DIRECT TAXES - Finance (No. 2) Bill, 2014

Chapter: III
DIRECT TAXES
Clause 3	:	Amendment of section 2 Clause 3 of the Bill seeks to amend section 2 of the Income- tax Act relating to definitions. It is proposed to amend the sai....
Clause 4	:	Substitution of new authorities Clause 4 of the Bill seeks to make consequential amendments in the Income-tax Act in view of the amendments made in section 2....
Clause 5	:	Amendment of section 10 Clause 5 of the Bill seeks to amend section 10 of the Income- tax Act relating to incomes not included in total income. Under....
Clause 6	:	Amendment of section 10AA Clause 6 of the Bill seeks to amend section 10AA of the Income-tax Act, relating to special provision in respect of newly est....
Clause 7	:	Amendment of section 11 Clause 7 of the Bill seeks to amend section 11 of the Income- tax Act relating to income from property held for charitable or....
Clause 8	:	Amendment of section 12A Clause 8 of the Bill seeks to amend section 12A of the Income- tax Act relating to conditions for applicability of sections 1....
Clause 9	:	Amendment of section 12AA Clause 9 of the Bill seeks to amend section 12AA of the Income-tax Act relating to procedure for registration. Under the exis....
Clause 10	:	Amendment of section 24 Clause 10 of the Bill seeks to amend section 24 of the Income-tax Act relating to deductions from income from house property.....
Clause 11	:	Amendment of section 32AC Clause 11 of the Bill seeks to amend section 32AC of the Income-tax Act relating to Investment in new plant or machinery. The....
Clause 12	:	Amendment of section 35AD Clause 12 of the Bill seeks to amend section 35AD of the Income-tax Act relating to deduction in respect of expenditure on sp....
Clause 13	:	Amendment of section 37 Clause 13 of the Bill seeks to amend section 37 of the Income-tax Act relating to general expenditure. The existing provision....
Clause 14	:	Amendment of section 40 Clause 14 of the Bill seeks to amend section 40 of the Income-tax Act relating to amounts not deductible. The provisions of s....
Clause 15	:	Amendment of section 43 Clause 15 of the Bill seeks to amend section 43 of the Income- tax Act relating to definitions of certain terms relevant to i....
Clause 16	:	Amendment of section 44AE Clause 16 of the Bill seeks to amend section 44AE of the Income-tax Act, relating to special provision for computing profits ....
Clause 17	:	Amendment of section 45 Clause 17 of the Bill seeks to amend section 45 of the Income-tax Act relating to capital gains. The existing provisions cont....
Clause 18	:	Amendment of section 47 Clause 18 of the Bill seeks to amend section 47 of the Income-tax Act relating to transactions not regarded as transfer. The ....
Clause 19	:	Amendment of section 48 Clause 19 of the Bill seeks to amend section 48 of the Income-tax Act relating to mode of computation. The existing provision....
Clause 20	:	Amendment of section 49 Clause 20 of the Bill seeks to amend section 49 of the Income- tax Act relating to cost with reference to certain modes of ac....
Clause 21	:	Amendment of section 51 Clause 21 of the Bill seeks to amend section 51 of the Income-tax Act relating to advance money received. The existing provis....
Clause 22	:	Amendment of section 54 Clause 22 of the Bill seeks to amend section 54 of the Income- tax Act relating to profit on sale of property used for reside....
Clause 23	:	Amendment of section 54EC Clause 23 of the Bill seeks to amend section 54EC of the Income-tax Act relating to capital gain not to be charged on investm....
Clause 24	:	Amendment of section 54F Clause 24 of the Bill seeks to amend section 54F of the Income-tax Act relating to capital gain on transfer of certain capita....
Clause 25	:	Amendment of section 56 Clause 25 of the Bill seeks to amend section 56 of the Income-tax Act relating to income from other sources. It is proposed t....
Clause 26	:	Amendment of section 73 Clause 26 of the Bill seeks to amend section 73 of the Income- tax Act relating to losses in speculation business. The existi....
