Sir/Madam,
Can you please clarify that amendment in Section 40A(3) of Income Tax, reduction in threshold limit from Rs.20,000/- to Rs.10,000/- is applicable from which date????
W.e.f., 01-04-2017 or 01-04-2018.
So many authors mentioned in their books as "These amendment will take effect from 01-04-2018 and will, accordingly, apply in relation to the A.Y 2018-19 and subsequesnt years"
A.Y 2018-19 means it will effect from 01-04-2017 but in the act it is specifically told that it will effect from 01-04-2018.
Please clarify my quary at the earliest. Thanks in advance.
CAclubindia
