From which A.Y. Sec. 14A became applicable?????????/
2 Replies
Amir
(Learner)
(4016 Points)
Replied 07 January 2010
Dear Urvi,
Sec 14 A was Inserted by the Finance Act, 2001, w.r.e.f. 1-4-1962.
Max Payne
(employed)
(2574 Points)
Replied 07 January 2010
It was inserted wef 01.04.1962.
Rule 8D came from AY 2009-10 wef 24-03-2008, which showed how to compute the disallowance as
0.5% of avg value of investment from which tax free income is earned +
all expenses directly related to exempt income+
interest, in the proportion borne by the avg value of investment which gives exempt incomes, to the avg total assets
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