Clause 27	:	Amendment of section 80C Clause 27 of the Bill seeks to amend section 80C of the Income-tax Act relating to deduction in respect of life insurance pre....
Clause 28	:	Amendment of section 80CCD Clause 28 of the Bill seeks to amend section 80CCD of the Income-tax Act relating to deduction in respect of contribution to ....
Clause 29	:	Amendment of section 80CCE Clause 29 of the Bill seeks to amend section 80CCE of the Income-tax Act relating to limit on deductions under sections 80C, ....
Clause 30	:	Amendment of section 80-IA Clause 30 of the Bill seeks to amend section 80-IA of the Income-tax Act relating to deductions in respect of profits and gai....
Clause 31	:	Amendment of section 92B Clause 31 of the Bill seeks to amend section 92B of the Income-tax Act relating to meaning of international transaction. The ....
Clause 32	:	Amendment of section 92CC Clause 32 of the Bill seeks to amend section 92CC of the Income-tax Act relating to advance pricing agreement. The existing p....
Clause 33	:	Amendment of section 111A Clause 33 of the Bill seeks to amend section 111A of the Income-tax Act relating to tax on short-term capital gains in certai....
Clause 34	:	Amendment of section 112 Clause 34 of the Bill seeks to amend section 112 of the Income-tax Act relating to tax on long-term capital gains. The existi....
Clause 35	:	Amendment of section 115A Clause 35 of the Bill seeks to amend section 115A of the Income-tax Act, relating to tax on dividends, royalty and technical ....
Clause 36	:	Amendment of section 115BBC Clause 36 of the Bill seeks to amend section 115BBC of the Income-tax Act relating to anonymous donations to be taxed in cert....
Clause 37	:	Amendment of section 115BBD Clause 37 of the Bill seeks to amend section 115BBD of the Income-tax Act relating to tax on certain dividends received from ....
Clause 38	:	Amendment of section 115JC Clause 38 of the Bill seeks to amend section 115JC of the Income-tax Act relating to the provisions for payment of tax by cer....
Clause 39	:	Amendment of section 115JEE Clause 39 of the Bill seeks to amend section 115JEE of the Income-tax Act relating to application of the Chapter XII-BA to ce....
Clause 40	:	Amendment of section 115-O Clause 40 of the Bill seeks to amend section 115-O of the Income-tax Act relating to tax on distributed profits of domestic c....
Clause 41	:	Amendment of section 115R Clause 41 of the Bill seeks to amend section 115R of the Income-tax Act relating to tax on distributed income to unit holders....
Clause 42	:	Amendment of section 115TA Clause 42 of the Bill seeks to amend section 115TA of the Income-tax Act relating to tax on distributed income to investors. ....
Clause 43	:	Insertion of new Chapter XII-FA Clause 43 of the Bill seeks to insert a new Chapter XII-FA in the Income-tax Act which deals with Special Provisions Relating....
Clause 44	:	Amendment of section 116 Clause 44 of the Bill seeks to amend section 116 of the Income-tax Act relating to income-tax authorities. Section 116 specif....
Clause 45	:	Amendment of section 133A Clause 45 of the Bill seeks to amend section 133A of the Income-tax Act relating to power of survey. The existing provision c....
Clause 46	:	Insertion of new section 133C- Power to call for information by prescribed income-tax authority Clause 46 of the Bill seeks to insert a new section 133C in the Income-tax Act relating to power to call for information by p....
Clause 47	:	Amendment of section 139 Clause 47 of the Bill seeks to amend section 139 of the Income-tax Act relating to return of income. The existing provisions ....
Clause 48	:	Amendment of section 140 Clause 48 of the Bill seeks to amend section 140 of the Income-tax Act relating to return by whom to be signed. Section 140 o....
Clause 49	:	Substitution of new section for section 142A- Estimation of value of assets by Valuation Officer Clause 49 of the Bill seeks to substitute section 142A of the Income-tax Act relating to estimate by Valuation Officer in cer....
