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Applicable date for Section 115BBE

CA Arpit Goel (Partner at D Goel Associates) (25 Points)

16 January 2020

Section 115BBE as amended by 2nd Amendment to Finance Act 2016 substituted sub section (1) of Section 115BBE. The amendment stated that this section is applicable w.e.f 1st April 2017. Is this section applicable from FY 2017-18 or AY 17-18?

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9 Replies

ajeet singh (1392 Points)
Replied 16 January 2020

Applicable from a.y.2017-18

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 16 January 2020

Yes... I agreed to Mr Ajeet Singh.,

It's applicable from AY 17-18...

N.RAJESH KUMAR (Others) (34 Points)
Replied 17 January 2020

It applicable to A.Y.2017_2018 , second amendment bill passed on 15/12/2016, President given the assent on that date.It given retrospective effect

That means 1/4/2017 i.e.applicable toA.Y

2017_2018

Any amendement should be made from the beginning of the year. Please go for High court for petition.100% Favourable willcome.Wait for some days decesion will come

CA Arpit Goel (Partner at D Goel Associates) (25 Points)
Replied 17 January 2020

Thank you all for your inputs...but what i am trying to say here is since the section became effective from 1st April 2017 then why can't we take this as FY 2017-18 and not AY 2017-18...Is there any case law which has settled such matters in the past stating that such date shall be treated as AY and not FY..Kindly quote the case law if there is any...thanks

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 17 January 2020

Yes it is applicable from the annual year 2017- 2018

N.RAJESH KUMAR (Others) (34 Points)
Replied 17 January 2020

In Income tax act i.e 115BBE saya that w.e.f 01.04.2017. It means it apply for F.y.2016_17. Income tax says only Assessment year not financial year.Hence it applies A.Y.2017_2018

N.RAJESH KUMAR (Others) (34 Points)
Replied 17 January 2020

For example in one case survey conducted in June 2016, where 115BBE is 30%, After June 2016, IDS scheme comes 45% tax,After demonization comes on 9th November 2016, Afterwards Pradan matri scheme comes 50% tax,Afterwards s*xound amendement made 2016 on 15.12.2016. Afterwards case is selected for srunity.At that AO says that it is unexplained investment Section 69 applies. i.e. 115BBE. 60 plus 25 i.e.77.25% At that time filling of return of income under special rate of tax show's 60% Hence Return filed as business income .Act should made in the beginning of the year. It makes retrospective. Lot of case laws were there vodaphone case. Latest case were comes shortly. Wait