Income tax rate structure and major amendments that expand deductions, introduce new TDS provisions, and modify GAAR timeline. The Finance Act, 2013 enacts broad direct tax amendments: it prescribes income tax rates and corresponding TDS/advance tax rates for 2013 14; inserts and amends substantive provisions including definitions of capital asset, valuation rules for immovable property transfers, and treatment of keyman insurance; creates targeted incentives (deduction for large investment in new plant and machinery, first home loan interest deduction, pass through status to qualifying AIFs); introduces withholding on certain property transfers and concessional withholding on specified rupee bonds; revises GAAR implementation and composition; and establishes special distribution taxes (buy back of unlisted shares, mutual funds, securitisation trusts) alongside procedural changes to audits, limitation periods and compliance reporting.
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Provisions expressly mentioned in the judgment/order text.
Income tax rate structure and major amendments that expand deductions, introduce new TDS provisions, and modify GAAR timeline.
The Finance Act, 2013 enacts broad direct tax amendments: it prescribes income tax rates and corresponding TDS/advance tax rates for 2013 14; inserts and amends substantive provisions including definitions of capital asset, valuation rules for immovable property transfers, and treatment of keyman insurance; creates targeted incentives (deduction for large investment in new plant and machinery, first home loan interest deduction, pass through status to qualifying AIFs); introduces withholding on certain property transfers and concessional withholding on specified rupee bonds; revises GAAR implementation and composition; and establishes special distribution taxes (buy back of unlisted shares, mutual funds, securitisation trusts) alongside procedural changes to audits, limitation periods and compliance reporting.
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