Commencement of amendment act fixes the default operative date for amendments to core tax statutes. The Taxation Laws (Amendment) Act, 2003 is the short title for amendments to the Income-tax Act, 1961, the Wealth-tax Act, 1957 and the Expenditure-tax ... Summary
Commencement of amendment act fixes the default operative date for amendments to core tax statutes.
The Taxation Laws (Amendment) Act, 2003 is the short title for amendments to the Income-tax Act, 1961, the Wealth-tax Act, 1957 and the Expenditure-tax Act, 1987; and, save as otherwise provided in the Act, it is deemed to have come into force on an earlier specified date, establishing the default temporal effect of the statutory amendments.
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