CA. JAIN (Chartered Accountant) (466 Points)
16 March 2012hi friends,
read the chapter-2 of finance bill 2012, very big mistake under this...
first line of it saying ..tax rates for a.y starting on 1april,2012..hws it possible..
i think this bill is for f.y2012-13 and a.y 2013-14...an our fm is again giving budget for a.y2012-13
great,
plzz check and correct me if i m wrng,,,
but if i m right..thn its very big mistake...by ministry of finance
Thanks,
Suraag Nair
(Article)
(167 Points)
Replied 16 March 2012
Sir...Please correct me if am wrong. I think its correct as the words " Subject to " are used.
Suraag Nair
(Article)
(167 Points)
Replied 16 March 2012
But.... I have a Query...is it this years budget that u have uploaded :P ... dont think so. ;)
Suraag Nair
(Article)
(167 Points)
Replied 16 March 2012
303274 949357 memorandum.pdf Please download the attached file for ur reference :)
CA. JAIN
(Chartered Accountant)
(466 Points)
Replied 16 March 2012
hi,
i have already attached the link...use that ..u will see that the link is for finance bill,2012
jagadish hiremath
(advocate & tax consultant)
(93 Points)
Replied 16 March 2012
I think in DTC the financial year wolud be the assessment year, thus to avoid such confusion the Assessment year has been given as 2012-13. Necessary provisions for Financial year and Assessment year may be amendend in future days to avoid such conflicts.
Suraag Nair
(Article)
(167 Points)
Replied 16 March 2012
I had used the 2nd link that u provided. That link is last year's budget.
CA. JAIN
(Chartered Accountant)
(466 Points)
Replied 16 March 2012
hi surag,
use first one to confirm that it is for finane bill,2012...
nd second link is also for this year bill, because there is nothing written that it is of finance bill,2011,,,ok
for confirmation check first link..
Thanks,
S. Rathinagiri
(Chartered Accountant)
(41 Points)
Replied 16 March 2012
Yep. You are right Jain.
E&OE yaar. :)
ANANTHANARAYANAN P V
(SR MANAGER - TAXATION)
(32 Points)
Replied 26 March 2012
Dear Mr. Jain,
As you have pointed rightly out, Clause 2(1) of Chapter- II of the Finance Bill, 2012, mentions that the rates of tax specified in Part I of the First Schedule will be applicable for the assessment year commencing from the 1st day of April, 2012. The Officials in their "Copy-Paste" hurry would have forgotten to change the date. It is a copy of the paragraph that appeared in the Finance Bill,2011.
If you see the second line of the Finance Bill, 2012, it states "A Bill to give effect to the financial proposals of the Central Government for the financial year 2012-2013". This means that the assessment year mentioned in Clause 2(1) of Chapter- II of the Finance Bill, 2012 should be "1st day of April, 2013" and not 1st day of April, 2012.
Let us forgive the Finance Ministry Officials for the typographical error. If they have noticed this error, they can recrify the same by issuing an "ERRATA".
Ananthanarayanan. P. V.
CAclubindia
