From what date is the above mentioned section applicable? Many a books have claimed the applicability date to be AY 2014-15. The Finance Act mentions the applicability date to be 1-Apr-2014. Does the date mentioned in the Finance Act means Calender date untill otherwise mentioned?
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Applicability of section 56(2)(vii)(b)
Replies (4)
yes it should be taken as AY14-15 unless otherwise specifically said....
Hi Tushar,
Thanks for your response.
If we take the date to be Assessment year date then how would you explain the date for sec 194IA which has been mentioned in the Finance Act as 1-June-2013. Then the TDS section should have been applicable from June 2012 only. Why are we deducting TDS from June 2013 onwards?.
pls refer wat i wrote above......if they specifally mention date den dat ammendment is effectiv frm dat date....
Fine. Then how would you read the below mentioned date of 1st April 2013;
Amendment of
section 80C.
10. In section 80C of the Income-tax Act, in sub-section (3A), before the Explanation, the following
proviso shall be inserted with effect from the 1st day of April, 2014, namely:—
‘Provided that where the policy, issued on or after the 1st day of April, 2013, is for insurance on
life of any person, who is—
(a) a person with disability or a person with severe disability as referred to in section 80U, or
(b) suffering from disease or ailment as specified in the rules made under section 80DDB,
the provisions of this sub-section shall have effect as if for the words “ten per cent.”, the words “fifteen
per cent.” had been substituted.’
This an excerpt of Finance Act 2013.
What my contention is we have to read inserted and substituted seperately.
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