Finance (no. 2) Act, 1991 - Explanatory notes on the provisions relating to Direct Taxes (circular no. 621) corrigendum to para 22.3 - regarding - Income Tax - 698

Circular No : 698 Date of Issue : 26.12.1994 Subject: Finance (no. 2) Act, 1991 - Explanatory notes on the provisions relating to Direct Taxes (circular no. 621) corrigendum to para 22.3 - regarding In terms of Finance (No.2) Act of 1991. Section 43D of the Income-tax Act, 1961 came into force w.e.f. 1-4-1991. However, it was inadvertently mentioned in para 22.3 of Board`s Circular No.621 dated 19-12-1991 that this provision would apply in relation to assessment year 1992-93 and subsequent year. It is clarified that Section 43D will take effect from 1-4-1991 and will apply in relation to assessment year 1991-92 and subsequent years. 2. This may be brought to the notice of all Officers working within your region. Sd/- V K Saksena Under Secretary to the Govt. of India