Changes in Finance Act. (Budget)

• 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