QUESTION: I am a retired person and filing tax return every year. I need a clarification regarding Direct Taxes Code (DTC), 2010.
Assuming DTC Bill, which is tabled in Parliament becomes law with effect from April 1, 2012, as provided in the Bill, could you advise whether my income for the current year, April 2011 to March 2012 [assessment year 2012-13] would be assessed under the DTC provisions? Or whether DTC provisions would be applied only with effect from assessment year 2013-14?
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The concept of assessment year is not continued in the Code.
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