union budget 2017
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Major Highlights of Economic Survey 2016-2017
• Gross Domestic Product (GDP) growth in 2016-17 to dip to 6.5%~7.1%,
downfrom7.6%in last fiscal.
• Farm sector to grow at 4.1% in the current fiscal, up rom 1.2%in 2015-16.
• Growth rate of industrial sector estimated to moderate to 5.2%in 2016-17
from7.4%last fiscal.
• India’s exports declined by 15.5%in 2015-16, which was reversed during 2016-17,
with exports registering a growth of 0.7 %. During 2016-17, imports declined by
7.4%compared to last year.
• Services sector is projected to grow at 8.8 per cent in 2016- 17, almost the same as in
2015-16.
• Indian markets recorded modest growth of 1.95- 3% (Sensex was up by 1.95% while
NIFTY was higher by 3
%) for the calendar year 2016 as compared to losses registered in 2015.
• CPI inflation stood at 3.4% in Dec’16 aided by the decline in food prices On the other
hand, WPI inflation
increased from -5.1% from August 2015 to 3.4% at the end of December 2016.
• Adverse impact of demonetization on GDP growth estimated to be transitional.
Tax rates for INDIVIDUALS, HUF, AOP/BOI’s for FY: 17-18
Rates for Individuals, HUF, AOP & BOI Rates for resident Individual above the
age of sixty years but less than eighty years
Rates for resident Individual above
the age of eighty years
10% Surcharge on income above Rs.50,00,000
15% Surcharge on income above Rs.1,00,00,000
3% Education Cess in all cases
Total Income
(In Rs.)
Rate
Up to 250000 Nil
250001-500000 5%
500001-1000000 20%
Above 1000000 30%
Total Income
(In Rs.)
Rate
Up to 300000 Nil
300001-500000 5%
500001-1000000 20%
Above 1000000 30%
Total Income
(In Rs.)
Rate
Up to 500000 Nil
500001-1000000 20%
Above 1000000 30%
Tax rates for Firms, Local Authorities & Cooperative Societies FY:17-18
For Firms and Local
Authorities
Tax @30% on Total Income
For Cooperative
Societies
Surcharge @12% of Income tax on income above Rs.1,00,00,000
3% Education Cess in all cases
Total Income
(In Rs.)
Rate
Up to 10000 10%
10001-20000 20%
Above 20000 30%
Tax rates for Domestic and Foreign Companies for FY: 17-18
Domestic Companies Foreign Companies
• Tax rate @ 30% for companies
whose turnover exceeds Rs.50
Crore in PY:15-16.
• Tax rate @25% for companies
whose turnover does not exceed
Rs.50 Crore in PY:15-16.
• 7% Surcharge if total income
exceeds Rs.1 Crore and 12%
Surcharge if total income exceeds
Rs.10 Crore
• Education cess @3% in all cases
• Tax Rate @40%
• 2% Surcharge if total income
exceeds Rs.1 Crore and 5%
Surcharge if total income
exceeds Rs.10 Crore
• Education cess @3% in all
cases
Measures for promoting affordable housing and real estate sector
Nature Existing Provision Proposed
Section 2(42A): Period of
holding for long term
asset.
(Effective date: AY 2018-
19)
Section 2(42A) provides long
term capital asset as the capital
asset held by assesse for more
than 36 months.
In case of immovable property, being land and
building, the period of 36 months has been
reduced to 24 months.
This should be a boost to Real Estate
transactions
Provision of Section 55:
Base year for computation of
capital gain.
(Effective date: AY 2018- 19)
For computing capital gains in
respect of an asset acquired
before 01.04.1981, the assesse
has been allowed an option of
either to take the fair market
value of the asset as on
01.04.1981 or the actual cost of
the asset as cost of
acquisition.
Base year for computation of capital gain is
proposed to be amended as 01.04.2001.
Consequential amendment is also proposed in
section 48 and Cost Inflation Index on 1.4.2001
would be the base year for indexation purposes.
Calculation at the fair market value of 2001
will increase the cost of acquisition and lower
the capital gain.
Section 54EC
(Effective date: AY 2018-
19)
Investment in bond issued by
the National Highways
Authority
of India or by the Rural
Electrification Corporation
Limited is
eligible for exemption under
this section.
Investment in any bond redeemable after three
years
which has been notified by the Central
Government in
this behalf shall also be eligible for exemption.
