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income tax

(Querist) 25 June 2011 This query is : Resolved 
Income tax act-it is written as "inserted by finance act 2010 wef 1/4/1010-----that means the provision is applicable from AY 2010-11..



But if it is written as "inserted by FA 2010 wef 1/9/2010" than that provision become applicable from the particular date i.e. 1/09/1010


why it is so when we read IT than we read it wrt AY then why "inserted by FA 2010 wef 1/9/2010" is applicable from Fy 2009-10 [from date which falls within this year]
prabhakar singh (Expert) 25 June 2011
law can be implemented prospectively and also
retrospectively.
Guest (Expert) 26 June 2011
The question is not about insertion by the Act, but when proposed to be made effective by specific mention in that Act. Normal effective date of Finance Act is from the AY unless specifically mentioned otherwise in the Act for any specific provision to made made effective from some specific date depending upon circumstances.
B.Chakrapani Warrier (Expert) 26 June 2011
The law applicable on the 1st day of the assessment year is appliacble to that particular assessment year. In view of that:-
1) inserted w.e.f 1/4/2010 means it is applicabl to assemment year 2010-11.
2) inserted w.e.f 1/9/2010 means it is applicable for the assessment year 2011-12.


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