- Every Year, Central Government passes Budget where it makes Changes to different laws including Income tax.
- Such budget is Normally passed on 28 th February
- Changes in Budget take effect from normally 1 April onwards.
- However sometimes it is specified the date from which changes will take effect
- Sometimes it is done Retrospectively also (i.e. from back date)
Finance Act,2015 is applicable for May 2016 exams