05 March 2008
FOR DIRECT TAXES IT IS EFFECTIVE FROM 1ST APRIL EVERY YEAR AFTER BUDGET. FOR INDIRECT TAXES IT IS 1 ST MARCH EVERY YEAR AFTER BUDGET. ANY NEW TAX LEVIED DIRECT OR INDIRECT AFTER /BEFORE BUDGET , THE DATE OF APPLICABILITY WILL BE INFORMED BY GOVT. LIKE LAST YEAR IN JUNE 2007 SERVICE TAX ON SOME NEW SERVICES WAS MADE APPLICABLE FROM 1ST JUNE 07. BUT REMEMBER, THE FINANCE ACT HAS TO BE PASSED BY BOTH HOUSES OF PARLIAMENT AND PRESIDENT OF INDIA HAS TO ASSENT BEFORE ANY NEW BUDGET IS IMPLEMENTED IN ANY YEAR IN INDIA. R.V.RAO
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