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About tax payment

josh (IT) (249 Points)

13 March 2008  


Will the new tax system (like income tax exemption limit increased upto 1.5 lakhs,new restructure tax slabs, short term capital gain tax increased to 15%) recently announed by finance minister will be applicable for the current financial year ( FY2007-2008) or for the next financial year ( 2008-2009) ?  Please clarify on this issue.





 7 Replies

Replied 13 March 2008

Only applicable to A.Y.2009-2010

Darshu (CA) (1580 Points)
Replied 14 March 2008

It will be applicable for F.Y.2008-2009

Gupta B Gullapudi (PRACTICING CA) (42 Points)
Replied 14 March 2008

applicable from FY 2008-09
The New rates are applicable from FY 2008-09

M.Sriram Shenoy (CA Final) (814 Points)
Replied 14 March 2008

It is applicable for the Financial Year 2008-2009.

O.D.SHARMA (DGM-F & A) (1734 Points)
Replied 14 March 2008

These are budget proposals.let it s pass it in parliament.then it will be effective in 2008-09

josh (IT) (249 Points)
Replied 14 March 2008

Thanks to all for replying the query !

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