Direct tax amendments for ay 2014 15 pdf

By law, taxpayers must file an income tax return annually to determine their tax obligations. Amendments by finance act 20 applicable to fy 2014 ay. There will be no change in the basic exemption limit and tax rates of individuals. Icai implementation guide on the amendments to tax audit. Workshop on direct tax western india regional council. Gross direct tax collections go up in 201415 fiscal. The income tax act hereinafter referred to as the principal act is amended in section 2 cap. Provisions relating to direct taxes income tax department. Ca final direct tax amendment may 2017 exam download in pdf. Save as otherwise provided in the aforesaid bill, clauses 3 to 71 shall be deemed to have come into force on the first day of april, 2014, viz.

We can say that it is an amount based deduction and total deduction should not be more than rs. Income tax slab rates for financial year 2014 assessment. Pranab mukherjee, the finance minister of india, announced the new personal income tax slab rates while presenting the union budget of india, also called the indian general budget, on friday, march 16, 2012 in new delhi. These are applicable to all assesses other than an individual or a hindu undivided family who are not subject to tax audit under section 44ab of the said act for the purposes of computation of income chargeable to incometax under the head profits and gains of business or profession or income from other. Direct tax alert an analysis of the union budget 2014 2015.

Tax on dividend declared, distributed or paid by a domestic company 115o 15. Important amendment in direct tax for ay 202021 fy 201920. Measures to prevent generation and circulation of black money 11 32 5. Rates of incometax, surcharge and additional surcharge. Bharat publications ravi gupta edition based on provisions applicable for ay 2014 15 6. Live webcast on nri taxation recent amendments analysis and implication on 1st may, 2020 friday from 06. Studycafe one stop solution for ca cs cwa direct indirect. In fy 201617 ay 1718, the surcharge for individuals is applicable for those who have total income over rs.

Jun 16, 2014 income tax return assessment year 2014 15 1. Icai implementation guide on the amendments to tax audit report form 3cd 25 april 2018 background the central board of direct taxes cbdt1 or after 1 april 2015 but before 1 april 2020, in any amended the tax audit report form 3cd notified backward area in the and substantially enhanced pradesh, bihar, west bengal and telangana. Income tax act get complete knowledge about acts of income tax 1961 laws in india. These amendments will take effect from 01042015 and will accordingly apply in relation to ay 20152016 and subsequent assessment years. Income tax amendments applicable for the assessment year. Cr3 direct tax rates for last ten assessment years. Cbdt order proposed amendments the central board of direct taxes cbdt has now issued an order2 dated 10 june 2015 extending the due date for filing of return of income by the above taxpayers for tax year 201415 from 31 july 2015 to 31 august 2015.

Amendments to the act, relating to filing of return of income, applicable with effect from ay 2014 15. Estate investment trusts regulations, 2014 made under the sebi act, and the units of which are required to be fisted on a recognized stock exchange in accordance with the aforesaid regulations. Cr 1c the direct tax dispute resolution scheme, 2016. Income tax amendments applicable for the assessment year 2014. Exemption of long term capital gains tax us 1038 1038 is proposed to be amended to provide that the exemption for income arising on transfer of equity shares acquired on or after 1 st oct, 2004 shall be available only if the acquisition of such shares is chargeable to stt earlier, this exemption was available to the transactions of sale undertaken onafter 1. For assessment year 20142015, additional surcharge called the education cess on incometax and. Ca final dt notes, questions, amendment, updates for may 2018. These amendments will take effect retrospectively from ay 201516. Total deduction amount of assessment year 201415 and 201516 shall be rs. In the case of every individual other than those covered in part ii or iii below or hindu undivided. Income tax amendment for the assessment year 201415. Tax audit limit increased from 45 to 60 for audits conducted during the financial year 201415 and onwards modification in the council guidelines no. Gross direct tax collection during aprildecember of the financial year 2014 15 is up by 12.

Budget 2014 key amendments direct tax tax audit reports history and brief background notification no. Here we present to you all income tax slab rates india for past 25 years. Starting from the next financial year, the corporate tax rate is proposed to be reduced to 25%. The direct tax amendments seem to have certain very good moves to boost investor confidence by having many welcome changes to international tax aspects like reits and invits trusts, rollback in apa, extension of concessional tax rate under section 115bbd, capital gains benefit fiis, trading in listed government debt securities abroad, etc. Changes made in direct tax law by union budget 201718. Tests for determining residential status of a company are amended. The current advance tax payment schedule for a company is 15%, 45%, 75% and 100% cumulative of income tax payable on the full financial years income to be paid by 15th june, 15th september, 15th december and 15th march, respectively.

Amendments to the act, relating to filing of return of income, applicable with effect from ay 201415. Dear friends its my pleasure to share with you amendments made by finance act 20 applicable for may 2014 ca final direct taxes. Increase in limit under section 80d relating to deduction in respect of health insurance premia. Download amendments ca final may 2014 direct taxes. Ay 202122 pre amendment distribution of dividend 100% post amendment. Bharat publications ravi gupta edition based on provisions applicable for ay 201415 6. In this study material, efforts have been made to present the complex incometax law in a lucid manner. The new income tax rates or income tax slabs are effective from april 01, 2012. Oct 14, 2019 the new income tax rates or income tax slabs are applicable for the incomes earned or generated from april 01, 2012 to march 31, 20. However, tax rate is 25% if turnover or gross receipt of the company does not exceed rs.

