Good Evening Sir.

I am a retired person and filing tax return every year. I need clarification regarding DTC and hence this request to you please.

Assuming DTC is tabled in the parliament in the coming winter session and accepted with / without any changes and becomes effective wef 1st April,2012 please could you advise if my income for the current year,April 2011 to March 2012 [ i.e AY 2012-13] would be assessed under the DTC provisions??
[or]
whether DTC provisions would be applied only wef AY 2013-14 ??.

Also under DTC whether dividends from equity sahres would also be taxed @5% similar to Divdends from Mutual Funds ?
My advance thanks for your kind advise.

Regards,

V.Ravi Subramaniam
<..number clipped for privacy..>


Admin’s Response:

Broadly speaking, the Finance Act 2011 is applicable for A.Y 2012-13. Yes, if DTC is made effective from 1.4.2012, it would be applicable from A.Y. 2013-14.