Aug 01, 2014 the indirect taxes amendments seem to be more of reduction of duty rates and extension of exemptions. David raistrick global indirect tax leader country summaries americas. The amendments seek to introduce a single point for collection of stamp duty by authorized entities for issuance and transfer of securities and subsequent disbursement of the. Full text of the act of parliament as passed by parliament this is the act in its original state. Number 37 of 2014 finance act 2014 irish statute book. Amendments to be effective from the date on which finance bill receives the assent of the president amendments in the central excise act, 1944. Indirect tax alert amendments to indirect tax laws a number of key updates to the indirect tax laws were released in the final week of 2019, through the gazettal of various amendments to the act and regulations as well as the release of new orders. This page sets out the legislation and, where applicable, an explanatory note and tax information and impact. Access both online and pdf versions of all ey global tax alerts. There are changes that may be brought into force at a future date.
If you have any queries or comments about the gitn, i would be delighted to hear from you. Gist of all amendments in indirect tax made by budget 2014. Indirect tax alert be in the know finance act, 2015 volume. The effect of these amendments is to defer the expiry of that amnesty from the 3 i st march, 2015, to the 31st december, 2015, and to reward early payers of the taxes. The income tax act hereinafter referred to as the principal act is amended in section 2 cap. Finance act 2014 is up to date with all changes known to be in force on or before 09 april 2020. Summary notes intermediate income tax june 2020 exams.
The finance bill as approved by the lok sabha has brought some amendments to the draft bill that was tabled by honble finance minister shri arun jaitley on 10th july, 2014. Finance act amendment acts statutory provisons acts, rules and regulations. Finance bill, 2017 analysis of important incometax amendments notes this is an analysis of only the main income tax provisions of the finance bill, 2017. The finance act 2017 india ministry of law and justice legislative department new delhi, the 31st march, 2017chaitra 10, 1939 saka the following act of parliament received the assent of the president on the 31st march, 2017, and is hereby published for general information. Ey tax insights tanzania finalizes amendments to finance act. You have chosen to open the whole act as a pdf the whole act you have selected. For indirect taxes portion finance act 20 is applicable. The president of tanzania recently assented on the amendments in the finance act, 2014. Amendments as per finance act, 2015 applicable for june 2016 and december 2016 terms of examinations compiled by academics department, the institute of cost accountants of india statutory body under an act of parliament page 1 amendments made in indirect tax law amendments relating to central excise 1. Direct tax laws income tax and wealth tax and indirect tax laws service tax, value added tax and central sales tax covered in the syllabus. Act, 2014, which was passed by the national assembly on the 21st june, 2014. Miscellaneous technical amendments in relation to tax.
This act may be cited as the income tax amendment act 2014, and commences on the pt day of july 2014. It also includes withholding tax guide which summarises the withholding tax provisions for quick reference. The finance act clarified that specified service means online advertisement and any. The study material contains all relevant amendments made by finance act, 20 and is applicable for the assessment year 2014 15 relevant for june 2014 and december 2014 examination.
The provisions of section 2 of, and the first schedule to, the finance act, 20, shall apply in relation to income tax for the assessment year or, as the case may be, the financial year commencing on the 1st day of april, 2014, as they apply in relation to income tax for the. Finance act 2014 amendments deemed periods of residence. On 20 march 2017, the amendments to the bill have been tabled in the lok sabha by notice of amendments1. Changes in indirect taxes idtx72015 in this issue service tax. Supplement for advanced tax laws and practice 4 indirect taxation law and practice service tax amendments vide finance act, 2015 definitions and explanations section 65 and 65b of the finance act, 1994 contains various definitions and explanations with. Details regarding the sections of the act are also available. Amendments to sales tax legislation recent key changes to the sales tax legislation and our analysis are as below. Sales tax key changes finance act 2019 introduction of new part ix a special schemes in the sales tax act 2018 details of the special scheme approved major exporter scheme. Indirect tax lawsamendment made by finance act, 2012 applicable for june 20 and december 20 examinations page 3 before amendment the provisions of the code of criminal procedure, 1973 2 of 1974 relating to search and seizure, shall. The legislature has enhanced the powers of the settlement commission to cover sec 147. Amendments made in indirecttax law amendments relating to. Economic indicators direct tax indirect taxes regulatory. Changes in indirect taxes service tax excisecustom duty.
Proposals for amendments to indirect tax legislation. Income tax act, the collection shall be made at the rates specified in part ii of the first schedule, and shall be increased by a surcharge, for purposes of the union, calculated, in cases wherever prescribed, in the manner provided therein. Gist of all amendments in indirect tax made by budget 2014 amendments in service tax amendment in act finance act 1994 applicable from the enactmen. The finance act introduces changes to the companies income tax act, value added tax act, petroleum profits tax. The finance act contains necessary amendments in the direct taxes e. Any carry forward beyond this would require the approval of the national treasury. Amendments as per finance act, 2015 applicable for june 2016 and december 2016 terms of examinations compiled by academics department, the institute of cost accountants of india statutory body under an act of parliament page 1 amendments made in income tax act rates of income tax for assessment year 201617 1. Budget 2016 2017 have been presented on parliament on 29th feb 2016 this union budget 20162017 will be applicable for financial year 201617. Amendments made in indirecttax law amendments relating. Indirect tax laws amendments at a glance the finance act. So any changes in direct and indirect taxes made in budget 201617 will be applicable for financial year 2016. However, the base rates of customs duty, central excise and service tax remain as such. A strong emphasize has been made by the finance minister for early implementation of goods and service tax gst act and direct tax code dtc.
