Income Tax investigators given more power & carbon traders get concessions
: There were many things that Finance Minister Arun Jaitley said during his budget speech but there are many more that went unsaid. Here is a list of 20 things that could have a direct or indirect impact on your life:
- With regard to a foreign company, sale of leftover stock of crude oil in case of strategic petroleum reserve after the expiry of the agreement, subject to the fulfilment of certain conditions, shall not be liable to tax in India.
- In case of income arising from sale of carbon credit, a concessional tax rate of ten per cent will be given
- Government, foreign missions and state PSUs engaged in the passenger transport business will be exempted from Tax Collection at Source (TCS) provisions relating to purchase of vehicles.
- Conditions of special taxation regime for offshore funds under section 9A of the Income-tax Act has been modified. Now, maintenance of minimum fund size would not be necessary for the year in which the fund is being wound up.
- Income from Chief Minister’s Relief Fund or the Lieutenant Governor’s Relief Fund shall be exempted from tax.
- Certain entities like Investor Protection Funds, Core Settlement Guarantee Fund, Tea/Coffee/Rubber Boards, enjoying exemption from levy of income-tax under section 10 of the Income-tax Act, shall be required to furnish return of their income.
- In order to ensure timely filing of returns of income, it is proposed to levy a fee in case of delay in filing the return.