Union Budget 2010 says :-
"In section 44AB of the Income-tax Act, with effect from the 1st day of April, 2011,—
(a) in clause (a), for the words “forty lakh rupees”, the words “sixty lakh rupees” shall be substituted;
(b) in clause (b), for the words “ten lakh rupees”, the words “fifteen lakh rupees” shall be substituted."
Kindly make clear is it applicable for A.Y. 2011-12 or A.Y. 2012-13
Thanks & regards
Saurabh Aggarwal
FROM A.Y. 2011-12.........
The income tax provsions added/modified by the Finace Act, 2010 are applicable for F.Y. 2010-11, if otherwise not provided (i.e. some provisions can introduced with retroespective effect). Similarly income tax amendments by Finance Act 2011 is for F.Y. 2011-12.
Since no specific date has been provided for the above said amendment it is applicable for F.Y. 2010-11.
Applicable from AY 2011-2012 !
yes it is applicable for a.y. 2011-12...
YES APPLICABLE FOR AY 2011-12.
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