Excel for
You will be autmatically redirected to Budget 2015-16 Key Highlights Page, If not Click Here >>
Watch Budget Speech 2014-15 Live >> Download Budget Speech 2014-15 >> Download Finance Bill 2014-15>> (A) Key Highlights - Income Tax
1. Rates of Income Tax, Surcharge and Cess
2. Income Tax basic exemption Slabs enhanced
(b)
(c)
4. Extention of section 80CCD deduction benefits to private sector employees
5. Housing Loan Interest deduction limit increased
6. Grossing up for payment of Dividend Distribution Tax (DDT) u/s 115O
Similar treatment is proposed for distribution of income to unit holders under section115R. the amendment shall be applicable wef 01-10-2014.
7. Holding period qualifying for LTCA by unlisted securities and units of MF increased
8. Taxation regime for Real State Investment Trust (REIT) and Infrastructure Investment Trust
(INVIT) 9. Investment Allowanceto Manufacturing Company-section 32AC (a) Period of investment in plant and machinery extended to 31-03-2017 (b) Deduction to be if the investment is more than Rs.25 crore in a previous year. (c) The assessee who is eligible to claim deduction under the existing combined threshold limit of Rs.100 crore for investment made inprevious years 2013-14 and 2014-15 shall continue to be eligible to claim deduction under the existing provisions contained in sub-section (1) of section 32AC even if its investment in the year 2014-15 is below the proposed new threshold limit of investment of Rs. 25 crore during the previous year (wef AY2015-16)
10. Extention of Sunsetdate under section 80IA for Power Sector
11. Capital Expenditure on Scientific Business u/s 35AD
12. Concessional withholding Tax on overseas borrowings
(w.e.f. 01/10/2014) 13. Roll Back AdvancePricing Agreement Provisions u/s 92CC (w.e.f. 01/10/2014)
14. Alternate MinimumTax
(w.e.f. AY 2015-16)
15. Advance received fortransfer of capital assets to be taxable
(w.e.f. AY2015-16)
16. TDS on Non-exempt payments under Life Insurance Policy
(w.e.f. AY2015-16)
17. Rationalization ofthe definition of International transaction
18. Rationalization ofexemptions available to charitable institutions
19. Rationalization of provisions related to cancellation of registration of trusts us/ 12AA
20. Exemption u/s 11 and12 to trust/institution for period before registration
21. No Income Taxdeductions for expenses by companies on CSR
The deductions on only those CSR expenditure which is of the nature described in section 30 to section 36 of the Act shall be allowed
22. Disalowance of Expenses for non deduction of tax at source
23. Uniform rates for Business of Playing Hiring and Leasing Goods Carriage u/s 44AE
24. Accounting Standardsare meant for computation
25. SpeculativeTranzactions in commodity derivatives
(w.e.f. AY 2014-15)
26. Year of Taxabilityof compensation received in compulsory acquisition
27.Capital gainexemption benefit u/s 54 restricted to one residential house
28. Capital gain exemption benefit u/s 54EC–relief is restricted to 50 lacs in whole
29. New Income taxAuthorities
(w.e.f. 01/06/2013)
30. Survey – Power toretain books and documents u/s 133A
(w.e.f. 01/10/2014) 31. Mutual Funds,Securitisation Trusts and Venture Capital Companies or Venture Capital Funds tofile return of income (w.e.f. AY 2015-16)
32. Power to call forInformation – New Section 133C
(w.e.f. 01/10/2014)
33. Valuation of property, investments etc. u/s 142A
(w.e.f. 01/10/2014)
34. Acceptance/repayment of Loans or Deposits u/s 269SS/269TT by ECS
35. Fine for failure toproduce books of account
(w.e.f. 01/10/2014)
36. Provisional attachment of property us/ 281B
(w.e.f. 01/10/2014)
37. Annual Information Return
(w.e.f. AY 2015-16)
38. Assessment of otherpersons in search cases
(w.e.f. 01/10/2014) (B) Key Highlights – Service Tax Click Here >> |