2020 means Assessment Year Starting from 01.04.2020 which is AY 2020-21.
If any other date is given...from that very date amendment will be effective.
If any other date is given...from that very date amendment will be effective.
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