10 May 2012
Does anyone explain the effects of following amendments:
LIST OF RETROSPECTIVE AMENDMENTS BY FINANCE BILL, 2012 AS PASSED BY LOK SABHA
Amendment in section Descripttion of the amendment Effective date of amendment
Income-tax Act, 1961
2(14) Insertion of Explanation in the definition of the 'Capital asset' 01-Apr-62
2(16) Inclusion of 'Director' in the definition of 'Commissioner' 01-Apr-88
2(47) Insertion of Explanation in the definition of the 'Transfer' 01-Apr-62
9(1)(i) Insertion of Explanations in the provisions for 'Income deemed to accrue or arise in India' 01-Apr-62
9(1)(vi) Insertion of Explanations in the provisions for taxability of royalty income 01-Jun-76
10(23C) Insertion of a proviso to make applicable the provisions of sec. 2(15) 01-Apr-09
13(8) New insertion to restrict benefit of secs. 11 & 12 if provisions of sec. 2(15) are attracted 01-Apr-09
35AD(6A) Allowability of deduction even if operation of the hotel business is transferred to another person while continuing to own the hotel 01-Apr-11
44AD(6) Exclusion of certain persons from the applicability of the presumptive taxation scheme 01-Apr-11
49(1)(iii)(e) Additions in the list for determination of cost with reference to certain modes of acquisition 01-Apr-99
56(2)(vii),Explanation (e) Insertion of HUF in the meaning of 'relative' 01-Oct-09
90, Explanation 3 Determination of meaning with reference to the notification 01-Oct-09
90A -Explanation 3 Determination of meaning used in treaty with reference to the notification 01-Jun-06
92B -Explanation Explanation inserted to clarify meaning of 'International Transaction' & 'Intangible Property' 01-Apr-02
92C(2) Insertion of explanation for applicability of threshold limit of 3% 01-Oct-09
92C(2A) The option to take the benefit of first proviso of section 92C(2) (as stood before amendment by Finance Act, 2009) is not available if price at which international transaction took place exceeds 5% 01-Apr-02
92CA(2B) If report under sec. 92E is not furnished in respect of international transaction, such transaction shall be automatically referred to TPO 01-Jun-02
111A(1) Tax rates for taxability of short term capital gain from transfer of shares, on which STT has been paid, increased from '10%' to '15%' 01-Apr-09
115JB(5A) New insertion: Exemption from MAT to companies engaged in life insurance business 01-Apr-01
143(3), IIIrd Proviso Insertion of a proviso to make applicable the provisions of sec. 2(15) 01-Apr-09
144C(4) In case of reference to DRP, the assessment shall be completed within the specified period and the period specified for assessment in case of search shall have an overriding effect 01-Oct-09
144C(8),Explanation Authorisation of DRP to increase the assessment 01-Apr-09
144C(13) Amended to give the reference of sec. 153B 01-Oct-09
195(1),Explanations 1 & 2 The provisions of this section shall be applicable to a non-resident also 01-Apr-62
201(3)(ii) The specified period for deeming the payer as assessee in default is increased from 4 years to 6 years 01-Apr-10
234D,Explanation1,2 Change in the provision for interest on excess refund 01-Jun-03
246A(1)(ba) Change in the provision of 'appealable orders, before CIT(A) 01-Oct-09
253(1)(d) Change in the provisions for 'appeal to the Appellate Tribunal' 01-Oct-09
292CC New insertion - New provisions for 'Authorisation and assessment in case of search or requisition.' 01-Apr-76
Wealth-tax Act, 1957
45(k) New insertion : Exemption to RBI from payment of wealth tax 01-Apr-57
My query is that the list given of retrospective amendments as proposed in the union budget now get full acceptance, and I am working in real estate company and concerned the impact of these changes, what would be there composite impact on our working?
CAclubindia
