FINANCE ACT APPLICABILITY
This query is : Resolved
05 March 2008
HIE FRIEND...
I WANT TO KNOW FROM YOU THAT NEW FINANCE ACT FROM WHEN IT WOULD BE APPLICABLE?
I MEAN FROM WHICH DATE DIRECT TAX & INDIRECT TAX NEW RATE APPLICABLE.
AND WHAT ABOUT BCTT?
I WANT TO KNOW FROM YOU THAT NEW FINANCE ACT FROM WHEN IT WOULD BE APPLICABLE?
I MEAN FROM WHICH DATE DIRECT TAX & INDIRECT TAX NEW RATE APPLICABLE.
AND WHAT ABOUT BCTT?
05 March 2008
New Rates From 01/03/2008 in respect of Indirect TAx for Excise and Service Tax.
05 March 2008
NEW RATES FROM 01/03/08 IN CASE OF INDIRECT TAX. IN CASE OF DIRECT TAX WHEN THE FINANCE BILL WILL BE PASSED AND BECOME FINANCE ACT.
05 March 2008
FOR DIRECT TAXES IT IS EFFECTIVE FROM 1ST APRIL EVERY YEAR AFTER BUDGET.
FOR INDIRECT TAXES IT IS 1 ST MARCH EVERY YEAR AFTER BUDGET.
ANY NEW TAX LEVIED DIRECT OR INDIRECT AFTER /BEFORE BUDGET , THE DATE OF APPLICABILITY WILL BE INFORMED BY GOVT. LIKE LAST YEAR IN JUNE 2007 SERVICE TAX ON SOME NEW SERVICES WAS MADE APPLICABLE FROM 1ST JUNE 07.
BUT REMEMBER, THE FINANCE ACT HAS TO BE PASSED BY BOTH HOUSES OF PARLIAMENT AND PRESIDENT OF INDIA HAS TO ASSENT BEFORE ANY NEW BUDGET IS IMPLEMENTED IN ANY YEAR IN INDIA.
R.V.RAO
FOR INDIRECT TAXES IT IS 1 ST MARCH EVERY YEAR AFTER BUDGET.
ANY NEW TAX LEVIED DIRECT OR INDIRECT AFTER /BEFORE BUDGET , THE DATE OF APPLICABILITY WILL BE INFORMED BY GOVT. LIKE LAST YEAR IN JUNE 2007 SERVICE TAX ON SOME NEW SERVICES WAS MADE APPLICABLE FROM 1ST JUNE 07.
BUT REMEMBER, THE FINANCE ACT HAS TO BE PASSED BY BOTH HOUSES OF PARLIAMENT AND PRESIDENT OF INDIA HAS TO ASSENT BEFORE ANY NEW BUDGET IS IMPLEMENTED IN ANY YEAR IN INDIA.
R.V.RAO
CA. GOPAL SONIKA
(Expert)
05 March 2008
BCTT would be withdrawn from 01.04.2009
06 March 2008
Indirect Taxes:
New Rates will be effective From 01/03/08
Direct Taxes:
IN CASE OF DIRECT TAX WHEN THE FINANCE BILL WILL BE PASSED AND BECOME FINANCE ACT.
BCTT:
It will be withdrawn from 01.04.2009
Indirect Taxes:
New Rates will be effective From 01/03/08
Direct Taxes:
IN CASE OF DIRECT TAX WHEN THE FINANCE BILL WILL BE PASSED AND BECOME FINANCE ACT.
BCTT:
It will be withdrawn from 01.04.2009
CA J M Pattanayak
(Expert)
06 March 2008
Hi, Finance bill be applicable only after getting President's consent.
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