When the Budget gives or takes away a tax concession for something, it is natural to try and figure out who the beneficiary is — so, for instance, you’d want to know who makes “toy balloons” (as opposed to non-toy ones!) since these have been exempted from excise duties. Several income tax changes, similarly, make you wonder since the dates on which they become applicable are often different.
The one on charity, for instance, takes effect retrospectively from April 1, 2009; the one for income for non-residents goes all the way back to June 1, 1976, the list goes on. The section on “taxation of certain transactions without consideration or for inadequate consideration” has five sub-sections — one takes effect from June 1, 2010, the second from April 1, 2010, the third from October 1, 2009, the fourth from June 1, 2010 and the fifth from July 1, 2010!
