Finance act 2015

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CA AMIT VIJAY (Querist)

28 December 2015 Sir, finance act me aane wale amendments or tax rates konse year se applicable hote h.... Jaise finance act 2015 aaya toh usme ek toh income tax ki rates aayegi or sections me amendments aayege yaa phir kuch naye sections aa jayege...... 1. Finance act15 me Jo income tax ki rates aayi h wo konse AY year me applicable hogi. 2. Finance act 2015 me Jo amendments or naye sections aaye h wo konse AY se applicable honge. Finance act 2015 ke chapter II me income tax ki rates di hui h or likha hua h ki " for the assessment year commencing from the 1st day of April 2015, income tax shall be charged at the rates specified in part I of first schedule" Sir is statement se toh lag raha h ki income tax rates AY 2015-16 k liye applicable h. This is in the contradiction that finance act 2015 PY 2015-16 i.e. AY 2016-17 pe applicable hota h Thanks in advance!!

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

28 December 2015 Kanoon banane ke ye hi to Salika hota he .
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There is not only Part I .
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There are Part II and Part III also to the First Schedule.
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You have correctly noticed that Part I is applicable for AY 2015-16. Likewise Part II has been prescribed for TDS purpose.
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Part III is applicable for the purpose of TDS on Salaries and for the purpose of payment of advance tax in respect to AY 2016-17.
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The amendments or new provisions effective from 01-04-2016 mentioned in the Act are applicable for AY 2016-17.

CA AMIT VIJAY

CA AMIT VIJAY (Querist)

28 December 2015 Thank you sir

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