Budget 2014-15 - THE FINANCE (No. 2) BILL, 2014 - Amendments Simplified [Notes to the clauses of Finance Bill]

Union Budget 2014-2015  -  Budget Speech  -  Finance Bill (No. 2) 2014

Budget 2014-2015 - Service Tax Notifications & Circulars

Budget 2014-2015 - Central Excise Notifications & Circulars

Budget 2014-2015 - Customs Notifications & Circulars

Notes to the Clauses

• SERVICE TAX - SEZ – procedural simplification: [changes to have immediate effect]

• SERVICE TAX - Simplification of partial reverse charge mechanism

• SERVICE TAX - Point of Taxation Rules

• SERVICE TAX - Place of Provision of Services Rules

• SERVICE TAX - Cenvat Credit

• Service Tax Rules - changes to have immediate effect

• SERVICE TAX - Compliance enhancement

• SERVICE TAX - other amendments in Chapter V of the Finance Act, 1994

• SERVICE TAX - Retrospective Exemption

• SERVICE TAX - New exemptions

• Service tax on taxable portion in respect of transportation service by vessels

• Service tax on service portion in Works Contracts - Rationalization

• SERVICE TAX - Broadening the tax base

• Central Excise - Proposals involving changes in rates of duty

• Central Excise

• Customs - Proposals involving changes in rates of duty

• Customs - Baggage Rules

• CUSTOMS

• Credit of Alternate Minimum Tax

• Extension of tax benefits under section 80CCD to private sector employees

• Assessment of income of a person other than the person who has been searched

• Obligation to furnish statement of Information

• Provisional attachment under section 281B

• Failure to produce accounts and documents

• Mode of acceptance or repayment of loans and deposits

• Interest payable by the assessee under section 220

• Estimate of value of assets by Valuation Officer

• Inquiry by prescribed income-tax authority

• Mutual Funds, Securitisation Trusts and Venture Capital Companies or Venture Capital Funds to file return of income

• Power of survey

• Income-tax Authorities

• Losses in Speculation Business

• Capital gains exemption on investment in Specified Bonds

• Capital gains exemption in case of investment in a residential house property

• Cost Inflation Index

• Capital gains arising from transfer of an asset by way of compulsory acquisition

• Speculative transaction in respect of commodity derivatives

• Transfer of Government Security by one non-resident to another non-resident

• Extension of income-tax exemption to Special Undertaking of Unit Trust of India (SUUTI)

• Income Computation and Disclosure Standards

• Business of Plying, Hiring or Leasing Goods Carriages

• Tax Deduction at Source

• Disallowance of expenditure for non- deduction of tax at source

• Corporate Social Responsibility (CSR)

• Applicability to earlier years of the registration granted to a trust or institution

• Levy of Penalty under section 271G by Transfer Pricing Officers

• Rationalisation of the Definition of International Transaction

• Anonymous donations under section 115BBC

• Cancellation of registration of the trust or institution in certain cases

• Clarification in respect of section 10(23C) of the Act

• Rationalisation of taxation regime in the case of charitable trusts and institutions

• Signing and verification of return of income

• Tax deduction at source from non-exempt payments made under life insurance policy

• Taxability of advance for transfer of a capital asset

• Alternate Minimum Tax

• Characterisation of Income in case of Foreign Institutional Investors

• Roll back provision in Advance Pricing Agreement Scheme

• Reduction in tax rate on certain dividends received from foreign companies

• Concessional rate of tax on overseas borrowing

• Deduction from income from house property

• Raising the limit of deduction under section 80C

• Deduction in respect of capital expenditure on specified business

• Extension of the sunset date under section 80-IA for the power sector

• Investment Allowance to a Manufacturing Company

• Taxation Regime for Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (Invit)

• Tax on long-term capital gains on units

• Long-term Capital Gains on debt oriented Mutual Fund and its qualification as Short-term capital asset

• Dividend and Income Distribution Tax

• RATES OF INCOME-TAX