Highlights of Union Budget 2013 – Direct Tax
perspective:
Section /Schedule
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Head
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Amendment/New Provision
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Effective
date
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Part III to
Schedule I
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Advance taxes & TDS u/s 192
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Advance taxes for the FY 2012-13 and TDS
u/s 192 from salary shall be made at the following rates:
·
In case of
Individuals, HUF, AOP/BOI & Artificial juridical person:
# In case of individual being woman
resident in India and below the age of 60
years at any time during the PY, the basis exemption limit has been retained
at Rs. 200,000 [in par with men assesses].
#In case of individual, being resident in
India, who is age of 60 years or more but less
than 80 Years at any time during the PY, the basic exemption limit is
same i.e., Rs. 2,50,000.
@ In case of individual, being resident
in India,
who is age of 80 years or more at
any time during the PY, the basic exemption limit is same at Rs. 5,00,000.
Education cess and SHEC shall be
continued to be levied in all cases.
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1-4-2013
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Commodity Transaction tax
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Date of
Enforcement of Finance Bill 2013
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115A
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Royalty
or Fees of Technical Services
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AY 2014-15
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32AC
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Incentive for New Investment
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AY 2014-15
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80IA
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Deduction to Power Sector
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1-4-2013
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87
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Rebate
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AY 2013-14
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80EE
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Interest on Housing Loan
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AY 2014-15
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80C
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Life Insurance Premium
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Deduction in respect of premium paid
shall be allowed to the extent of 15% [earlier 10%] of the actual capital sum
assured in the case of persons suffering from disability or severe disability
as referred to in Section 80U or suffering from disease or ailment as
specified in the rules made u/s 80DDB
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1-4-2013
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80CCG
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Deduction for Investment
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1-4-2013
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80G
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Deduction
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1-4-2013
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115BBd
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Dividend from Foreign Associate
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Dividend received from Foreign Company [in
which shareholding is 26% or more] is taxed @ 15% if such dividend is
included in the total income.
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1-4-2013
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98
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STT
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1-6-2013
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194IA
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TDS
on Immovable Properties
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1-6-2013
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XII DA
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Additional Income Tax on Buy Back
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1-6-2013
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43CA
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Stamp Value of Immovable property
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If Land or Buildings or both are held as
stock in trade and the same are transferred at a value lesser than the value
adopted for payment of stamp duty, the stamp duty value shall be deemed to be
the full value of consideration for
computing income under PGBP
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1-4-2013
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56(2)(vii)
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Gift of Immovable Property
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1-4-2013
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46
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Annexure Less Return of Wealth tax
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Return of Wealth tax can be filed online
without any annexures
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1-6-2013
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2(14)
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Definition of Capital Asset
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Sub Clause (iii) of sub section (14) of
Section 2has been amended to provide that an agricultural land shall be an
capital asset if:
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1-4-2013
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10(10D)
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Exemption to sum received on maturity of
Insurance
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1-4-2013
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80GGB and 80GGC
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Contribution to Political parties
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Deduction to be allowed only if donation
is paid otherwise than by way of cash
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1-4-2013
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179
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Tax Due from Private Company
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If tax due cannot be recovered from
private company, then it can be recovered from all its directors jointly and
severally.
Clarification is issued that the tax due
shall include interest and penalties
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1-6-2013
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Expl to 139(9)
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Defective Return
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Return of Income shall be treated as
defective if the tax payable along with interest in accordance with Section
140A has not been paid on or before the due date of furnishing the return
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1-6-2013
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