Important Amendments in Income Tax not covered in FM Budget speech


Important Amendment in Income Tax, which FM did not cover in Budget Speech:
(1) Deemed sale value for sale of unquoted shares introduced. To be taxed at fair value. Sec 50CA

(2) In absence of PAN,the rate of TCS will be twice of the extent rate or 5%, whichever is higher. Sec.206CC.

(3) New Section 269ST introduced whereby Rs three lakh in cash cannot be received on a single day or inrespect of single transaction.

(4) If Return not filed as per Sec. 139 (1), concept of late fee introduced. Rs. 5000 for delay up to 31st Dec. and Rs. 10000 thereafter. Late fee to be paid before filing the Return. Sec 234F

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(5) CA issuing wrong certificate would be penalised with Rs. 10000

(6) Capital gain on shares will be exempt only if STT was paid while purchasing the shares.

(7) HP loss can be set-off against other head of income only to the extent of 200000 in same year. Balance loss can be c/f to 8 AYs.

(8) Individual and HUF to deduct TDS even if un-audited @ 5% if rent is paid 50000

(9) TDS in 194J amended, now 2 percent TDS instead of 10

(10) The scope of section 56 will be widened and will also cover any kind of gifts in cash or kind or for no consideration with few exemptions and exception

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(11) MAT book profit calculation also ammended

(12) Disallowance of expenditure from income from other sources if TDS is not deducted

(13) Self employed can also claim 20% contribution to NPS as deduction.

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