The
Income Tax Department had issued a notification No. 08 /2013 Dated
10.10.2013 regarding latest amendments of TDS and Income Tax sections
and exemptions limits. The present Circular contains the rates of
deduction of Income-Tax from the payment of income chargeable under the
head "Salaries" during the Financial Year 2013-2014 (Asstt. Year
2014-15) and explains certain related provisions of the Act and
Income-tax Rules, 1962 (hereinafter the Rules).
As
per the Finance Act, 2013, Income-Tax is required to be deducted under
Section 192 of the Act from income chargeable under the head "Salaries"
for the financial year 2013-14 (i.e.Assessment Year 2014-15) at the
following new updates regarding TDS and Income Tax :
House Property :
- Deduction u/s. 80EE in respect of interest on loan taken for residential House property.
Other Source :
- Income received in India in Indian currency by foreign company. [New Amendment to Sec. 10(48)]
- Immovable property received for inadequate consideration.[sec.56(2)(vii)(b)]
Capital Gain :
- Income of a shareholder on account of buy-back of shares [Sec 10(34A)].
- Amendment in Section 2(14) to the definition of capital gain.
Deduction u/s 80JJA and u/s 80JJAA implemented.
Rebate of Rs.2000 for resident Individual having total income up to Rs.5 Lakh. (Sec87A)