Govt. hopes to mop up funds for other
infrastructure development projects through this
route
Measures for promoting affordable housing and real estate sector
Nature Existing Provision Proposed
Section 23 :
Determining
the annual value of
house property held as
stock in trade.
(Effective date: AY
2018-19)
If the property is not let
out during the year, the
annual value of any
property shall be deemed
to be the sum for which the
property might reasonably
be expected to let from
year to year.
If the property is not let during the year, annual value of the
property shall be taken as nil for a period of one year from the
end of financial year in which the certificate of completion of
property is received.
This provision is introduced to afford real estate players an
opportunity to liquidate their inventory within a specified time
and not suffer tax on notional Income
Section 80-IBA
to promote Affordable
Housing
(Effective date:
AY 2018-19)
100% deduction in respect
of the profits and gains
derived from developing
and building certain
housing projects subject to
certain conditions.
Conditions are proposed to be relaxed as under:
• Size of residential unit shall be based on “carpet area” not
on “built-up area”
• Project on plot of land measuring at least 1,000 sq. meters
and restriction of size of 30 sq. meters residential unit
applies in Chennai, Delhi, Kolkata and Mumbai.
• For other places, plot of land should measure at least 2,000
sq. meters and restriction ion size of residential unit is 60
sq. meters
• Period of completion of project increased from existing
three years to five years.
More real estate players would be able to avail the tax holiday
benefit and is a step in the direction of Government’s
commitment to make available affordable housing to all.
Measures for promoting affordable housing and real estate sector
Special provisions for computation of capital gains in case of Joint
Development Agreement (Effective from April 1, 2018)
New sub-section (5A) in section 45 inserted in the Act.
• Where an individual/ HUF enters into a specified agreement for development of a project, capital
gains shall be chargeable in the year in which the certificate of completion for the whole or part of
the project is issued by the competent authority.
• Full value of consideration shall be the stamp duty value of his share, being land or building or
both, as on the date of certificate of completion as increased by any consideration received in cash.
• However, the above benefit shall not apply to an assesse who transfers his share in the project to
any other person on or before the date of issue of said certificate of completion.
• It is proposed to amend section 49 that cost of acquisition in the hands of the transferee shall be the
amount which is deemed as full value of consideration under the said proposed provision.
This is a welcome amendment for the real estate sector considering that tax had to be paid even
though the transferor did not receive any money on transfer date.
Measures for promoting Economic Growth
Nature Existing Provision Proposed
Extending the period for
claiming deduction by
START UPS
Effective Date: A.Y.
2018-19
As per section 80-IAC, an
eligible start up is allowed
100% deduction of profits &
gains for 3 consecutive
assessment years out of 5 years
after incorporation.
In order to promote start ups in India, such
eligibility is now allowed for any 3 consecutive
assessment years out of 7 years beginning from the
year in which such start up is incorporated.
Also, condition of no change in 51% shareholding
in case of start-ups relaxed for carry forward of
business losses, subject to promoters continuing to
hold shares.
Rationalization of
Provisions relating to
tax credit for MAT &
AMT
Effective Date: A.Y.
2018-19
Section 115JA provides for
carry forward of tax credit up
to 10 assessment years
immediately succeeding the
assessment year in which tax
credit becomes allowable in
respect of MAT.
Tax credit can now be carried forward to 15
assessment years immediately succeeding the
assessment year in which tax credit becomes
allowable.
Similar amendment is proposed in section 115JD to
allow carry forward of AMT paid under section
115JC up to 15 assessment years in case of non
corporate assesses.
Extension of eligible
period of concessional
tax rate under section
194 LD (Income by way
of Interest on certain
bonds and Government
Securities)
Section 194LD provides for
lower TDS @ 5% in case of
interest payable at any time on
or after 1st June, 2013 but
before the 1st July, 2017to FIIs
and QFIs on their investment
in Government securities.
TDS on interest will now be available on interest
payable before the 1st July, 2020.
Measures for promoting Economic Growth
Nature Existing Provision Proposed
Extension of eligible
period of concessional
tax rate in case of
External commercial
borrowings and
Extension of benefit to
Rupee denominated
bonds
Retrospectively from
April 1, 2016, for AY
2016-17 and subsequent
years.
