Go AD-Free with CAclubindia Pro and Daily WhatsApp Updates. Subscribe Now!

Applicability of finance act 2019 for govt salaried employees

Tax queries 187 views 1 replies

deepak singhal

article

21 Points Joined April 2016

Finance act 2019 is applicable from 1 Apr 2019, but govt salaried persons calculate there f yr from March 2019 to Feb 2019. In this whether interim budget passed for f y 2019-2020 is applicable for March 2019 or not? For some crisp you can think of tds provisions under 192B

Replies (1)

satya

service

72 Points Joined January 2016

Govt salaried persons do not calculate their FY from Mar to Feb. FY is same i.e. from Apr 2019 to Mar 2020. But as you receive salary of Mar 2019 in april 2019 so it is calculated in FY 2019-20. Further you will not get salary of Mar 2020 till 31st mar 2020 so it will be not included in FY 2019-20. Hence Budget passed for FY 2019-20 will be applicable for salary of Mar 2019 month if you receive salary mar 2019 after 31Mar 2019.