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List of Prospective amendments by Finance Bill 2012 as passed by Lok Sabha

Written By Admin on Thursday, 10 May 2012 | Thursday, May 10, 2012

Amendment in Section
Description of the amendment
Effective date of amendment
2(19AA)
Amendment in the conditions for demerger
01-Apr-13
2(24)(xvi)
New sub-clause (xvi) inserted in the definition of Income to include the excess of issue price over the fair market value of shares
01-Apr-13
10(10D)
Amendment in provisions for claiming exemption in respect of sum received under life insurance policy
01-Apr-13
10(23BBH)
A new clause in section 10 is introduced to exempt the income of Prasar Bharati
01-Apr-13
10(23FB)
Change in definition of 'Venture Capital Undertaking'
01-Apr-13
10(48)
New exemption for income arising from sale of crude oil to a foreign company
01-Apr-12
32(1)(iia)
Amendment in additional depreciation allowed to power generation undertakings
01-Apr-13
35(2AB)(5)
Extension of sunset clause for deduction in respect of expenditure on scientific research till March 31, 2017
01-Apr-13
35AD(1A)
Deduction upto 150% of capital expenditure if incurred by assessee engaged in specified business
01-Apr-13
35AD(5)
Additions in the list of specified businesses
01-Apr-13
35AD(8)( c) (ix), (x) & (xi)
New Insertion : Additions in the list of specified businesses
01-Apr-13
35CCC
New Insertion : Allowability of expenditure incurred on agriculture extension project
01-Apr-13
35CCD
New Insertion : Allowability of expenditure incurred on skill development project
01-Apr-13
40 (a)(ia)
Allowability of expenditure if TDS is not deducted therefrom provided assessee is not deemed to be in default
01-Apr-13
40A(2)
No disallowance if transaction is at ALP and change in the meaning of prescribed persons
01-Apr-13
44AB(a) &(b)
Increase in threshold limit for Audit
01-Apr-13
44AB,Explanation(ii)
Change in the meaning of 'specified date'
01-Apr-12
44AD, Explanation(b)(ii)
Increase in threshold limit for applicability of the provisions
01-Apr-13
47(vii)(a)
Amendment in the conditions for exemption available in case of amalgamation
01-Apr-13
50D
New insertion - FMV deemed to be full value of consideration in certain cases
01-Apr-13
54B
Deduction available to HUF also in case of rolling over the capital gain arising from transfer of agriculture land
01-Apr-13
54GB
New insertion - Capital gain on transfer of residential property not to be charged in certain cases
01-Apr-13
55A(a)
Amendment proposed in the condition for making a reference to Valuation officer
01-Jul-12
56(2)(viib)
Taxability as gift if shares are issued at a price which exceeds the face value of the shares
01-Apr-13
68
Insertion of new proviso to explain when share application money shall not be deemed to be unexplained money
01-Apr-13
80A(6), Explanation(iii)
Insertion in explanation for the meaning of 'market value'
01-Apr-13
80C(3),(3A)
Allowability of deduction if premium in respect of policies taken after April 1, 2012 does not exceed 10% of sum assured
01-Apr-13
80CCG
New Insertion - Deduction in respect of investment made under notified equity scheme
01-Apr-13
80D(1),(2),(2A),(2B),(4)
Allowability of deduction in respect of payment made for preventive health check-up and reduction of age of senior citizens to 60 years
01-Apr-13
80DDB
Reduction of age of senior citizens to 60 years for deduction in respect of medical treatment
01-Apr-13
80G (5D)
No deduction in respect of donation if it is paid in excess of Rs. 10,000 in cash
01-Apr-13
80GGA(2A)
No deduction in respect of donation for scientific research or rural development if it is paid in excess of Rs. 10,000 in cash
01-Apr-13
80-IA(4),(8),(10)
Extension of sunset clause for deduction under section 80-IA by one year and insertion of meaning of 'market value'
01-Apr-13
80TTA
New insertion - Deduction in respect of interest on deposits in savings account
01-Apr-13
90(2A)
Treaty benefit not available if provisions of GAAR are invoked
01-Apr-13
90(4)
TRC is mandatory to get treaty benefit
01-Apr-13
90A(2A)
Treaty benefit not available if provisions of GAAR are invoked
01-Apr-13
90A(4)
TRC is mandatory to get treaty benefit
01-Apr-13
92(2), (2A) &(3)
Applicability of provisions for transfer pricing to specified domestic transactions
01-Apr-13
92BA
New insertion - Meaning of 'specified domestic transaction'
01-Apr-13
92C(2),IInd pro.
