Amendments announced by Hon. Finance Minister in Finance Bill.
General Anti-Avoidance Rule deferred with independent panel member and safeguards for tax treaties and taxpayers. Finance Bill amendments: retroactive provisions and clarificatory proposals will not override double taxation avoidance agreements or apply where assessments are final; GAAR is amended and deferred, with provision for an independent panel member; the taxpayer's onus of proof is removed; securities transfer levy on unlisted taxable securities introduced; TDS on immovable property sales withdrawn; tax neutrality provided for conversion of foreign bank branches to subsidiaries; gold jewellery tax threshold increased and levies on branded and non branded jewellery withdrawn.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
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