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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2015: Key Tax Amendments for REITs, InvITs, Charitable Purposes, and Enhanced Deductions u/ss 80C, 80D.</h1> The Finance Act, 2015 introduces several amendments to the Income-tax Act, 1961, and related financial regulations. Key changes include the taxation regime for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs), rationalization of the definition of charitable purposes, and alignment of taxation provisions with Income Computation and Disclosure Standards (ICDS). The Act also addresses indirect transfer provisions, residency status for companies, and tax neutrality on mutual fund mergers. It enhances deductions under sections like 80C, 80CCC, 80CCD, and 80D, and provides incentives for investments in specific states. Additionally, it abolishes the Wealth-tax Act, 1957, and introduces measures for improved tax compliance and administration.
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