The threshold limit of 3% variation re-inserted
01-Apr-13
92C(2B)
Restriction on power of Assessing officer to increase the taxable income if assessment completed before 1 October, 2009
01-Jul-12
92C,92D & 92E
Insertion of word 'specified domestic transaction'
01-Apr-13
92CA(1),(2) & (3)
Insertion of word 'specified domestic transaction'
01-Apr-13
92CA(2C)
Restriction on power of Assessing officer to increase the taxable income if assessment commenced on or before 1 July, 2012
01-Jul-12
92CC & 92CD
New insertion - Introduction of 'Advance Pricing Agreement'
01-Jul-12
Ch.X-A (Secs. 95 to 102)
New insertion - Introduction of 'General Anti-Avoidance Rules'
01-Apr-14
112(1)(c)
LTCG to be taxed at 10% if certain conditions are satisfied
01-Apr-13
Explanation to Sec. 112
Inclusion of meaning of 'Unlisted Securities' in the definition
01-Apr-13
115A
New insertion - Taxability of interest income accruing from an Indian Company engaged in specified business
01-Jul-12
115BBA
Taxability of non-resident entertainer under this provision and increase the taxability from '10%' to '20%'
01-Apr-13
115BBD (1)
Dividend received from foreign company continues to be taxable at the rate of 15%
01-Apr-13
115BBE
Taxability of income as referred in secs. 68 to 69D at flat rate of 30%
01-Apr-13
Explanation to Sec. 115JB(2)
Applicability of MAT in case of companies exempted from preparing financial statements in accordance with Schedule VI
01-Apr-13
115JC
Applicability of AMT in case of every tax payer other than a company
01-Apr-13
115JD(1)
Applicability of AMT in case of every tax payer other than a company
01-Apr-13
115JE
Applicability of AMT in case of every tax payer other than a company
01-Apr-13
115JEE
Immunity from AMT to an individual and HUF if adjusted total income is less than Rs. 25 lakhs
01-Apr-13
115JF
Applicability of AMT in case of every tax payer other than a company
01-Apr-13
Chapter XIIBB - Sec. 115JG
New Insertion : Provision relating to conversion of Indian Branch of a Foreign Bank into a subsidiary Indian Company
01-Apr-13
115-O(1A)(i)
Reducing the cascading effect of dividend distribution tax
01-Jul-12
115U
Change in the provision for taxability of income received from venture capital companies and funds
01-Apr-13
115U, Explanation 2
Change in the provision for taxability of income received from venture capital companies and funds
01-Jul-12
115VG(3), Table
Increase in the presumptive rate for daily tonnage income
01-Apr-13
139(1)
The provision for mandatorily filing of return of income if assessee has any asset which is located outside India
01-Apr-12
140A
Allowability of AMT tax credit in computing the self-assessment tax
01-Apr-13
143(1D)
Processing of return is not necessary if notice for scrutiny assessment is issued under sec. 143(2)
01-Jul-12
144BA
New insertion - Reference to Commissioner to invoke provisions of GAAR
01-Apr-14
144C(14A)
New insertion - No reference can be made to DRP if assessment is completed with prior approval of CIT under sec. 144BA
01-Apr-13
147
The limit of 4 years for re-opening of assessment is not applicable in relation to asset located outside India. Further, addition in the circumstances when an income is deemed to have escaped assessment
01-Jul-12
149
Increase in the time limit to 16 years when a notice can be issued for re-assessment in respect of asset located outside India
01-Jul-12
153
Increase in time limit for completion of assessment
01-Jul-12
153, Explanation 1Cl.(ix)
The period to be excluded, in respect of the period specified for exchange of information, is increased from 'six months' to 'one year'
01-Apr-13
153A
Insertion of a proviso to authorise the assessing officer so as not to issue the notice for re-assessing the income in certain cases
01-Jul-12
153B(1)
Increase in time limit for completion of assessment in case of search
01-Jul-12
153B(1),Explanation  Cl(ix)
The period to be excluded, in respect of the period specified for exchange of information, is increased from 'six months' to 'one year'
