Finance act 2014 amendments in direct tax pdf

The finance act introduces changes to the companies income tax act, value added tax act, petroleum profits tax act, personal income tax act, capital gains tax act, customs and excise tariff etc. Cbdt notification specifying additional electronic modes of payment. Sebi infrastructure investment trusts regulations, 2014. Significant income tax changes as effected by finance act, 2017. Repeal of section the value added tax act, 20 is amended by repealing section 41. Provided further that in respect of any income chargeable to tax under section 115a, 115ab, 115ac, 115aca, 115ad, 115b, 115ba, 115bb, 115bba, 115bbc, 115bbd, 115bbda, 115bbf, 115bbg, 115e, 115jb or 115jc of the income tax act, the amount of income tax computed under this subsection shall be increased by a surcharge, for the. The deduction allowable under this section after the proposed amendment in. Amendments proposed under the incometax act, 1961 hereafter referred to as the act. Please note that some acts below appear in consolidated format i. In detail clause no in finance bill section in incometax act, 1961.

Amendment 2016 as passed by the lok sabha s to the. Direct taxes a transfer of unlisted securities and speci. Finance bill, 2012 provisions relating to direct taxes introduction the provisions of the finance bill, 2012 relating to direct taxes seek to amend the incometax act, inter alia, in order to provide fora. Senate finance committee key changes from sb 30 public education. These explanatory notes relate to the finance bill 2014 as introduced. Part 2 amendments consequential on part 1 of this schedule. This clause changes the basis of indexation for income tax. Amendment of section 96 of finance act 2001 interpretation part 2 59.

Official gazetted copies of all acts and regulations may be. Section 44 of the value added tax act, 20 is amended by deleting subsections 2, 3, 4 and 5. On this page you will find direct links to the relevant acts in pdf format. This circular explains the substance of the provisions of the act relating to direct taxes. In this news alert, we have explained in tabular format the major changes relating to direct taxes introduced just before the lower house passed the bill. Modis government presented its first full budget by projecting the growth rate for gdp around 8. The value added tax act, 20 is amended by repealing section 40. Budget 2014 key amendments direct tax tax audit reports history and brief background notification no. These amendments will form substantial part of question papers and you can expect good marks after a comprehensive study of the same. See section 1 an act of parliament to amend the law relating to various taxes and duties and for matters incidental thereto enacted by the parliament of kenya, as follows part ipreliminary 1. Dtc from 2009 to 2014 the first draft direct taxes code bill was released on august 12, 2009, and then a revised discussion paper rdp was in 2010. An act to give effect to the financial proposals of the central government for the financial year 20142015. The dtc will replace the income tax act, 1961, and other direct tax legislation like the wealth tax act, 1957.

Overview of proposed amendments virginia senate finance. Amendment of section 101 of finance act 1999 licensing of mineral oil traders 58. Measures to prevent generation and circulation of black money 11 32. For indirect taxes, all changes made by the finance act, 2015 are also applicable for december 2015 examination. Tax alert delivering clarity 28 march 2020 deloitte.

Tax credit for low income students scholarship program k. Aug 01, 2014 a strong emphasize has been made by the finance minister for early implementation of goods and service tax gst act and direct tax code dtc. Company whose turnover gross receipt does not exceed 250 crore in financial year 201617, corporate tax is 25%. Measures to prevent generation and circulation of unaccounted money d. Dear friends its my pleasure to share with you amendments made by finance act 20 applicable for may 2014 ca final direct taxes. On 20 march 2017, the amendments to the bill have been tabled in the lok sabha by notice of amendments1. The income tax department never asks for your pin numbers, passwords or similar access information for credit cards, banks or other financial accounts through email the income tax department appeals to taxpayers not to respond to such emails and not to share information relating to their credit card, bank and other financial accounts. An act to continue the existing rates of incometax for the financial year 20142015. This study material has been updated upto 30th june, 2019 and contains relevant amendments made by finance act, 2018 applicable for the assessment year 201920. Finance acts national board of revenue nbr, bangladesh. The questions from the same will not be asked in examination from december 2015 session onwards. Cap 491 the central bank of kenya act 5 interpretation 2. Executive summary of finance bill, 2014 direct taxes. The provisions of finance bill, 2017 relating to direct taxes seek to amend the incometax act, 1961 the act and the finance act, 2016 a.

