meaning of effective date

[kantipudi satyanarayana]

Sir,

What is the meaning of an income tax amendment coming into force with effect from 1 st April 2020 i.e.fy 2020-2021 or ay 2020-2021 ? and an amendment coming into effect from 1.6.2020

AI Summary

Income Tax Amendments Effective April 1, 2020, Apply to Assessment Year 2021-2022 Covering Financial Year 2020-2021 A forum user inquired about the effective date of income tax amendments, specifically whether an amendment effective from April 1, 2020, pertains to the financial year 2020-2021 or the assessment year 2020-2021. A respondent clarified that amendments effective from April 1, 2020, are applicable to the assessment year 2021-2022, covering the financial year 2020-2021. Another respondent noted that effective dates are often specified in the amendment's preamble, and procedural provisions effective from June 1, 2020, would apply from that date. Dates like April 2, 2020, are sometimes used for specific amendments, such as those related to depreciation.