These amendments will take effect from 1st october, 2014. Salient features on the finance bill, 20 direct taxes. Raising the limit of percentage of eligible premium for life insurance policies of persons with disability or specified disease section 1010d w. Tax amendments applicable for assessment year ay 202122 fy 202021. Rates of income tax in respect of income liable to tax for the assessment year 201718. The following changes have been implemented in the direct tax code for the year 201516. Download direct tax study material study notes lmr case laws summery notifications circulars amendments last minute revision material and other legal updates of kalpesh classes for ca final direct tax and other information like important questions for exam, quick revision material, case laws and other data is provided in downloadable pdf format. 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. Download ca final dt amendments for may 2017 exams. Rationalisation of definition of charitable purpose in the incometax act section 215 w. This act may be cited as the income tax amendment act 2014, and commences on the pt day of july 2014.

Income tax manual part 1 national board of revenue. However, tax rate is 25 % if turnover or gross receipt of the company does not exceed rs. Changes made in direct tax proposals of union budget 201516. Direct taxes, income tax, wealth tax and tax planning. From fy 201718 ay 1819, the surcharge for individuals is applicable as follows. Special provisions in case of land or building 9 1 0 4. Interest on delayed gst payment to be charged on net tax liability. Gross direct tax collection during aprildecember of the financial year 201415 is up by 12. The governments collection of direct tax exhibited an increase of 15. Income tax department time series data financial year 200001 to 201718. From the ay 202021 this rebate is available only if the total annual taxable income is upto rs. Changes made in direct tax law by union budget 201718 a.

Download amendments ca final may 2014 direct taxes file. Total deduction amount of assessment year 2014 15 and 201516 shall be rs. The below table will give you details of usage of forms by assessee. Tax amendments applicable for assessment year prometrics. For financial year 2014, additional surcharge called the education cess on incometax and secondary and higher education cess on incometax shall continue to be levied at the rate of two per cent. These amendments will form substantial part of question papers and you can expect good marks after a comprehensive study of the same. Modis government presented its first full budget by projecting the growth rate for gdp around 8. Income tax department pan allotment statistics up to 31.

T direct tax tdstcs chart taxation of digital transaction equalisation levy. Income tax return statistics assessment year 201819. Cr1 amendments brought in by the finance bill, 2016. Icai the institute of chartered accountants of india. Aug 03, 2019 ca final dt notes, questions, amendment, updates the subject matter in this study material is based on the income tax law as amended by latest the finance act. Measures for promoting affordable housing and real estate sector d. Mar 19, 2019 ca final direct tax amendment may 2017 exam download in pdf. 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. Ca final dt notes, questions, amendment, updates the subject matter in this study material is based on the incometax law as amended by latest the finance act. 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. The income tax department has come out with all return form applicable for ay 2014 15.

Cbdt notifies rule that pan to be made inoperative if not linked to aadhaar. Aug 01, 2014 the direct tax amendments seem to have certain very good moves to boost investor confidence by having many welcome changes to international tax aspects like reits and invits trusts, rollback in apa, extension of concessional tax rate under section 115bbd, capital gains benefit fiis, trading in listed government debt securities abroad, etc. Interest us 50 is an automatic liability, quantified after arithmetic exercise. I residential status, taxation of nonresidentsfiis etc. Amendment in section 80d relating to deduction in respect of. The central government has notified ten icdss effective from a. Income tax department time series data financial year 200001 to 201819. Income taxes are a source of revenue for governments. Ay 1617, exemption for transport allowance shall be increased from 800 p. You must check out the difference between the 1992 i. Just be a member on taxmann and enjoy reading all income tax acts with section wise and chapter wise option. However, as usual, tax authorities applied this amendment retrospectively in pending assessments of assessment year up to ay 2014, to which the amendment was not at all intended. In this study material, efforts have been made to present the complex income tax law in a lucid manner. Government of india income tax slab rates for ay 202014.

The income tax department has come out with all return form applicable for ay 201415. Government of india has increased the basic personal income tax exemption limit from rs. Similarly, amendments are to be made in respect of the definition of urban land in the wealth tax act, 1957. Edition based on provisions applicable for ay 2014 15 3. 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. Measures to prevent generation and circulation of black money 11 32. Rationalisation of definition of charitable purpose in the income tax act section 2 15 w. Gross direct tax collections go up in 201415 fiscal times. Chartered accountants finance bill, 2015 direct tax highlights all the following amendment are made effective from assessment years 201617, unless specifically mentioned otherwise. Direct tax laws amendments made by the finance act, 20 applicable for june 2014 and december 2014 examination page 1 amendments made in income tax act 1. Amendments by finance act 20 applicable to fy 2014 ay 201415 kaushala1. Interest accruing on deposits in such account and the withdrawal from the said scheme will also exempt from tax. Abolition of levy of wealthtax under wealthtax act, 1957. As regard the direct taxes, there are in all sixty nine 69 amendments proposed in the finance no.