Effective date of I Tax provisions having specified as 01st April, 2013

In the Finance Bill, 2012 there are many provisions for which it is mentioned that this provision is applicable from 01st day of April, 2013.

Section 1(2) of the Finance bill states "Save as otherwise provided in this Act, sections 2 to 112 shall be deemed to have come into force on the 1st day of April, 2012."

So, incase of those provisions for which no dates are mentioned from section 2 to Section 112, the applicability date is 01/04/2012 i.e. FY 2012-13 or Asst. Yr. 2013.-14.

Now, in respect of certain clauses, the effective date is mentioned and specified that the said provision is applicable fron 01/04/2013. For eg., in respect of amendment in Tax Audit u/s 44AB, the provision is amended:

In section 44AB of the Income-tax Act,—
(i) in clause (a), for the words "sixty lakh rupees", the words "one crore rupees" shall be substituted
with effect from the 1st day of April, 2013;
(ii) in clause (b), for the words "fifteen lakh rupees", the words "twenty-five lakh rupees" shall be
substituted with effect from the 1st day of April, 2013;

Now, the date 01/04/2013 is interpreted as Assessment year 2013-14 and not Financial year 2013-14.

I want the guidance of senior members as to how the date 01/04/2013 is interpreted as Asst. yr. 2013-14 nd not FY 2013-14, considering the fact that Section 1(2) of the Finance bill, 2012 specifically mention about its applicability from 01/04/2012 i.e. FY 2012-13 unless any oyher date is mentioned. I want to know the basis of interpreting the date applicable for FY and Assesmsnet year.

By

Sujit Talukder