Explanatory notes to the provisions of the Finance Act, 2014

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Explanatory notes to the provisions of the Finance Act, 2014. Income Tax Department Issued New Circular for   Explanatory notes to the provisions of the Finance (No.2) Act, 2014 on 21 January 2015. Here we are providing Full Details of this Circular at Below

 Explanatory notes to the provisions of the Finance Act, 2014

Finance (No.2) Act, 2014 ─ Explanatory Notes to the Provisions of the Finance (No.2) Act, 2014

CIRCULAR NO. -01/2015, DATED 21st JANUARY, 2015

1. Introduction 1.1 The Finance (No.2) Act, 2014 (hereafter referred to as ‘the Act’) as passed by the Parliament, received the assent of the President on the 6th day of August, 2014 and has been enacted as Act No. 25 of 2014. This circular explains the substance of the provisions of the Act relating to direct taxes.

2. Changes made by the Act 2.1 The Act has- (i) specified the rates of income-tax for the assessment year 2014-15 and the rates of income-tax on the basis of which tax has to be deducted at source and advance tax has to be paid during financial year 2014-15.

(ii) amended sections 2,10, 10AA, 11, 12A, 12AA, 24, 32AC, 35AD, 37, 40, 43, 44AE, 45, 47, 48, 49, 51, 54, 54EC, 54F, 56, 73, 80C, 80CCD, 80CCE, 80-IA, 92B, 92C, 92CC, 111A, 112, 115A, 115BBC, 115BBD, 115JC, 115JEE, 115-O, 115R, 115TA, 116, 119, 133A, 139, 140, 145 153, 153B, 153C, 194A, 194LC, 200, 200A, 201, 206AA, 220, 245A, 245N, 245-O, 269SS, 269T, 271FA, 271G, 271H, 276D and 281B of the Income-tax Act, 1961;

(iii) Substituted new sections for sections 142A and 285BA;

(iv) inserted new sections 133C, 142A, 194DA, 194LBA and 271FAA in the Incometax Act, 1961;

(v) inserted Chapter XII-FA consisting of section 115UA in the Income-tax Act, 1961;

(vi) amended sections 22A of the Wealth-tax Act, 1957;

(vii) amended sections 97 and 98 of the Finance (No.2) Act, 2004;

(viii) amended section 13 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002.

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