Under section 194LC ,TDS is to be
deducted at the concessional rate of
5% on payment of interest to a non
resident by a company on
borrowings made by it in foreign
currency from outside India under a
loan agreement or by way of issue of
long term infrastructure bond before
the 1st July, 2017
Concessional TDS on interest payment will
now be available in respect of borrowings
made before the 1st July, 2020.
Same benefit is extended u/s 194LC to rupee
denominated bonds issued outside India
before the 1st July, 2020.
Increase in Deduction
limit in respect of
Provision for bad and
doubtful debts
As per section 36(1)(viia), a bank
can claim deduction for provision for
bad and doubtful debts. Amount of
deduction -7.5% of the total income.
The present limit has been enhanced to
8.5%.
Promoting digital Economy
Nature Existing Provision Proposed
Restricting cash donation
Effective Date : AY 2018-19
and onwards
As per section 80G, deduction
is not allowed in respect of
donations made of sum
exceeding Rs.10,000, if paid in
cash.
No deduction is allowed under 80G in respect
of donation of any sum exceeding Rs.2,000
unless such sum is paid any mode other than
cash.
Disallowance of depreciation
under section 32
Effective Date : AY 2018-19
and onwards
There is no provision to
disallow capital expenditure
incurred in cash.
Section 43 is amended to ignore capital
expenditure in cash exceeding Rs.10,000.
Such expenditure will be ignored for
determining actual cost of asset in turn
resulting in disallowance of depreciation.
Disallowance of capital
expenditure u/s 35 AD on
cash payment
Effective Date : AY 2018-19
and onwards
Section 35AD provides
investment linked deduction on
the amount of capital
expenditure incurred for a
specified business.
Section 35AD has been amended to disallow
expenditure incurred in cash exceeding
Rs.10,000.
Measures to discourage cash
transaction
Effective Date : AY 2018-19
and onwards
Section 40A(3) provides that
any expenditure in respect of
which payment made to a
person in a day, otherwise than
by an account payee cheque
drawn on bank or account
payee bank draft, exceeds
Rs.20,000 shall not be allowed
as a deduction
Section 40A(3) is amended to provide any
payment in cash above Rs.10,000 to a person
in a day shall not be allowed as deduction
from the business income.
Nature Existing Provision Proposed
Measures for promoting
digital payments in case of
small unorganized
businesses
Effective Date: Assessment
Year commencing April 1,
2017
As per section 44AD, a sum
equal to 8% of gross receipt
(in any mode of payment)
declared by the assesse in his
ROI is deemed to be business
income.
8% is reduced to 6% in respect of gross
receipts only if such income is received by
otherwise than by cash during previous year or
before the due date of filing of return.
Restriction on cash
transactions
These amendments will take
effect from 1st April, 2017
New Provision Section 269ST to be inserted in the Act to
provide that no person shall receive an amount
of Rs.300,000 or more in cash,—
(a) in aggregate from a person in a day;;
(b) in respect of a single transaction;;or
(c) in respect of transactions relating to one
event or occasion from a person,
This restriction shall not apply to Government,
any banking company, post office savings bank
or co-operative bank.
Section 271DA inserted to provide for levy of
penalty on a person who receives a sum in
contravention of the provisions of the proposed
section 269ST. The penalty is proposed to be a
sum equal to the amount of such receipt.
This is a good measure and in line with the
governments intent to move to less cash
economy and to reduce generation and
circulation of black money.
Promoting digital Economy
Transparency in electoral funding
Nature Existing Provision Proposed
Transparency in
electoral funding
Effective Date: AY
2018-19 and onwards.
• Registered Political parties are
exempted from payment of income
tax (Sec.13A) if they have submit a
report to Election Commission of
India furnishing details of
contributions received by them in
excess of Rs.20,000 from any
person.
• Political parties are required to file
return of income u/s 139(4B) of the
Act, if its income exceeds the
maximum amount not chargeable
to tax (without considering
exemption u/s 13A). However,
filing of the return is not a
condition precedent for availing the
exemption.
To avail the benefits u/s 13A, following has been
proposed to discourage the cash transactions and
bring transparency in source of funding to
political parties:
• No cash donations in excess of Rs.2,000
(otherwise than by an account payee cheque
/ electronic clearing system).
• Political party has to furnish return of
income for the previous year on or before
due date u/s 139(4B).
• Also the concept of electrol bonds has been
introduced .Under this scheme, a donor
could purchase bonds from authorized banks
against cheque and digital payments only.
