AS INTRODUCED IN LOK SABHA

ON 28TH FEBRUARY, 2013

Bill No.18 of 2013

THE FINANCE BILL, 2013
A
BILL
to give effect to the financial proposals of the Central Government for the
financial year 2013-2014.

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Finance Bill 2013

Finance Bill 2013: major tax changes-new GAAR, buy back tax, securitisation trust tax, investment allowance and commodities tax. Finance Bill, 2013 revises income tax rates and adds graduated surcharges and education cesses; defines treatment of net agricultural income; introduces GAAR (Chapter X A) with rules to recharacterise or disregard arrangements and an Approving Panel to authorise GAAR invocation; levies tax on buy back of unlisted shares at 20% and on securitisation trust distributed income at specified rates with withholding and reporting obligations; creates a 15% investment allowance under section 32AC for large new plant and machinery with five year recapture; inserts section 80EE housing loan interest deduction; and enacts a commodities transaction tax (0.01%) plus customs, excise and service tax procedural and penalty amendments.