Finance act

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Anujtandon (Querist)
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22 February 2014 from what period a particular finance act applicable (its tax rate & TDS rate ),and also know want to about what happens if particular budget passes after 31 march,(means applicability of procedural changes & rate changes for which assessment year is applicable).
Please illustrate with e.g just like you take finance act 2013

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 February 2014 regardless of when the budget is passed, it would be applicable for the whole of financial year. For eg, finance act 2013, would be applicable for FY 2013-14. However, certain amendments, specially related to operational rules can be made applicable from any particular date. for eg, a rule amended can be made applicable from any date for eg 1 May 2013!