| Notification Detail :
CBDT has vide CIRCULAR NO.03/2014 Dated, the 24th January, 2014 issued EXPLANATORY NOTES TO THE PROVISIONS OF THE FINANCE ACT, 2013. Explanatory Notes cover the following Topics / Provision :-
Section 2 -Change in the definition of capital asset
Section 10
- Change in the definition of keyman insurance policy,
- exemption to income of investor Protection Fund of depositors,
- pass through status to certainAlternative Investment Funds
- exemption of income received in India in Indian currency by a foreign company
- exemption to National Financial Holdings Company Limited
Insertion of new section 32AC – Incentive for acquisition and installation of new plant or machinery by manufacturing company
Section 36 -Clarification for amount to be eligible for deduction as bad debts in case of banks
Section 40 -Disallowance of certain fee, charge, etc. in case of State Government Undertakings
Insertion of new section 43CA - Computation of income under the head -profits and gains of business or profession – for transfer of immovable property in certain cases,
Section 56 – Taxability of immovable property received for inadequate consideration
Section 80C -Raising of limit of percentage of eligible premium for life insurance policies of persons with disability or disease
Section 80CCG - Expanding the scope and deduction and its eligibility under the section
Section 80D -Deduction for contribution to Health Schemes similar to Central Government Health Scheme (CGHS)
Insertion of new section 80EE - Deduction in respect of interest on loan sanctioned during financial year 2013-14 for acquiring residential house property
Section 80G -One hundred per cent deduction for donation to National Children‘s Fund
Section 80GGB & 80GGC – Contribution not to be in cash for deduction under section 80GGB&80GGC
80-IA - Extension of the sunset date under the section for the power sector
80JJAA - Deduction for additional wages in certain cases
87 and Insertion of new section 87A - Rebate of 2000 for individuals having total income up to Rs. 5 lakh
90 and 90A - Tax Residency Certificate, 24.1-24.5.
General Anti Avoidance Rule (GAAR) - Omission of Chapter X-A relating to general Anti- Avoidance Rule and Insertion of new Chapter X-A, omission of section 144BA and insertion of new section 144BA, amendment of sections 144C, 153D, 245N, 245R, 246A, 253 and 295
Section 115A -Taxation of income by way of Royalty or fees for technical services
Section 115BBD – Lower rate of tax on dividends received from foreign companies
Section 115-O -Removal of the cascading effect of Dividend Distribution Tax (DDT)
Insertion of new Chapter XII-DA -Additional income-tax on distributed income by company for buy-back of unlisted shares
Section 115R -Rationalisation of tax on distributed income by the Mutual Funds
Insertion of new Chapter XII-EA - Taxation of securitisation trusts
Section 132B -Application of seized assets
Section 138 -Replacement of terms -Foreign Exchange Regulation Act, 1947 – and Foreign Exchange Regulation Act, 1973 ‘with -Foreign Exchange Management Act, 1999′
Section 139 -Return of income filed without payment of self-assessment tax to be treated as defective return.
Section 142 -Direction of special audit under sub-section (2A) of the section
Section 153 and 153B - Exclusion of time I computing the period of limitation for completion of assessments and reassessments ; time limit for completion of assessment or reassessment where reference is made to the transfer pricing officer
Section 167C and 179 - Clarification of the phrase -tax due – for the purposes of recovery in certain cases, 38.1-38.3.
Insertion of new section 194-IA -Tax Deduction at Source (TDS) on transfer of certain immovable properties (other than agricultural land
Insertion of new section 194LD, amendment of sections 115AD, 195 and 196D -Income by way of interest on certain bonds and Government securities
Section 204 -Meaning of person -responsible for paying – under Chapter XVII
Sections 206AA -Exemption from requirement of furnishing PAN under section 206AA to certain non-resident bond holder
Section 206C -Removal of exemption from levy of Tax Collection at Source (TCS) to cash sale of any coin or any other article weighing 10 grams or less
Section 252 -Appointment of President of the Appellate Tribunal
Substitution of new section for section 271FA - Penalty under section 271FA for non-filing of Annual Information Return
Fourth Schedule - Extension of time for approval
Wealth-tax Act, 1957
Section 2 – Change in the definition of capital asset, ; exemption from wealth tax to agricultural land situated in urban area
Insertions of new sections 14A and 14B and amendment of section 46 – Enabling provisions for facilitating electronic filing of annexure-less return of net wealth
Finance (No.2) Act, 2004
Section 98 of the Finance (No.2) Act, 2004 – Rationalisation of securities transaction tax rates
Chapter VII, Finance Act, 2013
Commodities Transaction Tax - Chapter VII of the Finance Act, 2013 and amendment in sections 36 and 43 of the Income-tax Act, 1961
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