Union Budget 2014-2015  -  Budget Speech  -  Finance Bill (No. 2) 2014

Budget 2014-2015 - Service Tax Notifications & Circulars

Budget 2014-2015 - Central Excise Notifications & Circulars

Budget 2014-2015 - Customs Notifications & Circulars

Notes to the Clauses

• SERVICE TAX - SEZ – procedural simplification: [changes to have immediate effect]

• SERVICE TAX - Simplification of partial reverse charge mechanism

• SERVICE TAX - Point of Taxation Rules

• SERVICE TAX - Place of Provision of Services Rules

• SERVICE TAX - Cenvat Credit

• Service Tax Rules - changes to have immediate effect

• SERVICE TAX - Compliance enhancement

• SERVICE TAX - other amendments in Chapter V of the Finance Act, 1994

• SERVICE TAX - Retrospective Exemption

• SERVICE TAX - New exemptions

• Service tax on taxable portion in respect of transportation service by vessels

• Service tax on service portion in Works Contracts - Rationalization

• SERVICE TAX - Broadening the tax base

• Central Excise - Proposals involving changes in rates of duty

• Central Excise

• Customs - Proposals involving changes in rates of duty

• Customs - Baggage Rules

• CUSTOMS

• Credit of Alternate Minimum Tax

• Extension of tax benefits under section 80CCD to private sector employees

• Assessment of income of a person other than the person who has been searched

• Obligation to furnish statement of Information

• Provisional attachment under section 281B

• Failure to produce accounts and documents

• Mode of acceptance or repayment of loans and deposits

• Interest payable by the assessee under section 220

• Estimate of value of assets by Valuation Officer

• Inquiry by prescribed income-tax authority

• Mutual Funds, Securitisation Trusts and Venture Capital Companies or Venture Capital Funds to file return of income

• Power of survey

• Income-tax Authorities

• Losses in Speculation Business

• Capital gains exemption on investment in Specified Bonds

• Capital gains exemption in case of investment in a residential house property

• Cost Inflation Index

• Capital gains arising from transfer of an asset by way of compulsory acquisition

• Speculative transaction in respect of commodity derivatives

• Transfer of Government Security by one non-resident to another non-resident

• Extension of income-tax exemption to Special Undertaking of Unit Trust of India (SUUTI)

• Income Computation and Disclosure Standards

• Business of Plying, Hiring or Leasing Goods Carriages

• Tax Deduction at Source

• Disallowance of expenditure for non- deduction of tax at source

• Corporate Social Responsibility (CSR)

• Applicability to earlier years of the registration granted to a trust or institution

• Levy of Penalty under section 271G by Transfer Pricing Officers

• Rationalisation of the Definition of International Transaction

• Anonymous donations under section 115BBC

• Cancellation of registration of the trust or institution in certain cases

• Clarification in respect of section 10(23C) of the Act

• Rationalisation of taxation regime in the case of charitable trusts and institutions

• Signing and verification of return of income

• Tax deduction at source from non-exempt payments made under life insurance policy

• Taxability of advance for transfer of a capital asset

• Alternate Minimum Tax

• Characterisation of Income in case of Foreign Institutional Investors

• Roll back provision in Advance Pricing Agreement Scheme

• Reduction in tax rate on certain dividends received from foreign companies

• Concessional rate of tax on overseas borrowing

• Deduction from income from house property

• Raising the limit of deduction under section 80C

• Deduction in respect of capital expenditure on specified business

• Extension of the sunset date under section 80-IA for the power sector

• Investment Allowance to a Manufacturing Company

• Taxation Regime for Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (Invit)

• Tax on long-term capital gains on units

• Long-term Capital Gains on debt oriented Mutual Fund and its qualification as Short-term capital asset

• Dividend and Income Distribution Tax

• RATES OF INCOME-TAX

Service tax reform: procedural simplification and expanded tax base alongside comprehensive direct tax compliance measures. The Bill implements a package of service tax reforms-procedural simplification for SEZs, partial reverse charge, point of taxation and place of provision rules, Cenvat credit clarifications, immediate-effect Service Tax Rule changes, targeted exemptions and base-broadening measures including taxation of service components in transport and works contracts-and a suite of direct tax amendments strengthening assessment, attachment and survey powers while revising exemptions, deductions, alternate minimum tax credit, transfer pricing definitions, TDS obligations and special tax regimes for funds and investment trusts.