Finance Bill 2003 resets tax rates, shifts dividend/unit tax to distributors, expands deductions and overhauls search assessments. Finance Bill, 2003 prescribes income tax and TDS rates for 2003-04, introduces surcharges and a new additional income tax on dividends and mutual fund distributions (shifting tax to distributors and exempting recipients), creates new deductions and exemptions (including for patents, authors, disabilities, senior citizens and specified welfare bodies), rationalises definitions and deduction rules (repairs, interest, plant), replaces block assessment for search cases with sections 153A-153C setting notice, limitation and procedural rules, and enacts wide customs and excise tariff, duty structure and procedural reforms including a three tier excise regime, targeted reliefs, national calamity levies and expanded service tax coverage.
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Finance Bill 2003 resets tax rates, shifts dividend/unit tax to distributors, expands deductions and overhauls search assessments.
Finance Bill, 2003 prescribes income tax and TDS rates for 2003-04, introduces surcharges and a new additional income tax on dividends and mutual fund distributions (shifting tax to distributors and exempting recipients), creates new deductions and exemptions (including for patents, authors, disabilities, senior citizens and specified welfare bodies), rationalises definitions and deduction rules (repairs, interest, plant), replaces block assessment for search cases with sections 153A-153C setting notice, limitation and procedural rules, and enacts wide customs and excise tariff, duty structure and procedural reforms including a three tier excise regime, targeted reliefs, national calamity levies and expanded service tax coverage.
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