Hello.
I have got a very fundamental query.
Suppose Finance Act 2010 substitutes a section w.e.f. 01.04.2011. Does it mean that the section has been substituted w.e.f. A.Y.2010-11 or A.Y.2011-12?
Please reply urgently
19 Replies
Saurabh Toshniwal
(ca final)
(2363 Points)
Replied 09 September 2010
I think it is w.e.f. AY 2011-12
wait for others reply
CA Navin Jain
(MANAGER (FINANCE & ACCOUNTS))
(11768 Points)
Replied 09 September 2010
with effect from financial year 01.04.2011
Prasad R
(CA Final)
(2128 Points)
Replied 09 September 2010
Its from financial year 1.4.2011 to 31.03.2012 i.e Assessment year 2012-13.
sruthi
(NA)
(51 Points)
Replied 09 September 2010
| Originally posted by : pavan kumar | ||
 |
the section will substituted w.e.f. A.Y.2012-13 |
 |
its correct..AY2012-2013
Parshu
(CA Final)
(84 Points)
Replied 09 September 2010
Finance Act,2009 which means Asst Yr-2010-11,so Finance Act,2010 is applicable for Asst yr 2011-12.
Further if any amendment is made on 1-4-2011 to Finance Act,2010, it is applicable for Asst yr 2012-13
CA kanica gupta
(Employed C.A.)
(273 Points)
Replied 10 September 2010
ok guys. Thanks for your replies. Now let me put it this way:
" Section 80IA(4C) was substituted to Section 80IA(4)(ii) by finance Act 1999 w.e.f.01.04.2000.
Now is this substitution applicable from AY 2000-01 or from AY 2001-02?"
My opinion is AY 2001-02. But my sir, who is a tax consultant since past 30 years, said it is from AY 2000-01.
Can u all please do a research kind of thing and clarify this doubt.
prasad8410
(Internal Audit Assistant)
(93 Points)
Replied 10 September 2010
my dear friends... finance act is 2010 is effected in the assenment year 2011-12 onwards.. where as any amendments made in the current assessment year is effected to next assessment year..
Sarbendra Das
(Cost Accountant & CA Final student)
(52 Points)
Replied 10 September 2010
It will applicable for the PREVIOUS YEAR 2010-2011 i.e ASSESSMENT YEAR 2012-13.
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 10 September 2010
its from AY-2011-12.
CA Sandeep Kumar
(Audit Assistant)
(804 Points)
Replied 10 September 2010
Hi kanica,
follow this simple rule.
Just look at the bare act and for any amendments there will be footnotes indicating from when the relevant provision is effective, a provision is effective prospectively (w.e.f) or retrospectively (w.r.e.f).
If it says 'w.e.f 1/04/2011' it simply means with effect from ASSESSMENT YEAR 2011-12 (FY 2010-11). The Finance Act 2010 proposes provisions for assessment year 2011-12, so when the provisions are inserted substituting old ones the effective date has to be read as from assessment year.
hope i have cleared your doubt.
CA Sandeep Kumar
(Audit Assistant)
(804 Points)
Replied 10 September 2010
sorry just read it as 'finance bill' instead of 'finance act' in my previous note.
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