Direct tax amendments for ay 2014 15 pdf

Icai the institute of chartered accountants of india. We can say that it is an amount based deduction and total deduction should not be more than rs. Income tax manual part 1 national board of revenue. 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. In the case of every individual other than those covered in part ii or iii below or hindu undivided.

The governments collection of direct tax exhibited an increase of 15. Tax on dividend declared, distributed or paid by a domestic company 115o 15. These amendments will take effect from 1st october, 2014. Gross direct tax collections go up in 201415 fiscal. However, tax rate is 25% if turnover or gross receipt of the company does not exceed rs. As regard the direct taxes, there are in all sixty nine 69 amendments proposed in the finance no. Income tax amendments applicable for the assessment year. The below table will give you details of usage of forms by assessee. There will be no change in the basic exemption limit and tax rates of individuals. Amendments to the act, relating to filing of return of income, applicable with effect from ay 2014 15. 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. Total deduction amount of assessment year 201415 and 201516 shall be rs. Workshop on direct tax western india regional council.

These amendments will form substantial part of question papers and you can expect good marks after a comprehensive study of the same. Amendments to the act, relating to filing of return of income, applicable with effect from ay 201415. Budget 2014 key amendments direct tax tax audit reports history and brief background notification no. Ca final direct tax amendment may 2017 exam download in pdf. Rationalisation of definition of charitable purpose in the incometax act section 215 w. Rates of income tax for assessment year 201415 a i. 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. 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. Ay 202122 pre amendment distribution of dividend 100% post amendment. Download amendments ca final may 2014 direct taxes file. The new income tax rates or income tax slabs are effective from april 01, 2012. Tests for determining residential status of a company are amended.

Special provisions in case of land or building 9 1 0 4. The income tax department has come out with all return form applicable for ay 201415. T direct tax tdstcs chart taxation of digital transaction equalisation levy. Download amendments ca final may 2014 direct taxes. Income tax department time series data financial year 200001 to 201718. The income tax department has come out with all return form applicable for ay 2014 15. 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. Icai implementation guide on the amendments to tax audit.

Gross direct tax collections go up in 201415 fiscal times. Just be a member on taxmann and enjoy reading all income tax acts with section wise and chapter wise option. Jun 16, 2014 income tax return assessment year 2014 15 1. Income tax amendments applicable for the assessment year 2014. 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. Income tax return statistics assessment year 201819. Direct tax alert an analysis of the union budget 2014 2015. 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 to prevent generation and circulation of black money 11 32 5.

Edition based on provisions applicable for ay 2014 15 3. Government of india has increased the basic personal income tax exemption limit from rs. By law, taxpayers must file an income tax return annually to determine their tax obligations. Tax audit limit increased from 45 to 60 for audits conducted during the financial year 201415 and onwards modification in the council guidelines no. The income tax act hereinafter referred to as the principal act is amended in section 2 cap. This act may be cited as the income tax amendment act 2014, and commences on the pt day of july 2014. Bharat publications ravi gupta edition based on provisions applicable for ay 2014 15 6. Changes made in direct tax proposals of union budget 201516.

Download ca final dt amendments for may 2017 exams. From the ay 202021 this rebate is available only if the total annual taxable income is upto rs. Amendments by finance act 20 applicable to fy 2014 ay 201415 kaushala1. These amendments will take effect from 01042015 and will accordingly apply in relation to ay 20152016 and subsequent assessment years.

The following changes have been implemented in the direct tax code for the year 201516. However, tax rate is 25 % if turnover or gross receipt of the company does not exceed rs. Cbdt notifies rule that pan to be made inoperative if not linked to aadhaar. Rates of incometax, surcharge and additional surcharge.

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. Salient features on the finance bill, 20 direct taxes. 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. Amendment in section 80d relating to deduction in respect of. 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. Here we present to you all income tax slab rates india for past 25 years. These amendments will take effect retrospectively from ay 201516. Raising the limit of percentage of eligible premium for life insurance policies of persons with disability or specified disease section 1010d w. Rationalisation of definition of charitable purpose in the income tax act section 2 15 w. Income tax amendment for the assessment year 201415. Income tax department time series data financial year 200001 to 201819. For assessment year 20142015, additional surcharge called the education cess on incometax and. Provisions relating to direct taxes income tax department. Dear friends its my pleasure to share with you amendments made by finance act 20 applicable for may 2014 ca final direct taxes.

Tax amendments applicable for assessment year prometrics. 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. Total deduction amount of assessment year 2014 15 and 201516 shall be rs. 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. Studycafe one stop solution for ca cs cwa direct indirect. Important amendment in direct tax for ay 202021 fy 201920. Changes made in direct tax law by union budget 201718. From fy 201718 ay 1819, the surcharge for individuals is applicable as follows. Income tax act get complete knowledge about acts of income tax 1961 laws in india. Income tax slab rates for financial year 2014 assessment. You must check out the difference between the 1992 i. Tax amendments applicable for assessment year ay 202122 fy 202021. Modis government presented its first full budget by projecting the growth rate for gdp around 8. Amendments by finance act 20 applicable to fy 2014 ay.

Bharat publications ravi gupta edition based on provisions applicable for ay 201415 6. Abolition of levy of wealthtax under wealthtax act, 1957. 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. Income taxes are a source of revenue for governments. 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. Interest accruing on deposits in such account and the withdrawal from the said scheme will also exempt from tax. Gross direct tax collection during aprildecember of the financial year 201415 is up by 12. 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. Cr 1c the direct tax dispute resolution scheme, 2016. Chartered accountants finance bill, 2015 direct tax highlights all the following amendment are made effective from assessment years 201617, unless specifically mentioned otherwise.

Similarly, amendments are to be made in respect of the definition of urban land in the wealth tax act, 1957. 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. Cr1 amendments brought in by the finance bill, 2016. Ca final dt notes, questions, amendment, updates for may 2018. Ay 1617, exemption for transport allowance shall be increased from 800 p. In fy 201617 ay 1718, the surcharge for individuals is applicable for those who have total income over rs. Income tax department pan allotment statistics up to 31. Mar 19, 2019 ca final direct tax amendment may 2017 exam download in pdf.

Gross direct tax collection during aprildecember of the financial year 2014 15 is up by 12. 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. Measures to prevent generation and circulation of black money 11 32. Live webcast on nri taxation recent amendments analysis and implication on 1st may, 2020 friday from 06.

Direct taxes, income tax, wealth tax and tax planning. The central government has notified ten icdss effective from 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. Increase in limit under section 80d relating to deduction in respect of health insurance premia. 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. This incometax ready reckoner is based on the directtax laws as amended by the finance no. Interest on delayed gst payment to be charged on net tax liability. 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.

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 for promoting affordable housing and real estate sector d. I residential status, taxation of nonresidentsfiis etc. Starting from the next financial year, the corporate tax rate is proposed to be reduced to 25%. In this study material, efforts have been made to present the complex incometax law in a lucid manner. Changes made in direct tax law by union budget 201718 a. 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. Interest us 50 is an automatic liability, quantified after arithmetic exercise.