Reduction/Relief/Concessions

Saturday, December 21, 2013

Reduction/Relief/Concessions

      1) Wealth Tax deduction from the taxable income of an which was available in the past years has been withdrawn now

2)Rate of tax on technical services fees to non-residents reduced to 15%

3)Refineries at Dhodak and Bobi Fields etc classified under concessional provisions of Fifth schedule

4)Tax on release of Foreign Exchange for travel abroad withdrawn

5)25% of tax relief specified for senior citizens

6)Minimum tax chargeable on the income of a non-resident person other than Companies reduced to 20%

7)Rate of tax on all Companies reduced

8)Rate of intercorporate tax on business of power generation Companies reduced to 7.5%

Tax at Source

     Deduction of tax at source on specified REMITTANCES etc @ 20% levied


Appeals

   1)Payment of an amount equal to 25% of tax made compulsory in case of an appeal to be filed against disputed tax demand i.e.,STAY of disputed demand restricted to 75% now

2)Substantial increase in appeal fee;

a)at CIT (APPEALS)and (REVISIONS) stage Rs. 2,500/- present fee

b)at appellate Tribunal stage Rs. 2,500/- or 10% of tax assessed whichever is less as against Rs. 100/- present fee...** 
   

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