Tuesday, February 11, 2014

Latest Income Tax amendment Applicable for CA-IPCC May’14/ Nov’14 & CS Exec / CMA Inter (CA. RAJESH GOYAL)

  1. Income Tax Rates for Domestic Co. for FY 2013-14 
  2. TAX RATE FOR FOREIGN COMPANY = 40%
  3. Income Tax Rates applicable for Individual/ HUF /AOP/BOI/AJP etc
  4. Income of a shareholder on account of buy back of shares of unlisted company
  5. Section 80EE:-Deduction in respect of interest on loan taken for Self occupied Residential house property
  6. Section 194 IA :-TDS on purchase of immovable property
  7. Return of Income filed without payment of Self Assessment Tax to be treated as Defective Return (w.e.f. 01.06.2013)
  8. Deduction u/s 80CCG shall be restricted to assesses having GTI <12L (earlier it was 10L).
  9. The donation to National Children Fund shall be eligible for 100% deduction u/s 80G now(earlier it was 50%)
  10. Deduction of Political donation made u/s 80GGB and 80GGC not allowed if paid in Cash.
    Sec.43CA
  11. Amendment in the definition of capital asset
  12. By inserting new sections 14A and 14B in the Wealth Tax Act, now wealth tax return shall be files online (w.e.f. 1st June 2013.)



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