Change in income tax slab

[SURYAKANT MITHBAVKAR]

Govt. anoounced recently change in Income tax Slab. whether the same has been applicable from 2010-11 or 2011-12.

[CAGOPALJI AGRAWAL]

Income tax rates are prescribed by the first schedule to the Finance Act. The rates specified in Finance Act 2010 would be applicable from the FY 2010-11 i.e. assessment year 2011-12.

[rishi mohan]

Income tax slab rates specified and announced recently in The Finance Act, 2010 by the government are applicable for the previous year 2010-11 and assessment year 2011-12.

AI Summary

Applicability of income tax rates: Finance Act-specified rates take effect for the fiscal period following enactment. Applicability of income tax slab changes arises from statutory prescription of rates in the Finance Act: tax rates announced in the Finance Act operate through the Schedule to that Act and apply to the relevant fiscal period following enactment, governing the previous year and the subsequent assessment year.