Deduction of tax at source expanded to cover interest, professional fees and mutual fund unit income, increasing withholding obligations. The Finance Act, 1995 enacts wide-ranging amendments to the Income-tax Act, 1961: it revises tax rates and exemption thresholds, expands deduction of tax at source to cover interest on time deposits, fees for professional and technical services and income of mutual fund unit holders, and introduces a special block assessment regime for undisclosed income detected by search. The Act also rationalises exemptions and tax holidays, tightens accounting and depreciation rules, enhances procedural powers for information gathering and surveys, and prescribes administrative changes for PAN allotment and tax audit compliance.
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Deduction of tax at source expanded to cover interest, professional fees and mutual fund unit income, increasing withholding obligations.
The Finance Act, 1995 enacts wide-ranging amendments to the Income-tax Act, 1961: it revises tax rates and exemption thresholds, expands deduction of tax at source to cover interest on time deposits, fees for professional and technical services and income of mutual fund unit holders, and introduces a special block assessment regime for undisclosed income detected by search. The Act also rationalises exemptions and tax holidays, tightens accounting and depreciation rules, enhances procedural powers for information gathering and surveys, and prescribes administrative changes for PAN allotment and tax audit compliance.
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