can any one explain me section 294 of income tax act......plz
Prakash
(Chartered Accountant)
(560 Points)
Replied 11 September 2011
Sec 294- Existing Finance Act to have effect pending legislative provision for charge of tax
Generally the tax rates applicable during a particular financial year are proposed through finance Bill and this Bill will become act after approved by both the houses and receives the assent of President
We may come across the case where Bill is not yet enacted but financial year already started then what provisions and Rates are applicable. Sec 294 explains the same
In such a case the provisions of Previous finance act are applicable and when it comes to rates of taxation, the rates proposed in bill or rates of previous finance act which ever are more favourable to the assessee can be follwed
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