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Resham

Resham (Querist)
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31 July 2012 What does wef 01-04-2012 mean???AY 12-13 or FY 12-13?? Please also mention the source for confirmation...

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 July 2012 Assessment year is applicable to the previous year. Income earned during the previous year is assessed to tax in the Assessment Year.

All provisions are applicable from the start of the Financiall Year and NOT from the start of the Assessment Year.

So, w.e.f 1.4.2012 means previous year 2012-13 (AY 2013-14)

Resham

Resham (Querist)
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31 July 2012 Can u give me any source where I can refer this???