• 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

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 13 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.