26 February 2016
I read in a book that "FOR THE PURPOSE OF COMPUTING TAXABLE INCOME THE PROVISIONS OF INCOME TAX ACT AS ON 1ST APRIL OF THE A.Y. SHALL APPLY. ANY AMENDMENT MADE AFTER 1ST APRIL SHALL APPLY IN THE NEXT A.Y." now the finance bill every year is accepted by the president after 1st April. So it becomes an Act after 1st april and the provisions of fin act become the provisions of IT act. The finance bill,2015 became an Act in May,2015.
For assessees that fall in the Part 1 of first schedule to the finance act,2015 i.e. with A.Y. 2015-16, the provisions of the finance act, 2015 don't apply ? because it became an act after 1st april of their A.Y. ? Pleaseee answer this question...
26 February 2016
Irrespective of the date the Finance Bill gets the President's assent, the provisions of the Finance Act apply from 1st day of April of that year, unless specifically informed otherwise. So irrespective of the fact that the Finance Bill 2015 received the assent of the President in May 2015, its provisions apply for assessment year 2015 - 16 as if they were in force on 1st April 2015.
In case of Indirect Taxes, the rates apply from 1st March of the year, unless specified otherwise.
26 February 2016
Thank you for answering Sir. Could you pls help me out with 2 other queries- 1) https://www.caclubindia.com/experts/income-tax-notifications-2276184.asp 2) https://www.caclubindia.com/experts/finance-act-2276189.asp
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