Applicability for Amendments for AY 2008-09

SSG (1936 Points)

17 February 2008  

As you know that certain amendments brought in the Finance Act, 2007 are applicable from June1 2007. Please tell me whether we have to keep in mind both the situations i.e. up to May 31, 2007 and also the situation from June 1, 2007 for our May exams.

Take for eg. The rate of TDS on rent of plant and machinery u/s 194 I is increased w.e.f. June 1, 2007 to 15%. This means we have to tell, that TDS will be deducted on rent of plant and machinery @ 10% for 2 months (April 2007 – May 2007) and @ 15% for next 10 months (June 2007 – March 2008) or 15% for full PY 2007-08.