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Amendments in Finance bill 2013 passed in lok sabha

Finance bill 2013-14 has passed in Lok Sabha on Tuesday 30 April 2013 and there are some amendments in the rules of taxation. The new amendment rules are as under.

The Lok Sabha, passed the Finance Bill, 2013-14 today with various key amendments which are as under:
1) Scope of Sec. 10(48) widened to include other prescribed income also and not just income arising from sale of crude oil.
2) Trading in commodity derivatives is no more a speculative transaction.
3) Tax Residency Certificate – Can be a conclusively evidence but it has to be supported by prescribed documents.
4) Deductor isn’t required to obtain TAN in case of deduction of tax at source from payment made for acquisition of immovable property.
5) Concessional withholding rate on certain rupee denominated long-term infrastructure bonds is withdrawn.
6) Non-resident referred to in Section 194LC will not be penalised for not having a PAN.
7) Even gold coins weighing less than 10 gms will be subject to TCS.
8) No wealth-tax on agriculture land
Download finance bill full amendment rule from here
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