Finance bill 2019 tax espresso special edition 17 october 2019. Income tax 50 marks important definitions in the income tax act, 1961. Proposals for amendments to indirect tax legislation 16 january 2017 in brief on 23 and 29 december 2016, the ministry of finance published proposals for amendments to regulations for application of the value added tax act and regulations for application of the excise. Representation on indirect taxes of the finance no.
Accordingly, option to pay concessional tax at 10% without indexation will be available to speci. Union budget 2014 focus stability and continuity revenue generation simplicity objectivity widen the tax base compliance enhancement facilitation measures 3. Users can get information about the act, its short title, objectives, extent and commencement. The act may have been amended by another act and any such amendments are not shown in this version. The deduction allowable under this section after the proposed amendment in. Jun 24, 2014 the government tabled new clauses and amendments for report stage of finance bill 2014. Jan 14, 2020 the provisions of income tax and indirect tax laws, as amended by the finance no.
The indirect taxes amendments seem to be more of reduction of duty rates and extension of exemptions. Service tax act chapter v of the finance act, 1994 cbic. Tanzania finalizes amendments to finance act pdf,101 kb. Amendment of section 21 of betting act 1931 hours of business of registered premises. Pps number, in relation to an individual, means the individuals personal public service number. The equalisation levy in india from june 1, 2016 is a presumptive tax on.
Service tax amendments amendment in negative list under section 66d of the finance act. Indirect tax laws amendments made by the finance act, 20 applicable for june 2014 and december 2014 examination page 2 c import or export of any goods which have not been declared in accordance with the provisions. Miscellaneous amendments of principal act in relation to authorisations granted under section 9a of central bank act 1971. The finance bill, 2019 has proposed certain amendments in the indian stamp act, 1899. The provisions of finance bill, 2017 relating to direct taxes seek to amend the income tax act, 1961 the act and the finance act, 2016 a. Particularly, procedural amendments are not included. Indirect tax in 2014 provides a highlevel overview of. Aug 20, 2014 indirect tax amendments indian budget 2014 1. Provisions relating to direct taxes income tax department. Its objective was to protect low income citizens from the rising prices of. The memorandum is aimed at providing general guidance. It is instructive that the finance miscellaneous provisions act no. Amendment of section 92 of finance act 1989 tax concessions for disabled drivers, etc.
Jul 15, 2014 union budget 20142015 highlights of finance no. Amendment of section 267m of principal act tax rate applicable to. With effect from 6 april 2014, section 58 of fa 2014 amended section 2231 of tcga 1992 in order to halve the period at the end of an individuals period of ownership which is deemed to be a period of actual occupation as the individuals only or main residence. Measures for promoting affordable housing and real estate sector d. Aug 12, 2014 gist of all amendments in indirect tax made by budget 2014 amendments in service tax amendment in act finance act 1994 applicable from the enactmen. The cabinet secretary cs has proposed amendments to the income tax act to allow the carry forward of tax losses for ten years. Only go outside for food, health reasons or work but only if you cannot work from home if you go out, stay 2 metres 6ft away from other people at all times. European legislation identifier pdf open data license.
It expanded the list of goods and services that are exempt from vat. These explanatory notes relate to the finance bill 2014 as introduced into parliament on. These notes have been compiled in a manner that the same represent a selfcontained document on the amendments introduced by the finance act, 2014. Amendment of section 812 of principal act taxation of income deemed to arise. Tax updates for june 2014 examination page 1 direct taxes and indirect taxes updates for direct taxes portion applicable assessment year is 2014 15 previous year 2014 and finance act 20 is applicable. Amendments to the appeal provisions in customs, central. Important changes in indirect tax are summarized below. Ca ipcc syllabus for may 2020 download old syllabus now. You have chosen to open the whole act as a pdf the. In formulating our suggestions in regard to the finance no. Honble president has given assent to finance bill, 2015 on 14 may 2015. Direct taxes a transfer of unlisted securities and speci. The finance act introduces changes to the companies income tax act, value added tax act, petroleum profits tax act, personal income tax act, capital gains tax act, customs and excise tariff etc.
Proposed amendments to the finance bill, 2017 background 22 march 2017 the finance bill, 2017 the bill was introduced by the finance minister in the lok sabha on 1 february 2017. Having now been passed by both arms of the national assembly, and thereafter assented to. To that extent, this is not an exhaustive listing of amendments proposed by the finance bill. The government is committed to confirming the majority of finance bill measures at least three months prior to its introduction to.
Amendments to the appeal provisions in customs central excise and service tax made by finance act 2014. Indirect tax chat keeping you up to date on the latest. Ca final indirect direct tax summary book pdf may 2020 on. The finance act 2009 restricted the carry forward period for tax losses to four years. Further details are available from the ey global tax alert which can be accessed using the link below.