Clause 50	:	Amendment of section 145 Clause 50 of the Bill seeks to amend section 145 of the Income-tax Act relating to method of accounting. The existing provisi....
Clause 51	:	Amendment of section 153 Clause 51 of the Bill seeks to amend section 153 of the Income-tax Act relating to time limit for completion of assessments a....
Clause 52	:	Amendment of section 153B Clause 52 of the Bill seeks to amend section 153B of the Income-tax Act relating to time limit for completion of assessment u....
Clause 53	:	Amendment of section 153C Clause 53 of the Bill seeks to amend section 153C of the Income-tax Act relating to assessment of income of any other person.....
Clause 54	:	Amendment of section 194A Clause 54 of the Bill seeks to amend section 194A of the Income-tax Act relating to deduction of tax at source on interest ot....
Clause 55	:	Insertion of new section 194DA- Payment in respect of life insurance policy Clause 55 of the Bill seeks to insert a new section 194DA in the Income-tax Act relating to payment in respect of life insura....
Clause 56	:	Insertion of new section 194LBA- Certain income from units of a business trust Clause 56 of the Bill seeks to insert a new section 194LBA in the Income-tax Act which relates to certain income from busines....
Clause 57	:	Amendment of section 194LC Clause 57 of the Bill seeks to amend section 194LC of the Income-tax Act relating to income by way of interest from Indian co....
Clause 58	:	Amendment of section 200 Clause 58 of the Bill seeks to amend section 200 of the Income-tax Act relating to duty of person deducting tax. The existing....
Clause 59	:	Amendment of section 200A Clause 59 of the Bill seeks to amend section 200A of the Income-tax Act relating to processing of statements of tax deducted ....
Clause 60	:	Amendment of section 201 Clause 60 of the Bill seeks to amend section 201 of the Income-tax Act relating to consequences of failure to deduct or pay. ....
Clause 61	:	Amendment of section 206AA Clause 61 of the Bill seeks to amend section 206AA of the Income-tax Act relating to requirement to furnish Permanent Account....
Clause 62	:	Amendment of section 220 Clause 62 of the Bill seeks to amend section 220 of the Income-tax Act relating to when tax payable and when assesee deemed i....
Clause 63	:	Amendment of section 269SS Clause 63 of the Bill seeks to amend section 269SS of the Income-tax Act relating to mode of taking or accepting certain loan....
Clause 64	:	Amendment of section 269T Clause 64 of the Bill seeks to amend section 269T of the Income-tax Act relating to mode of repayment of certain loans and de....
Clause 65	:	Amendment of section 271FA Clause 65 of the Bill seeks to amend section 271FA of the Income-tax Act relating to penalty for failure to furnish annual in....
Clause 66	:	Insertion of new section 271FAA- Penalty for furnishing inaccurate statement of financial transaction or reportable account Clause 66 of the Bill seeks to insert a new section 271FAA in the Income-tax Act to provide for penalty for furnishing inaccu....
Clause 67	:	Amendment of section 271G Clause 67 of the Bill seeks to amend section 271G of the Income-tax Act relating to levy of penalty for failure to furnish in....
Clause 68	:	Amendment of section 271H Clause 68 of the Bill seeks to amend section 271H of the Income-tax Act relating to penalty for failure to furnish statements....
Clause 69	:	Amendment of section 276D Clause 69 of the Bill seeks to amend section 276D of the Income-tax Act which relates to failure to produce accounts and docu....
Clause 70	:	Amendment of section 281B Clause 70 of the Bill seeks to amend section 281B of the Income-tax Act relating to provisional attachment to protect revenue....
Clause 71	:	Substitution of new section for section 285BA - Obligation to furnish statement of financial transaction or reportable account Clause 71 of the Bill seeks to substitute section 285BA of the Income-tax Act relating to obligation to furnish annual inform....