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Amendments

Amendments

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Published by Jason Monroe
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Published by: Jason Monroe on Apr 29, 2014
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04/29/2014

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PART – I INCOME TAX
 
 
 
PART - I : INCOME TAX
AMENDMENTS AT A GLANCE – FINANCE ACT, 2013 S.No. Particulars Section
1.
A. Rates of tax B. Basic Concepts
2. Rebate of up to
`
2,000 for resident individuals having total income of up to
`
5 lakh 87A & 87
C. Incomes which do not form part of total income
3. Exemption under section 10(10D) not available in respect of any sum received by any person under “keyman insurance policy” assigned to keyman before maturity 10(10D) 4. Exemption of any income of a securitization trust from the activity of securitization 10(23DA) & 10(35A) 5. Exemption of income of Investor Protection Fund set up by depositories 10(23ED) 6. Certain Alternative Investment Funds (AIFs) recognized by SEBI to enjoy “pass-through” status, subject to satisfying certain conditions 10(23FB) 7. Exemption of income received by an investor on account of buy-back of unlisted shares of a domestic company 10(34A) 8. Scope of exemption of income received in India in Indian currency by a foreign company expanded 10(48) 9. Exemption in respect of income of National Financial Holdings Company Ltd. 10(49)
D. Profits and gains of business or profession
 10. Manufacturing companies investing more than
`
100 crore in new plant and machinery during the period from 1.4.2013 to 31.3.2015 entitled to investment allowance@15% 32AC 11. Deduction in respect of bad debts written off to be allowed to the extent the same is in excess of the credit balance in the provision for bad and doubtful debts made under section 36(1)(viia), irrespective of whether the same relates to rural advances or urban advances 36(1)(vii)
 
 
2
 12. Deduction for commodities transaction tax paid in respect of taxable commodities transactions 36(1)(xvi) 13. Trading in commodity derivatives not a speculative transaction 43(5) 14. Disallowance of royalty, licence fee, service fee etc. levied exclusively on State Government Undertakings by the State Government 40(a)(iib) 15. Stamp duty value of land and building to be taken as the full value of consideration in respect of transfer, even if the same are held by the transferor as stock-in-trade 43CA
E. Capital Gains
 16. Modification in parameters defining scope of land falling outside the ambit of “Agricultural land” and consequently, within the definition of “Capital Asset” and related amendment in the definition of “agricultural income” 2(14) & 2(1A)
F. Income from other sources
 17. Immovable property received by an individual or HUF for inadequate consideration taxable if the difference between the stamp duty value and actual consideration exceeds
`
50,000. 56(2)(vii)
G. Deductions from Gross Total Income
 18. Life insurance premium up to 15% of “minimum capital sum” assured to qualify for deduction under section 80C, in respect of policies issued on or after 1.4.2013, where the insurance is on the life of a person with disability or severe disability or a person suffering from disease or ailment 80C & 10(10D) 19. Deduction under section 80CCG to be available for three consecutive years to a resident individual, being a new retail investor having gross total income upto
`
12 lakh, for investment in listed equity shares as well listed units of equity oriented fund as per notified scheme 80CCG 20. Deduction to be available in respect of contribution to CGHS and such other schemes within the overall limit specified thereunder 80D 21.  Additional deduction in respect of interest on loan taken for acquisition of residential house property 80EE 22. Donation to National Children’s Fund to qualify for 100% deduction 80G

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