The Finance Bill , 1994

The Finance Bill , 1994

     (Significant lssues reg.Income Tax Laws)

Documentation

1)Return of Net Wealth to be filed along with the Return of total income by Every Assessee.

2)Disclosure and Reporting made mandatory in case of;

i)Bonus shares or bonus exceeding the prescribed limits if distributed to shareholders.

ii)Interest paid on securities 

iii)Payment of fees for technical services to non-residents

iv)Deduction/Collection of tax on specified REMITTANCES

 v)Deduction of tax on realisation of export proceeds

vi)Deduction of tax at the time of collection of Motor Vehicle Tax

vii)Deduction of tax on payment of prize on prize bonds of cross word puzzles

viii)Deduction of tax from Electricity Bills

ix)Deduction of tax by AUCTIONEERS

x)Deduction of tax by Building plan approving authorities...***********