- 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)
Budget declared in Feb 2019 is of
Financial Year 2019-20
Assessment Year 2020 - 21
Budget declared in Feb 2018 is of
Financial Year 2018-19
Assessment Year 2019 - 20