They shall be redeemable only in the
designated account of a registered political
party. These bonds will be redeemable
within the prescribed time limit from
issuance of bond.
Ease of doing business
Clarity relating to Indirect transfer provisions
Section 9 of the Act deals with cases of income which are deemed to accrue or arise in India.
• Sub-section (1) of the said section creates a legal fiction that certain incomes shall be deemed to accrue or
arise in India.
• Clause (i) provides that all income accruing or arising, whether directly or indirectly, through or from any
business connection in India, or through or from any property in India, or through or from any asset or source
of income in India, or through the transfer of a capital asset situated in India shall be deemed to accrue or
arise in India.
• Finance Act, 2012 clarified through insertion of Explanation 5 that an asset or capital asset, being any share
or interest in a company or entity registered or incorporated outside India shall be deemed to be situated in
India, if the share or interest derives, directly or indirectly, its value substantially from the assets located in
India.
• Therefore, in order to address concerns of stakeholders regarding multiple taxation arising out of
above provisions, it is proposed to amend the said section, clarifying that Explanation 5 shall not apply
to any asset or capital asset mentioned therein being investment held by non-resident, directly or
indirectly, in a Foreign Institutional Investor registered as Category-I or Category II Foreign Portfolio
Investor
• Effective retrospectively from AY 2012-13.
Nature Existing Provision Proposed
Section 44AA
Maintenance of books
of accounts in case of
Individual and HUF
(Effective Date : - 1st
April, 2018)
As per section 44AA, certain persons
carrying on business or profession has to
maintain such books of accounts and
documents, provided that the income and
total sales or turnover or gross receipts
specified in said clauses exceeds Rs.1.2
lacs and Rs.10 lacs, respectively
Monetary limits of income and total
sales or turnover or gross receipts
specified in said clauses for
maintenance of books of accounts
increased from Rs.1.2 lacs to Rs.2.5
lacs and from Rs.10 lacs to Rs.25 lacs,
respectively.
Tax Audit under
section 44AB
The existing provision of section 44AB of
the Act provides that the person carrying
on business is required to get its accounts
audited if the total sales, turnover or gross
receipts exceeds one crore rupees in a
previous year. (Tax Audit)
Tax Audit would not apply in respect of
a person
assessed under 44AD with total sales,
turnover or gross receipts less than Rs.2
crores.
Section :- 194LA
Non-deduction of tax in
case of exempt
compensation under
RFCTLAAR Act, 2013
(Effective Date : 1st
April,
2017)
Any person paying compensation shall
deduct TDS at the rate of 10% on the
compensation or enhanced compensation
or consideration on account of compulsory
acquisition of any immovable property
(other than agricultural land) under any
law for the time being in force subject to
certain conditions specified therein.
No deduction shall be made under this
section where such payment is made in
respect of any award or agreement
which has been exempted from levy of
income-tax under section 96 (except
those made under section 46) of Right
to Fair Compensation and Transparency
in Land Acquisition, Rehabilitation and
Resettlement Act,2013
Ease of doing business
Ease of doing business
Nature Existing Provision Proposed
Simplification of the
provisions of tax
deduction at source in
case Fees for
professional or
technical services
under section 194J
(Effective Date : 1st
June, 2017)
TDS is required to be deducted at the
rate of 10% of any sum
payable or paid (whichever is earlier) to
a resident by way of fees for professional
services or fees for technical services.
In case of payments received or credited
to a payee,
being a person engaged only in the
business of
operation of call center, the rate of TDS
has been
reduced to 2%from10%.
Enabling of Filing of
Form 15G/15H for
commission payments
specified under section
194D
(Effective Date : - 1st
June, 2017)
As per Sec 197A TDS not required to be
deducted, if the recipient of certain
payments on which tax is deductible
furnishes to the payer a self- declaration
in prescribed Form.No.15G/15H
declaring that the tax on his estimated
total income of the relevant previous
year would be Nil.
Insurance commission payment as
referred in section
194D is now being covered within the
ambit of section 197A.
Tax neutral conversion
of preference shares to
equity shares
Effective Date: AY
2018-19 and onwards.