Special provisions in case of land or building 9 1 0 4. Amendments brought in by the finance act, 2012 a amendments made in income tax act amendments made in income tax act rates of income tax for assessment year 2014 a i. The provisions of the finance act 2020 fa 2020 will now get incorporated in the incometax. Amendment of section 5c of finance act 1992 remission or repayment in respect of vehicle registration tax, etc. Be it enacted by parliament in the sixty fifth y ear of the republic of india as follows. This amendment would provide tax relief for individuals and businesses impacted by federally declared disasters in 2012, 20 and 2014. Provisions relating to direct taxes income tax department. Amendment of chapter 1 of part 2 of finance act 1999 mineral oil tax 57. A strong emphasize has been made by the finance minister for early implementation of goods and service tax gst act and direct tax code dtc. Amendment of section 92 of finance act 1989 tax concessions for disabled drivers, etc. In detail clause no in finance bill section in income tax act, 1961.

Cbdt notification specifying additional electronic modes of payment in various provisions of the incometax act. The dtc will replace the incometax act, 1961, and other direct tax legislation like the wealth tax act, 1957. Tax credit for low income students scholarship program. Generally, the amendments by the finance act are made applicable from the first day of the next financial year e. The legislature has enhanced the powers of the settlement commission to cover sec 147.

The purpose of this study material is to impart conceptual understanding to the students of the provisions of the direct tax covered in the syllabus. Income thresholds, basic tax rates and education cess. A rates of tax a rates of tax section 2 of the finance act, 2016 read with part i of the first schedule to the finance act, 2016, seeks to specify the rates at which incometax is to be levied on income chargeable to tax for the assessment year 201617. Amendment of section 96 of finance act 1999 rates 56. Arun jaitley had presented the union budget 201415 on july 10, 2014. Finance act 2014 chapter 26 contents p art 1 income tax, corporation tax and capital gains tax c hapter 1 c harge, rates etc income tax 1 charge, rates, basic rate limit and personal allowance for 201415 2 basic rate limit for 201516 and personal allowances from 2015 3 the starting rate for savings and the savings rate limit. Income tax rate for company as well as for individual is same as of financial year of 201819.

In schedule 4 to that act index of defined expressions. Amendment of section 5d of finance act 1992 repayment of amounts of vehicle registration tax on export of certain vehicles 64. Measures for promoting affordable housing and real estate sector d. Download amendments ca final may 2014 direct taxes file. Measures to prevent generation and circulation of black money 11 32 5. The finance bill as approved by the lok sabha has brought some amendments to the draft bill that was tabled by honble finance minister shri arun jaitley on 10th july, 2014. The provisions of finance bill, 2017 relating to direct taxes seek to amend the income tax act, 1961 the act and the finance act, 2016 a. Accordingly, option to pay concessional tax at 10% without indexation will be available to speci. Ca final indirect direct tax summary book pdf may 2020. For other consolidated acts, please refer to bahamas laws online. Direct tax laws amendments made by the finance act, 20 applicable for june 2014 and december 2014 examination page 4 amendments relating to income exempt from tax 4. Raising the limit of percentage of eligible premium for life insurance policies of persons with disability or specified disease section 1010d w. Analysis of taxation amendments made vide finance act 2014. These notes have been compiled in a manner that the same represent a selfcontained document on the amendments introduced by the finance act, 2014.

Parliament enacts finance act 2020 with amendments in certain. Provided further that in respect of any income chargeable to tax under section 115a, 115ab, 115ac, 115aca, 115ad, 115b, 115ba, 115bb, 115bba, 115bbc, 115bbd, 115bbda, 115bbf, 115bbg, 115e, 115jb or 115jc of the incometax act, the amount of incometax computed under this subsection shall be increased by a surcharge, for the. Users can get information about the act, its short title, objectives, extent and commencement. Income tax act year 2019 2018 2017 2016 2015 2014 20 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961. Jan 15, 2014 dear friends its my pleasure to share with you amendments made by finance act 20 applicable for may 2014 ca final direct taxes. Miscellaneous amendments of principal act in relation to authorisations granted under section 9a of central bank act 1971.