Senior Citizen 250000 Senior Senior Citizen 500000 Change in tax slabs No differentiation for working women Exemption

upto 10% of sum assured Higher exemption on R & D expenditure time limit increased till 2017 Insertion of new sec 35CCC Where and 35CCD expenditure incurred on agricultural extension project or any skill development project than Compulsory audit of accounts limit raised to 1 crore and 20 Lacs respectively New sec 54GB inserted New sec 194 LC for TDS on interest to non residents Provisions of Alternate Minimum tax extended to all persons other than a company who has claimed deduction under Ch VI A TDS on transfer of immovable property TDS on remuneration paid to director other than in the nature of salary u/s 194J TCS on sale transaction of bullion or jewellery if the consideration is paid in cash and exceeds Rs.2 lacs TCS on sale of coal, lignite or iron ore other than if purchased for personal consumption or if the buyer declares that it will be Taxation of unexplained cash etc. without considering the basic exemption limit and no deduction for any expenditure shall b Compulsory filing of return of income if the assessee holds any asset outside India Time Limit for reopening of assessments where any property is located outside India increased from 6 years to 16 years Imposition of penalty in case of undisclosed income at 10% OR 20% as the case may be New prosecution provisions Where any company receives any consideration for sale of shares which is higher than its fair value than such higher amount Reduction in tax rate on interest paid to non resident for funding through a source outside India to 5% form specified categor Provisions for removing the cascading effect of Dividend distribution tax Higher initial depreciation allowed to power sector also Weighted deduction on research & development time limit increased till 2017 Weighted deduction of 150% allowed on expenditure on skill development projects Senior citizens not to deposit advance tax if they have income other than income from business or profession Limit for considering the residential house alloted by the company for wealth tax increased from rs 5 Lacs to Rs 10 Lacs Relief from long term capital gains on sale of residential property if the sale proceeds invested in a equity of new MSME comp Reduction in Securities Transaction Tax from 0.125% to 0.1% on shares covered under delivery basis 100% investment linked deduction scheme extended to three more business i.e bee keeping, setting up etc of inland containe Weighted deduction of 150% on capital expenditure in certain specified businesses Sunset clause under sec 80A for power sector extended for one more year reduction in age of senior citizens from 65 years to 60 years for certain reliefs under Income tax act Deduction of Rs 5000/- on preventive medical health checkup under Sec 80D Deduction upto rs 10000/- on interest income on savings account Payer not to be considered as assessee in default for non deduction of TDS if the payee has discharged his liability. Clarificatio Deduction of the above expenditure shall also be allowable in the year when the payee has filed the return of income The fee for non submission of TDS return increased from rs100 per day to Rs.200 per day and if not submitted within one yea Levy of penalty form Rs10000 to Rs 100000 for wrong furnishing of details in TDS return Limit for non deduction of TDS on interest on debentures increased from rs 2500 to Rs 5000 Rationalization of international taxation provisions Rationalization of Transfer Pricing provisions

Provisions related to Dispute Resolution Panel

skill development project than 150% deduction is available

claimed deduction under Ch VI A or Sec 10AA provided the adjusted total income exceeds Rs 20 Lacs

the buyer declares that it will be used in manufacturing, processing or producing ction for any expenditure shall be allowed

d from 6 years to 16 years

value than such higher amount shall be chargeable to tax under the head Income from Other Sources dia to 5% form specified category of business

ess or profession om rs 5 Lacs to Rs 10 Lacs d in a equity of new MSME company and that company uses it for purchase of new plant & machinery

setting up etc of inland container depot and warehousing facility for sugar

scharged his liability. Clarification is given regarding the timing when the payee has discharged his liability ed the return of income if not submitted within one year than additional penalty from Rs10000 to rs 100000