Latest Income Tax amendment Applicable for CA-IPCC May’14/ Nov’14 & CS Exec / CMA Inter (CA. RAJESH GOYAL)
- Income Tax Rates for Domestic Co. for FY 2013-14
- TAX RATE FOR FOREIGN COMPANY = 40%
- Income Tax Rates applicable for Individual/ HUF /AOP/BOI/AJP etc
- Income of a shareholder on account of buy back of shares of unlisted company
- Section 80EE:-Deduction in respect of interest on loan taken for Self occupied Residential house property
- Section 194 IA :-TDS on purchase of immovable property
- Return of Income filed without payment of Self Assessment Tax to be treated as Defective Return (w.e.f. 01.06.2013)
- Deduction u/s 80CCG shall be restricted to assesses having GTI <12L (earlier it was 10L).
- The donation to National Children Fund shall be eligible for 100% deduction u/s 80G now(earlier it was 50%)
- Deduction of Political donation made u/s 80GGB and 80GGC not allowed if paid in Cash.
- Amendment in the definition of capital asset
- 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.)