February 10, 2012 1:11 pm
Got a doubt about direct tax code.
If the dtc comes to force,will it be applicable for this fy2011-2012?
All Tax updates are applicable from 1 April of that year (unless otherwise stated). Hence to answer your question, if DTC is released before 1 April 2012 by the parliament, then it would most probably be in force by Financial year starting 1 April 2012. Can not comment as of now on any thing else as DTC has been delayed significantly.
Fingers crossed. I am also eagerly looking forward for any updates on DTC.
Dear Aseefth, no reason to worry. DTC ‘ll be implemented from a future date & it ‘ll be announced well in advance by the Finance Minister.
All Tax codes are intended to be prospective.
DTC was supposed to be effective from 2012-2013 but even that has been delayed as of now.
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