budget query Urgent
This query is : Resolved
13 July 2009
hello experts
i m bit confuse regarding
while going through the finance bill 2009 i found this statements
"This amendment will take effect from 1st April, 2010 and will,
accordingly, apply in relation to assessment year 2010-2011 and
subsequent years."
what does it mean?
whether this amendment should be consider in Current year .F.Y 2009-10.....
if no,
Why there is" apply in relation to assessment year 2010-2011 and
subsequent years."
Does it means applicable for the persons whose income are assessed in the same previous year?
if yes , Plz tell me.
i m bit confuse regarding
while going through the finance bill 2009 i found this statements
"This amendment will take effect from 1st April, 2010 and will,
accordingly, apply in relation to assessment year 2010-2011 and
subsequent years."
what does it mean?
whether this amendment should be consider in Current year .F.Y 2009-10.....
if no,
Why there is" apply in relation to assessment year 2010-2011 and
subsequent years."
Does it means applicable for the persons whose income are assessed in the same previous year?
if yes , Plz tell me.
13 July 2009
The law applicable on the first day of an assessment year should be applied for that assessment year. In view of this, if any section is effective from 1/4/2010,that law is applicable to assessment year 2010-11 and onwards.Hence the citation from the finance bill referred is correct in the eyes of law.
13 July 2009
Does it mean that this amendment should be consider in Current year .F.Y 2009-10...
13 July 2009
Yes.
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