Amendments announced by Hon. Finance Minister in Finance Bill.
Finance Bill Update: No Retroactive Tax Changes on DTAAs; GAAR Deferred; TDS on Property Sales Withdrawn The Finance Bill amendments announced by the Finance Minister include several key changes. Retroactive amendments will not override Double Taxation Avoidance Agreements (DTAAs). A securities transaction tax of 0.2% is imposed on the sale of unlisted securities. The burden of proof is removed from taxpayers, and General Anti-Avoidance Rules (GAAR) are deferred to fiscal year 2014. Retroactive amendments will not apply to finalized assessments. The tax threshold for gold jewelry is increased to Rs 5 lakh, and the levy on all jewelry is withdrawn. Tax neutrality is maintained for foreign banks converting branches to subsidiaries. An independent member will be introduced to the GAAR panel, and the tax deduction at source (TDS) on the sale of immovable property is withdrawn. (AI Summary)
Amendments announced by Hon. Finance Minister in Finance Bill.
- Proposed retro amendments do not override DTAAs
- ST on sale of unlisted tax securities at 0.2%
- Remove onus of proof from tax payer
- Amending GAAR provision in Finance Bill
- GAAR deferred by one year, to be applicable from FY14
- Not to use retro amendments on cases where assessment final
- Hikes threshold for tax on gold jewellery to Rs 5 lakh
- Withdraws levy on all branded and non-branded jewellery
- Tax neutrality if foreign bks convert branches to subs
- Clarificatory proposals will not override tax treaties
- To introduce independent member to GAAR panel
- Withdrawal of TDS on sale of immovable property
Income Tax
TaxTMI 
TaxTMI 
