Income tax rate and compliance overhaul clarifies income characterisation, tightens trust exemptions, and expands TDS and valuation powers. The Finance (No.2) Act, 2014 specifies income tax rates and surcharge/cess mechanics and enacts wide amendments to income characterisation, capital gains rules, deduction and investment incentives, and compliance procedures. It treats securities held by notified foreign portfolio investors as capital assets, revises holding periods for unlisted securities and mutual fund units, expands and conditions investment linked deductions, tightens the charitable trust exemption code and CSR deductibility, revises TDS/TCS obligations and penalties, enhances valuation, survey and inquiry powers of tax authorities, enlarges advance ruling and APA schemes, mandates financial reporting by prescribed institutions, and prescribes taxation rules for business trusts and distributed income.
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Income tax rate and compliance overhaul clarifies income characterisation, tightens trust exemptions, and expands TDS and valuation powers.
The Finance (No.2) Act, 2014 specifies income tax rates and surcharge/cess mechanics and enacts wide amendments to income characterisation, capital gains rules, deduction and investment incentives, and compliance procedures. It treats securities held by notified foreign portfolio investors as capital assets, revises holding periods for unlisted securities and mutual fund units, expands and conditions investment linked deductions, tightens the charitable trust exemption code and CSR deductibility, revises TDS/TCS obligations and penalties, enhances valuation, survey and inquiry powers of tax authorities, enlarges advance ruling and APA schemes, mandates financial reporting by prescribed institutions, and prescribes taxation rules for business trusts and distributed income.
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