The Finance Minister had announced to implemented Direct Tax in the Budget. In this regard continuously amendments are comes for better Direct Tax Code. There was heated discussion on the various provisions of the Bill which included over 30 amendments in various sections of the Income-tax Act with retrospective effect. There was lot of protest in India and abroad as most of these amendments would affect non-residents and will have adverse effect on global trade. In-spite of this protest, the Government could manage to get through the legislation with some changes. The Finance Act, 2012, containing 119 sections relating to Direct Taxes is now passed by both Houses of the Parliament and received the assent of the President on 28-5-2012 and now latest amendment of Direct Tax, 2013 e-book released by Finance Department which is as under with some major amendments
Income Tax:
Income Tax:
- Relief in income tax
- Rates of income tax
- Surcharge on income tax
- Education cess
Tax Deduction and Collection at Source (TDS and TCS):
- Section 193
- Section 194J — TDS from fees from professional or technical services
- Section 194LA
- Section 194LC
- Section 201 — Failure to deduct tax at source
- Section 206C — Tax Collection at Source (TCS)
- No Advance tax payable by senior citizens u/s.207
Exemptions and deductions :
- Charitable trust
- Section 10(10D) — Deduction of life insurance premium
- Section 10(23FB) — Venture Capital Company (VCC) and Venture Capital Funds (VCF)
- Section 10(23BBH)
- Section 10(48)
- Section 40(a)(ia)
- Section 80C
- Section 80CCG etc.
Download Direct Taxes, 2013 e-Book
