1. Basic exemption limit increased to Rs. 2,50,000 for all individuals (other than senior citizens), HUFs, AOPs, BOIs, etc. and to Rs. 3,00,000 for resident senior citizens.
2. No change in slab rates.
3. Surcharge and cess to continue at existing rates.
4. Period of holding in respect of unlisted shares and units of other than equity-oriented mutual fund purchased after 10.7.2014 has been raised to 36 months for being regarded as long term capital asset. [Sec 2(42A)].
5. (a) A trust/institution/ educational institution/medical institution approved u/s 10(23C)(iv)/(v)/(vi)(via) shall not be eligible for any exemption u/s 10 except section 10(1) (i.e. for agricultural income). [Sec 10(23C) Eighteen Proviso]
(b) Besides, no depreciation shall be allowed in respect of a capital asset, acquisition of which is deemed as application of income. [Sec 10(23C) Expl].
6. Income of a Business Trust by way of interest from special purpose vehicle to be exempt. [Sec 10(23FC)].
7. Income received by a unit holder from a business trust [not being in the nature of income referred u/s 10(23FC)] to be exempt. [Sec 10(23FD)].
8. Long-term capital gain on transfer of units of a business trust to be exempt. [Sec 10(23FD)].
9. A SEZ unit claiming deduction u/s 10AA not to be allowed deduction u/s 35AD in respect of same business, for any assessment year. [Sec 10AA].
10. (a) A trust registered u/s 12AA (or 12A) shall not be eligible for any exemption u/s 10 except section 10(1) (i.e. for agricultural income) or section 10(23C). [Sec 11(6)].
(b) Besides, no depreciation shall be allowed in respect of a capital asset, acquisition of which is deemed as application of income. [Sec 11(7)].
11. Interest on loan borrowed (after 1.4.1999) for self-occupied house property to be deductible upto Rs 2,00,000.
12. 15% investment allowance for manufacturing companies on installation of new plant and machinery of value exceeding Rs. 25 crores, for A.Y. 2015-2016 to A.Y. 2017-2018. [Sec 32AC].
13. Deduction for any capital expenditure incurred on or after 1.04.2014, for the bsuiness of-
(a) laying and operating a slurry pipeline for the transportation of iron
ore, or
(b) setting up and operating a semi-conductor wafer fabrication
manufacturing unit. [Sec 35AD].
14. Expenditure incurred on corporate social responsibility activities to be not deductible. [Sec 37].
15. Deduction for expenditure on which tax is required to be deducted at source, not to be disallowed if TDS deposited before due date for filling of return. If deposited after the due date for filing if return, deduction shall be allowed in relevant previous year of deposit. [Sec 40(a)(ia)].
16. Disallowance in respect of any sum payable to a resident on which tax is not deducted at source or TDS is deducted but not deposited before due date for filing of return, shall be restricted to 30%. [Sec 40(a)(ia)].
17. In respect of truck owners, income shall be estimated at Rs. 7500 p.m. for each goods carriage. [Sec 44AE].
18. Any interim compensation awarded by a court shall be taxable in the year of receipt.
19. Advance money forfeited under an infructuous transfer of a capital asset, to be taxable as income from other sources. [Sec 45].
2. No change in slab rates.
3. Surcharge and cess to continue at existing rates.
4. Period of holding in respect of unlisted shares and units of other than equity-oriented mutual fund purchased after 10.7.2014 has been raised to 36 months for being regarded as long term capital asset. [Sec 2(42A)].
5. (a) A trust/institution/ educational institution/medical institution approved u/s 10(23C)(iv)/(v)/(vi)(via) shall not be eligible for any exemption u/s 10 except section 10(1) (i.e. for agricultural income). [Sec 10(23C) Eighteen Proviso]
(b) Besides, no depreciation shall be allowed in respect of a capital asset, acquisition of which is deemed as application of income. [Sec 10(23C) Expl].
6. Income of a Business Trust by way of interest from special purpose vehicle to be exempt. [Sec 10(23FC)].
7. Income received by a unit holder from a business trust [not being in the nature of income referred u/s 10(23FC)] to be exempt. [Sec 10(23FD)].
8. Long-term capital gain on transfer of units of a business trust to be exempt. [Sec 10(23FD)].
9. A SEZ unit claiming deduction u/s 10AA not to be allowed deduction u/s 35AD in respect of same business, for any assessment year. [Sec 10AA].
