Income Tax Query

the section will substituted w.e.f. A.Y.2012-13

I think it is w.e.f. AY 2011-12

wait for others reply

with effect from financial year 01.04.2011

No its from A.Y 2011-12

Its from financial year 1.4.2011 to 31.03.2012 i.e Assessment year 2012-13.

agree with prasad

Originally posted by : pavan kumar
	the section will substituted w.e.f. A.Y.2012-13

its correct..AY2012-2013

Finance Act,2009 which means Asst Yr-2010-11,so Finance Act,2010 is applicable for Asst yr 2011-12.

Further if any amendment is made on 1-4-2011 to Finance Act,2010, it is applicable for Asst yr 2012-13

ok guys. Thanks for your replies. Now let me put it this way:

" Section 80IA(4C) was substituted to Section 80IA(4)(ii) by finance Act 1999 w.e.f.01.04.2000.

Now is this substitution applicable from AY 2000-01 or from AY 2001-02?"

My opinion is AY 2001-02. But my sir, who is a tax consultant since past 30 years, said it is from AY 2000-01.

Can u all please do a research kind of thing and clarify this doubt.

my dear friends... finance act is 2010 is effected in the assenment year 2011-12 onwards.. where as any amendments made in the current assessment year is effected to next assessment year..

It will applicable for the PREVIOUS YEAR 2010-2011 i.e ASSESSMENT YEAR 2012-13.

its from AY-2011-12.

Hi kanica, 

follow this simple rule. 

Just look at the bare act and for any amendments there will be footnotes indicating from when the relevant provision is effective, a provision is effective prospectively (w.e.f) or retrospectively (w.r.e.f). 

If it says 'w.e.f 1/04/2011' it simply means with effect from ASSESSMENT YEAR 2011-12 (FY 2010-11). The Finance Act 2010 proposes provisions for assessment year 2011-12, so when the provisions are inserted substituting old ones the effective date has to be read as from assessment year.

hope i have cleared your doubt.  

sorry just read it as 'finance bill' instead of 'finance act' in my previous note.