3 Replies
CA SURENDRA KUMAR RAKHECHA
(Practising CA at Surat)
(26263 Points)
Replied 27 December 2010
Please correct your views as under :
.
Well the finance act 2010 gives income tax rates for the assesment year 11-12.
.
The logic behind the above is as under :
.
1. Financial year ends on 31 03 2010.
2. Rates for Financial year are to be provided one year before of relevant financial year i.e. on or before 01 04 2009.
3. Hence in the budget 2009; rates for FY 2009-10 would be prescribed.
4. Financial year's ending books are assessed next year because before the books are closed; how assessment would be made ?
This is the reason that assessment year is quoted one year in advance.
5. Practically, Returns of A.Y.2010-11 are to be filed before the end of 31 03 2011.
6. In this way; previous year's returns are filed in next financial year.
.
Hope you find it satisfactory.
NUKUL GARG
(Senior Associate Consultant)
(1231 Points)
Replied 27 December 2010
Finance Act,2010 gives income tax slab rates for A.Y. 2011-12. and for F.Y. 2010-11.
CMA.Manikanta
(Grad-CMA &CA-Final)
(314 Points)
Replied 28 December 2010
lovely answer....................................
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