Regarding Finance Bill(union budget) and Asessment Year

Hi All,

 

I am confused on how Asessment Year and Finance bill are related.Here is what i have in my mind

Every year finance minister places finance bill before both houses of parliament and after approval of parliament will be sent to presidents approval to become finance act.

Say if i am in 2011 i.e i am going to file my tax returns for FY 2010-11 upto march 31st 2011 which falls under AY 2011-12.My question is when will finance bill which tells about taxation for AY 2011-12 will be passed?

Is it in 2011 feb last week or 2010 feb last week?

Thanks,

Gokul.

Replies (1)

Finance period is when finance bill passed and mostly rules apples from 1st april of that financial or for that assesment year.  for f.y. 11-12 or a.y. 12-13 will be passed on last week of feb-11

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