Section 43CA & 56 New Provision in Budget

[krishna besta]

Dear Sir,

When it would be with effect of Section 43 CA & 56 of Income Tax act. In Budget says 1st April,2014 whether it is A.Y or F.Y

 

Regards,

Krishna.B

 

 

[DR.MARIAPPAN GOVINDARAJAN]

The effective date is 01.04.2014.

AI Summary

Effective date of Sections 43CA and 56 confirmed as operative from April 2014 commencement. The Budget amendments to Sections 43CA and 56 are declared effective from 1 April 2014; this was stated in response to a query seeking whether the Budget date referred to the assessment year or financial year.