Recent Important Changes/Amendments in Income Tax

Important amendments in Income Tax.

• Trading in Commodity derivatives would no longer be considered as speculative transaction. 

• E filing of Income Tax Return mandatory for AY 2013-14 if total income exceeds Rs. 5 Lakhs

• E-filing of Audit Reports Mandatory for AY 2013-14

• Seller of bullion/jewellery to collect TCS @ 1% from the buyer if amount exceeds Rs. 2 Lakh (Bullion)/ 5Lakh (Jewellery) w.e.f. 01-06-2013

• Buyer of immovable property (other than agricultural land) to deduct TDS @1% if the consideration amount is Rs. 50 Lakhs or more w.e.f. 01-06-2013

• For non-resident, uniform tax rate of 25% on royalty and fees for technical services

• Tax rebate of Rs. 2000/- for resident individuals if total income is not more than Rs. 5 Lakh

• Payment made by the Company to the shareholders on account of buyback of shares : Excess amount over issue price shall be charged to tax @ 20%. Applicable w.e.f. 01-06-2013

• Income tax return will be treated as defective if tax together with interest is not paid before furnishing the return.

CA Rahul Jain

rahuljain@rpmd.in