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Provision wef
when any amended or new provision is introduced and it's mentioned it is applicable wef for say1.4.2020, then it is talking about applicable from ay or fy.
Replies (8)
Normally it's mentioned assessment, in absence of any clarification financial year
Okay but will be applicable from that ay or for that ay
It means reference of A.Y. unless specifially provide for F.Y.
Income tax Act always refers to A.Y.
Each and every dates mentioned in finance act refers to assessment year unless otherwise specifically stated.
In the income tax it's always written wef and no where it is mentioned ay or fy.
You should see the finance act
Okay thanks
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