Conversion of preference share to
equity share is regarded as transfer for
the purpose of levy of capital gains tax
In order to provide tax neutrality to the
conversion of preference share of a
company into equity share of that
company, it is proposed to amend section
47 to provide that the conversion of
preference share of a company into its
equity share shall not be regarded as
transfer and consequently no capital gains
tax shall be levied
Ease of doing business
Amendments to the structure of Authority for Advance Rulings
• Advance Ruling means written opinion or authoritative decision by an Authority
empowered to render it with regard to the tax consequences of a transaction or
proposed transaction or an assessment in regard thereto.
• Such authority is empowered to issue rulings in respect to income-tax matters,
which are binding both on the Income-tax Department and the applicant.
• However, in order to promote ease of doing business, it is decided to merge the
Authority for Advance Ruling (AAR) for income-tax, Central Excise, Customs
duty and Service tax.
Rationalization of section 211 and section 234C relating to advance tax
• Tax on certain dividends received from domestic companies is to be levied under section
115BBDA of the Act with effect from the 1st April, 2017, if such income exceeds ten
lakh rupees. However, in view of the uncertain nature of declaration and receipt of
dividend incomes, an assessee liable to pay advance tax may not be able to correctly
determine such liability within the payment schedule as specified under section 211 and
shall, therefore, incur levy of interest on deferment of advance tax under sec 234C.
• It is hence proposed to provide that that if shortfall in payment of advance tax is on
account of under-estimation or failure in estimation of income of the nature referred
to in section 115BBDA, the interest under section 234C shall not be levied subject to
fulfilment of conditions specified therein.
Reduction of time limits for completion of assessment
Section Existing Proposed
Time
limit for making an
assessment order under
section 143 and 144
21 months from the end of the relevant
AY
For AY 2018-19
18 months
For AY 2019-20 and onwards
12 months
Time limit for making
an order of assessment,
reassessment or re--
computation under
section 147
9 months from the end of the financial
year in which the notice under section
148 was issued for assessment, re
assessment and re-computation under
section 147
12 months from the end of the financial year
in which the notice under section 148 is
served, in respect of notices served on or
after April 1, 2019
Time limit for making
an order for fresh
assessment, in
pursuance of order
under section 254, 263
or 264
Fresh assessment order in pursuance of
an order under section 254 or section
263 or section 264, setting aside or
cancelling an assessment, may be made
at any time before the expiry of nine
months from the end of the financial
year in which the order under section
254 is received or order under section
263 or 264 is passed by the authority
referred therein
Fresh assessment order in pursuance of an
order
under section 254 or section 263 or section
264,
setting aside or cancelling an assessment,
may be
made at any time before the expiry of twelve
months from the end of the financial year in
which the order under section 254 is received
or order under section 263 or 264 is passed
by the authority referred therein
Rationalization of the provisions in respect of time limits for completion of search assessment
Section Existing Proposed
Time limit for making
an assessment order
under section 153A
21 Months from the end of the financial
year in which the last of the
authorizations for search under section
132 or for requisition under section
132A was executed
For FY 2018-19 time limit is to be reduced
from 21 to 18 months
For FY 2019-20 and onwards time limit to be
reduced from 18 to 12 months
Amendment in Section 139(5) (Revised Return)
Existing Provision: Revised return to be filed before the expiry of 1
year from the end of the relevant assessment year or before the
completion of assessment, whichever is earlier.
Proposed :Revised return to be filed before the expiry of the relevant
assessment year or before the completion of assessment, whichever is
earlier.
Anti-Abuse Measures
Section Existing Proposed
Exemption of long
term capital gain u/s
10(38)
Effective Date: A.Y.
2018-19
Section 10(38) exempts
income arising from sale of
equity shares or a units of an
equity oriented fund which is
chargeable to Securities
Transaction
Tax (‘STT’)
Exemption only if the acquisition of shares/ units is
also chargeable to STT, except a few exceptions viz.
IPO, FPO, bonus or right issue, acquisition by non--
resident as per FDI policy, to be notified.
Insertion of section
50CA
Effective Date: A.Y.
2018-19
New provision Where consideration for transfer of shares of a
company (other than quoted shares) is less than the
Fair Market Value(FMV), then FMV shall be deemed
to be the full value of consideration.
Widening scope of
Income from Other
Sources
New clause inserted Receipt of the sum of money or property without
consideration or for inadequate consideration in excess
of Rs.50,000, by any person shall be chargeable to tax.
It is proposed to widen the exceptions by including the
receipt by certain trusts or institutions and receipt by
way of certain transfers not regarded as transfer under
section 47. Under the existing provisions, receipt of
any property including shares by individuals/ HUF for
inadequate consideration was taxed in their hands.
