Ø Introduction of Investment &
Real estate trust with single point of taxation
Ø Section 80-IA benefit extended to
Slurry pipeline for transportation of Iron ore & Semiconductor water
fabricator manufacturing unit.
Ø No clarity on carried forward of
unabsorbed newly introduced investment allowance.
Ø CSR expenses allowable under MAT but
not allowable under normal tax computation
Ø Disallowance under section 40(a)(i)
extended to Salary & non-resident payments.
Ø More clarity required on
applicability of tax accounting standard.
Ø Unlisted shares & debt oriented
Mutual fund now Long term only after 36 Months and again LTCG taxable @ 20%.
Ø APA with 4 year roll back provision
Ø Now multiple years data use allowed
for transfer pricing benchmarking .
Ø Resident can now also apply for
advance ruling.
Ø DDT new effective rate comes to
19.994% (approx. 20%) effective from
October 1, 2014.
Ø For Section 54 & 54F, now investment is
only for one house and not multiple house.
Ø Income from transfer of securities
by FIIs is to be treated as capital gain in nature.
Ø Advance received & forfeited for
transfer of capital asset is taxable as income from other source.
Ø Assessee with principal business of
trading in shares now cannot do speculation.
Ø Credit of Alternative Minimum Tax
available in similar basis as for MAT
Ø Nom government employees can also
avail the benefit of section 80CCD under new pension scheme (NPS).
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