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Income Tax Query

CA kanica gupta (Employed C.A.) (273 Points)

09 September 2010

Hello.

I have got a very fundamental query.

Suppose Finance Act 2010 substitutes a section w.e.f. 01.04.2011. Does it mean that the section has been substituted w.e.f. A.Y.2010-11 or A.Y.2011-12?

Please reply urgently

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19 Replies

(Guest)

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

Saurabh Toshniwal (ca final) (2358 Points)
Replied 09 September 2010

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

wait for others reply

CA Navin Jain (MANAGER (FINANCE & ACCOUNTS)) (11768 Points)
Replied 09 September 2010

with effect from financial year 01.04.2011

Hardik Patel (B.Com, CA Final) (158 Points)
Replied 09 September 2010

No its from A.Y 2011-12

Prasad R (CA Final) (2128 Points)
Replied 09 September 2010

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

Vicky (CA, LCS,MCOM,) (136 Points)
Replied 09 September 2010

agree with prasad

sruthi (NA) (51 Points)
Replied 09 September 2010

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

its correct..AY2012-2013

Parshu (CA Final) (84 Points)
Replied 09 September 2010

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

CA kanica gupta (Employed C.A.) (273 Points)
Replied 10 September 2010

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.

prasad8410 (Internal Audit Assistant) (93 Points)
Replied 10 September 2010

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..

Sarbendra Das (Cost Accountant & CA Final student) (52 Points)
Replied 10 September 2010

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

CA.G.Muguntha Narayanan (Internal Auditor at TVS Motors) (2195 Points)
Replied 10 September 2010

its from AY-2011-12.

CA Sandeep Kumar (Audit Assistant) (804 Points)
Replied 10 September 2010

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.