Applicability of provision of section 40(a)(ia)

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arti (Querist)
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22 December 2011 can we take benefit of amendment made in section 40(a)(ia)vide Finance Act, 2010 (i.e. tds can be paid on or before due date of filing return of income) retrospectively from 01.04.2005?

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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22 December 2011 Any amendment in the Act is applicable prospectively and not retrospectively, UNLESS MADE SO APPLICABLE BY THE FINANCE ACT.

The amendment in Section 40(a)(ia) is applicable prospectively and not retrospectively.

For prior periods, provisions prevailing before the amendment will be applicable.

arti

arti (Querist)
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22 December 2011 The similar issue has been came before the A'bad Tribunal in case of Kanubhai Ramjibhai Vs. ITO (2011)135 TTJ(Ahd)364 wherein it was held that "the provision of section 40(a)(ia) as amended by Finance Act, 2010 w.e.f. 01.04.2010, which has newly been inserted by the Finance (No. 2) Act, 2004, w.e.f. 1.04.2005 to section 40 of the Act, is remedial in nature, designed to eliminate unintended consequences which may cause undue hardship to the taxpayrs and which made the provision unworkable or unjust in specific situation, and is of clarificatory nature and therefore, has to be treated as retrospectively w.e.f. 01.04.2005, the date on which section 40(a)(ia) has been inserted by the Finance (No. 2) Act, 2004".
Can I apply the ratio of above judjment in my case? or do you agree with the above judgment?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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22 December 2011 I think, there is no harm in taking such plea.

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