We know that every year, finance bill is presented towards changes proposed for upcoming financial year, i.e, finance bill 2022 related to changes made for FY 2022-23.
But in finance bill 2021, under the head "Rates of Income Tax", corresponding year mentioned there is AY 2021-22, ie. FY 2020-21..It reads 'for the assessment year commencing on the 1st day of April, 2021'.
Similarly finance bill 2020, under the head "Rates of Income Tax", corresponding year mentioned there is AY 2020-21, ie. FY 2019-20.It reads 'for the assessment year commencing on the 1st day of April, 2020'
corresponding year should be upcoming financial year, not the previous year as above.
Any one please make me understood.
CAclubindia
