\n

1.      
\n<\/strong>Introduction <\/strong><\/p>\n

 <\/p>\n

1.1 <\/strong>The Finance (No.2) Act, 2014
\n(hereafter referred to as \u2018the Act\u2019) as passed by <\/strong>the Parliament, received
\nthe assent of the President on the 6th day of August, 2014 and has been enacted
\nas Act No. 25 of 2014. This circular explains the substance of the provisions
\nof the Act relating to direct taxes.<\/p>\n

 <\/p>\n

2. 
\nChanges made by the Act<\/strong><\/p>\n

 <\/p>\n

2.1 <\/strong>The Act has-<\/p>\n

 <\/p>\n

(i<\/em>) specified the rates of income-tax
\nfor the assessment year 2014-15 and the rates of income -tax on the basis of
\nwhich tax has to be deducted at source and advance tax has to be paid during
\nfinancial year 2014-15.<\/p>\n

 <\/p>\n

(ii<\/em>) amended sections 2,10, 10AA, 11,
\n12A, 12AA, 24, 32AC, 35AD, 37, 40, 43, 44AE, 45, 47, 48, 49, 51, 54, 54EC, 54F,
\n56, 73, 80C, 80CCD, 80CCE, 80-IA, 92B, 92C, 92CC, 111A, 112, 115A, 115BBC,
\n115BBD, 115JC, 115JEE, 115-O, 115R, 115TA, 116, 119, 133A, 139, 140, 145 153,
\n153B, 153C, 194A, 194LC, 200, 200A, 201, 206AA, 220, 245A, 245N, 245-O, 269SS,
\n269T, 271FA, 271G, 271H, 276D and 281B of the Income-tax Act, 1961;<\/p>\n

 <\/p>\n

(iii) <\/em>Substituted new sections for sections 142A
\nand 285BA;<\/p>\n

 <\/p>\n

(iv<\/em>) inserted new sections 133C, 142A,
\n194DA, 194LBA and 271FAA in the Income-tax Act, 1961;<\/p>\n

 <\/p>\n

(v<\/em>) inserted Chapter XII-FA consisting
\nof section 115UA in the Income-tax Act, 1961;<\/p>\n

 <\/p>\n

(vi<\/em>) amended sections 22A of the
\nWealth-tax Act, 1957;<\/p>\n

 <\/p>\n

(vii<\/em>) amended sections 97 and 98 of
\nthe Finance (No.2) Act, 2004;<\/p>\n

 <\/p>\n

(viii) amended section 13 of the Unit Trust
\nof India (Transfer of Undertaking and Repeal) Act, 2002.<\/p>\n

 <\/p>\n

3.     
\n<\/strong>Rate structure <\/strong><\/p>\n

 <\/p>\n<\/div>\n

3.1 Rates of
\nincome-tax in respect of incomes liable to tax for the assessment year 2014-15<\/strong><\/p>\n

 <\/p>\n

3.1.1 <\/strong>In respect of income of all
\ncategories of assessees liable to tax for the <\/strong>assessment year 2014-15,
\nthe rates of income-tax have been specified in Part I of the First Schedule to
\nthe Act. These rates are the same as those laid down in Part III of the First
\nSchedule to the Finance Act, 2013 for the purposes of computation of \u201cadvance
\ntax\u201d, deduction of tax at source from \u201cSalaries\u201d and charging of tax payable in
\ncertain cases during the financial year 2013-14.<\/p>\n

 <\/p>\n

The main features of
\nthe rates specified in the said Part I are as follows: <\/p>\n

 <\/p>\n

3.1.2 Individual, Hindu undivided family,
\nassociation of persons, body of individuals or artificial juridical person. \u2013<\/strong><\/p>\n

 <\/p>\n

Paragraph A of Part I of the First Schedule
\nspecifies the rates of income-tax in the case of every individual, Hindu
\nundivided family, association of persons, body of individuals or artificial
\njuridical person (other than a co-operative society, firm, local authority and
\ncompany) as under:-<\/p>\n

Download explanatory notes to the provision of the finance act (No. 2) 2014<\/a> <\/p>\n","protected":false},"excerpt":{"rendered":"

1.       Introduction 1.1 The Finance (No.2) Act, 2014 (hereafter referred to as \u2018the Act\u2019) as passed by the Parliament, received the assent of the President on the 6th day of August, 2014 and has been enacted as Act No. 25 of 2014. This circular explains the substance of the provisions of the Act relating to … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4],"tags":[26],"class_list":["post-67","post","type-post","status-publish","format-standard","hentry","category-income-tax","tag-income-tax"],"yoast_head":"\n