Similarly, only receipt of shares of closely held
companies by such companies/ firms for inadequate
consideration was taxed in their hands. Now all types
of assets received by any person for inadequate
consideration is sought to be taxed.
Anti-Abuse Measures
Insertion of section 271J – Penalty on Professionals
Particulars
On whom to apply: A Chartered Accountant/ Merchant Banker/ Registered Valuer
When: Furnishes incorrect information in a report or certificate under
any provisions of the Act or the rules made
thereunder
By whom: The Assessing Officer or the Commissioner (Appeals)
Penalty payable: Rupees 10,000
Penalty when not
imposable:
If the person proves that there was a reasonable cause
Effective date: April 1, 2017
Insertion of section 234F Fee for delayed filing of return
Circumstances Fee Payable
If the return is furnished after the due date but on or before
the 31st December of the assessment year;;
Rs.5,000
In any other case Rs.10,000
If total income does not exceed Rs.500,000 Rs.1,000
ADDITIONAL RESOURCE MOBILISATION
Nature Existing Proposed
194-I – TDS on Rent
( New Section inserted 194-
IB)
(Effective from June 1,
2017)
New Provision • New section 194-IB :- Individual or HUF (other
than those covered under 44AB), responsible for
paying to a resident any income by way of rent
exceeding Rs.50,000 for a month or part of the
month during the previous year, shall deduct TDS
at the rate 5%.
• Tax shall be deducted on such income (total rent
paid to the landlord during the year) at the time of
credit/ payment of rent, for the last month of the
previous year or the last month of tenancy.
•TAN is not required to be obtained and deductor
shall be liable to deduct tax only once in a previous
year.
115BBDA – Tax on
Dividend received from
Domestic Company
(Effective from April 1,
2018)
Dividend in excess of
Rs. 10 lacs is
chargeable to tax at
the rate of 10%.:-
Section Applicable to
resident individual,
HUF or firm.
Provision extended to all resident assesses except
domestic company and certain funds, trusts,
Institution.
Transfer Pricing
Amendment of Section 92BA - Scope of Specified Domestic Transaction reduced
• Existing provisions also cover ‘any expenditure for which payment is to be made to “specified person” under
section 40A(2)(b)’ under the ambit of specified domestic transaction.
• In order to reduce the compliance burden on taxpayers, this coverage will be excluded from the purview of
SDT. Consequential amendments proposed in section 40A(2)(b) accordingly. SDT now applicable only where
one of the parties to SDT is claiming profit-linked deductions.
Effective from April 1, 2017 i.e. applicable from AY 2017-18.
Insertion of Section 92CE– Secondary Adjustment in certain cases
To align the transfer pricing provisions with OECD guidelines and international best practices, concept of
secondary adjustment introduced:
• Assesse required to make secondary adjustment where primary adjustment has been made through any of the
following means: by assesse suo-moto in ROI or by AO and accepted by assesse or determined as per APA/
MAP or made as per safe harbour rules.
• Secondary Adjustment: adjustment in the books of accounts of the assesse and its AE to reflect the actual
allocation of profits consistent with transfer price, thereby removing the imbalance between cash account and
actual profit of the assesse.
• If as a result of primary adjustment, there is an increase in income or reduction in loss, the excess money
available with AE, if not repatriated to India within prescribed time, shall be deemed as advance made by the
assesse to AE and interest on such advance shall be computed as income of the assesse.
• Provisions not to apply in cases where amount of primary adjustment does not exceed Rs.1 crore and
primary adjustment is made for AY commencing on or before April 1, 2016 (FY 2014-15).
Rationalization measures
• Calculation of MAT has now been rationalized with the provisions of Indian
Accounting Standards (Ind- AS).
• Partial withdrawal from National Pension System up to 25% shall now be fully
exempt.
• Reason to believe or suspect recorded by Income tax authorities to conduct
search or making requisition shall not required to be disclosed to any person,
authority or tribunal.
• Loss from House property eligible to be set off against any other income shall
now restricted up to Rs.2,00,000 for any assessment year.
• Deduction u/s 80CCG Abolished: Investment in listed equity shares and listed
equity oriented bond was eligible for deduction
• Income tax survey can now be conducted at any place where an activity for
charitable purpose is carried on
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