HIGHLIGHTS
- Turnover of companies upto ₹ 50 crore, tax will be 25% instead of 30%.
- MAT (Minimum Alternate Tax) credit carry forward for 15 instead of 10 years.
- Long term capital gains on property period reduced from 3 to 2 years.
- Base year for indexation now 2001 instead of 1981.
- Cash expenditure now allowed only ₹ 10,000 instead of ₹ 20,000 per transaction.
- No transaction above ₹3 lac will be allowed in cash.
- Trust cash donations max allowed only ₹ 2,000 instead of 10,000.
- political parties, maximum cash donation from 1 person ₹ 2,000.
- Professionals can pay advance tax in 1 installments if below ₹ 50 lac.
- Time for revising income tax return now reduced.
- Scrutiny (critical observation or examination ) time limit reduced to 18 months.
- Simple 1 page income tax return for persons having non business income.
- If Return not filled as per Sec. 139 (1), concept of late fee introduced. ₹ 5,000 for delay up to 31st December and ₹10,000 thereafter. Late fee to be paid before filling the return Sec 234F.
- CA issuing wrong certificate would be penalized with ₹ 10,000.
- Individual and HUF to deduct TDS even if unaudited @ 5% if rent is paid ₹ 50,000.
- TDS in 194J amended, now 2% instead of 10%
- Self employed can also claim 20% contribution to NPS as deduction.
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