I would like to share with you all some amendments in Finance Act, 2011 vide Circular No. 02/2012 by Income Tax Department for Financial Year 2012-13. This is an explanatory notes to the provisions of the Finance Act, 2011. As per this circular there are many changes made by the Act in various Sections, Clauses and Rules etc.
The Finance Act, 2011 (hereafter referred to as the Act) as passed by the Parliament, received the assent of the President on the 8th day of April, 2011 and has been enacted as Act No. 08 of 2011. This circular explains the substance of the provisions of the Act relating to direct taxes.
Changes made by the Act
The Act has-
The Finance Act, 2011 (hereafter referred to as the Act) as passed by the Parliament, received the assent of the President on the 8th day of April, 2011 and has been enacted as Act No. 08 of 2011. This circular explains the substance of the provisions of the Act relating to direct taxes.
Changes made by the Act
The Act has-
- specified the rates of income-tax for the assessment year 2011-12 and the rates of income-tax on the basis of which tax has to be deducted at source and advance tax has to be paid during financial year 2011 -12.
- amended sections 2(15), 10(34), 35(2AA), 35AD, 36, 40A(9), 80CCE, 80CCF, 80-IA(4)(iv). 80-IB, 92C, 92CA, I ISA, 115JB(1), 115JB(6), 115-0(6), 115R(2), 131, 133, 139, 143, 153, 153B, 245C( 1), 245D, 296 in the Income-tax Act, 1961;
- inserted new sections / clauses 10(45), 10(46), 10(47), 94A, 115BBD, 139(1C), 139(4C)(g), 139(4C)(h), 194LB, 285 in the Income-tax Act, 1961;
- inserted a new chapter XII-BA consisting of sections 115JC, 115JD, 115JE, 115JF, in the Income-tax Act, 1961;
- omitted section 282B of the Income tax Act, 1961;
- amended rule 3 of Part A of the Fourth Schedule to the Income-tax Act, 1961;
- amended section 22D of the Wealth-tax Act, 1957;
- amended the Second Schedule to the Special Economic Zones Act, 2005.
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