Budget 2013-14 Comments on Finance Act - 2013

CONTENTS INCOME TAX

S.No. Particulars Section Pages

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

General Provisions Relating To Taxes Imposed Under Sections 5, 6 And 7 Income From Property Set-Off Of Losses Group Taxation Group Relief Person Unexplained Income Or Assets Minimum Tax On The Income Of Certain Persons Tax On Income Of Certain Persons Taxation Of Income Of Certain Retailers Return Of Income Persons Not Required To Furnish A Return Of Income Method Of Furnishing Returns And Other Documents Wealth Statement Extension Of Time For Furnishing Return And Other Documents Investment Tax On Income Provisional Assessment Appointment Of The Appellate Tribunal Salary Payments To Non-Residents Payments For Goods, Services And Contracts Certificate Of Collection Or Deduction Of Tax Statements Additional Payment For Delayed Refunds

Section 8 Section 15 Section 56 Section 59AA Section 59B Section 80 Section 111 Section 113 Section 113A Section 113B Section 114 Section 115 Section 118 Section 116 Section 119 Section 120A Section 122C Section 130 Section 149 Section 152 Section 153 Section 164 Section 165 Section 171

01 02 07 08 08 09 10 12 15 15 18 22 22 26 28 29 31 32 36 38 39 40 41 46

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Budget 2013-14 Comments on Finance Act - 2013

25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44

Representatives Audit Selection For Audit By The Board Assistance To Commissioner Taxpayers Registration Offences And Penalties Prosecution For Unauthorized Disclosure Of Information By A Public Servant Directorate-General Of Law Directorate-General Of Research And Development Collection Of Tax By NCCPL Tax On Motor Vehicles Advance Tax On Functions And Gatherings Advance Tax On Foreign-Produced Film, TV Plays And Serials Advance Tax On Cable Operators And Other Electronic Media Payment To Traders And Distributors Advance Tax On Sales To Distributors, Dealers And Wholesalers Advance Tax On Sales To Retailers Collection Of Advance Tax By Educational Institutions Advance Tax On Dealers, Commission Agents And Arhatis Etc. Reference To Authorities

Section 172 Section177 Section 214C Section 178 Section 181 Section 182 Section 198 Section 230B Section 230C Section 233AA Section 234 Section 236D Seton 236E Section 236F Section 153A Section 236G Section 236H Section 236I Section 236J Section 239B

48 49 49 54 54 55 59 61 61 62 64 66 67 69 70 70 70 72 73 74

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Budget 2013-14 Comments on Finance Act - 2013

S.No.

Particulars

Pages

THE FIRST SCHEDULE PART I 45 Rate of Tax Division I ( Clause 1) Individuals and Association of Persons 46 Clause (1A) Rate of Tax for Salaried Persons Division II Rate of Tax for Companies PART II Rates of Advance Tax PART III 49 Deduction of Tax at Source Division III Payment for Goods or Services 50 Division VI Prizes and Winnings Part IV of the First Schedule 51 Division V Telephone/Mobile Subscriber 52 Division VI Cash Withdrawal from a Bank Division VII Purchase of Motor Cars and Jeeps Division VIII Advance Tax at the time of Sale of Auction 84 83 83 82 77 75

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Budget 2013-14 Comments on Finance Act - 2013

THE SECOND SCHEDULE - Exemption and Tax Concessions PART I 55 Exemptions from total Income Perquisites received by Employees 56 57 58 59 60 Income of Educational Institutions Income earned by IDI, ICC and Partners Dividend in Specie Income related to Special Economic Zone PART II Reduction in Tax Rates PART III 61 Reduction in Tax Liability Tax on Flying and Sub-Marine Allowance 62 63 Tax on Full Time Teacher or a Researcher Tax on Business of Distribution of Cigarettes PART IV 64 Exemption from Specific Provision Profit on NSS and TFC(s) 65 66 Hajj Group Operators Issuance of Exemption Certificate Under Section 148 THE THIRD SCHEDULE PART II 67 PART II Initial Allowance and First Year Allowance THE SEVENTH SCHEDULE 68 Rules for the Computation of the Profits and Gains of a Banking Company and tax payable thereon 69 INCOME SUPPORT LEVY ACT, 2013 94 93 92 91 91 90 89 89 88 85 86 86 87 88 85

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