10. (a) A trust registered u/s 12AA (or 12A) shall not be eligible for any exemption u/s 10 except section 10(1) (i.e. for agricultural income) or section 10(23C). [Sec 11(6)].
(b) Besides, no depreciation shall be allowed in respect of a capital asset, acquisition of which is deemed as application of income. [Sec 11(7)].
11. Interest on loan borrowed (after 1.4.1999) for self-occupied house property to be deductible upto Rs 2,00,000.
12. 15% investment allowance for manufacturing companies on installation of new plant and machinery of value exceeding Rs. 25 crores, for A.Y. 2015-2016 to A.Y. 2017-2018. [Sec 32AC].
13. Deduction for any capital expenditure incurred on or after 1.04.2014, for the bsuiness of-
(a) laying and operating a slurry pipeline for the transportation of iron
ore, or
(b) setting up and operating a semi-conductor wafer fabrication
manufacturing unit. [Sec 35AD].
14. Expenditure incurred on corporate social responsibility activities to be not deductible. [Sec 37].
15. Deduction for expenditure on which tax is required to be deducted at source, not to be disallowed if TDS deposited before due date for filling of return. If deposited after the due date for filing if return, deduction shall be allowed in relevant previous year of deposit. [Sec 40(a)(ia)].
16. Disallowance in respect of any sum payable to a resident on which tax is not deducted at source or TDS is deducted but not deposited before due date for filing of return, shall be restricted to 30%. [Sec 40(a)(ia)].
17. In respect of truck owners, income shall be estimated at Rs. 7500 p.m. for each goods carriage. [Sec 44AE].
18. Any interim compensation awarded by a court shall be taxable in the year of receipt.
19. Advance money forfeited under an infructuous transfer of a capital asset, to be taxable as income from other sources. [Sec 45].
20. Exemption of long term capital gain in respect of investment by purchase/construction of residential house to be allowed, only in respect of one residential house in india. [Sec 54 and 53F].
21. Maximum deduction in respect of investment in PPF, LIC, NSC, Bank Term deposits, housing loan etc. raised to Rs. 1,50,000. [Sec. 80C]
22. Deduction for contribution to New Pension Scheme to be allowed upto Rs. 1,00,000. [Sec. 80CCD].
23. Total deduction under sections 80C, 80CCC and 80CCD allowed upto Rs. 1,50,000. [Sec. 80CCE]
24. Deduction for power undertakings extended upto 31.3.2017.[Sec. 801A]
25. Short-term capital gain on transfer of units of a business trust to be taxable @ 15%. [Sec. 111A]
26. Long-term capital gain on units of other than eguity-oriented mutual fund transferred after 10.7.2014 to be taxed @ 20%. [Sec. 112].
27. Income (in the nature of interest referred u/s 194LBA) received from a business trust by a non-resident to be taxable @ 5%. [Sec.115A]
28. Dividend distribution tax to be paid on gross dividends (i.e. including the amount of such tax). [Sec. 115-O]
29. Income-tax authority for TDS/TCS empowered to car out a survey. [Sec. 133A(2A)]
30. Chief Commissioner's sanction required for retention of account books beyond 15 days in a survey. [Sec 133A(3)]
31. Income-tax authorities empowered to issue a notice to a person to furnish information/documents in verification of any information in their possession. [Sec. 133C]
32. Mutual fund, securitisation trust, venture capital company/fund, and business trust, mandatorily required to furnish their return of income. [Sec 139].
33. The Assessing Officer may make a reference to a Valuation Officer for estimating value, including fair market value, of an asset. The reference maybe made even if the account books of the assessee are not rejected. The Valuation Officer shall make an estimate considering the evidence produced by the assessee and the evidence gathered by him and after giving an opportunity of being heard to the assessee Valuation report shall have to be submitted Within 6 months, with a copy to the assessee. [Sec. 142A]
34. Income computation and disclosure standards to be notified by the Board, in place of accounting standards. [Sec. 145]
35_ Tax to be deducted at source @ 2% on amount payable under a life insurance policy exceedin Rs. 1,00,000 in aggregate during a financial year to a person, w.e.f. 1.10.2014. [Sec 194DA]
36 Tax to be deducted at source on income distributed by a business trust to its unit holders, being the proportion of income referred u/s 10(23FC). Rate of TDS shall be 10% where payee is resident and 5% in case of non resident. [Sec. 194LBA].
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