The
Income Tax Department had issued a
notification No. 08 /2013 Dated
10.10.2013 regarding latest amendments of TDS and Income
Tax sections and exemptions limits. The present Circular contains the rates of deduction of
Income-Tax from the payment of
income chargeable under the head "Salaries" during the Financial Year 2013-2014 (Asstt. Year 2014-15) and explains
certain related provisions of the Act and Income-tax Rules, 1962 (hereinafter
the Rules).
As
per the Finance Act, 2013, Income-Tax is required to be deducted under Section
192 of the Act from income chargeable under the head
"Salaries" for the financial
year 2013-14 (i.e.Assessment Year 2014-15) at the following new updates
regarding TDS and Income Tax :
House
Property
:
-
Deduction u/s. 80EE in respect of interest on loan taken for residential House property.
Other
Source
:
-
Income received in India in Indian currency by foreign company. [New Amendment to Sec. 10(48)]
-
Immovable property received for inadequate consideration.[sec.56(2)(vii)(b)]
Capital
Gain :
-
Income of a shareholder on account of buy-back of shares [Sec 10(34A)].
-
Amendment in Section 2(14) to the definition of capital gain.
Deduction
u/s 80JJA and u/s 80JJAA implemented.
Rebate of Rs.2000 for resident Individual having total income up to Rs.5 Lakh. (Sec87A
No comments:
Post a Comment