01-Apr-13
153C
Insertion of a proviso to authorise the Assessing Officer so as not to issue the notice for re-assessing the income of a person, other than the person searched, in certain cases
01-Jul-12
154
Rectification of mistake identified in processing of statement of the TDS
01-Jul-12
156, Proviso
The sum determined in the intimation issued at the time of processing of statement of TDS shall be deemed to be notice of demand
01-Jul-12
193(v)
Increase in threshold limit to Rs. 5,000 for deduction of TDS from payment of interest on debentures
01-Jul-12
194E
Any amount payable to an entertainer shall be subject to TDS and the rate of TDS is increased from '10%' to '20%'
01-Jul-12
194J(1)(ba)
Any remuneration payable to a director shall be subject to TDS if no tax deducted under Sec. 192 from such payment
01-Jul-12
194LA
The threshold limit for deduction of tax at source is increased from Rs. 1,00,000 to Rs. 2,00,000
01-Jul-12
194LC
New insertion - Deduction of tax from payment of interest by Indian companies engaged in certain companies
01-Jul-12
195(1)
Exclusion of interest as referred under secs. 194LB and 194LC from the ambit
01-Apr-12
195(7)
The Board may specify a class of person in respect of whom an application to be filed for determination of income from which tax to be deducted at source
01-Jul-12
197A(1C)
The age limit to seek exemption from deduction of tax at source reduced from 65 years to 60 years
01-Jul-12
201
The payer is not deemed to be in default if payee declares the amount received from such payer in the return of income and pays the taxes due on such income.
01-Jul-12
201, Explanation
Insertion of explanation to provide the meaning of an 'accountant'
01-Jul-12
204(iv)
Addition in the meaning of 'person responsible for paying'
01-Jul-12
206C
Insertion of provision for collection of tax at source in case of sale of bullion, jewellery and specified minerals. Further, consequent changes in the provisions when an assessee is not deemed to be in default and change in meaning of buyer
01-Jul-12
207(2)
An assessee, whose age is 60 years and above, shall not be liable to pay advance tax if he does not any business income
01-Apr-12
209(1)(d), Proviso
While computing the advance tax the amount of TDS or TCS shall not be deducted if it has not been deducted or collected by the person responsible therefor.
01-Apr-12
220(2B)
New Insertion : If interest under Sec. 201(1A) is charged then interest under Sec. 220(2B) not to be charged for the same period
01-Jul-12
234A(1)(vi)
In computing the interest the AMT credit shall be reduced.
01-Apr-13
234B(1),Explanation1,Cl.(v)
In computing the interest the AMT credit shall be reduced.
01-Apr-13
234C(1)
In computing the interest the AMT credit shall be reduced.
01-Apr-13
245N(a)(iv), 245N(b)(iiia)
New Insertion : Change in the meaning of 'Applicant' and "Advance Ruling'
01-Apr-13
245R(2)
New Insertion : Change in the list of persons who can make an application to AAR in specified case
01-Apr-13
234E
New insertion - Fees for default in furnishing statement of TDS/TCS
01-Jul-12
245C(1)
Change in the provision for application for settlement of cases
01-Jul-12
245Q(2)
Increase in the fees for advance ruling from Rs. 2,500 to Rs. 10,000
01-Jul-12
246A(1)
Change in the provision so that a deductor can appeal against the intimation u/s 200A(1) before CIT(A)
01-Jul-12
246A(1)(a)
Change in the provision of 'appealable orders' before CIT(A)
01-Apr-13
246A(1)(b)
Change in the provision of 'appealable orders' before CIT(A)
01-Apr-13
246A(1)(ba)
Change in the provision of 'appealable orders' before CIT(A)
01-Apr-13
246A(1)(bb)
Change in the provision of 'appealable orders' before CIT(A)
01-Jul-12
246A(1)(c)
Change in the provision of 'appealable orders' before CIT(A)
01-Apr-13
246A(1)(j)(B)
Change in the provision of 'appealable orders' before CIT(A)
01-Jul-12
253(1)(e)
Change in the provisions for 'appeal to the Appellate Tribunal'
01-Apr-13
253(2A)
Change in the provisions for 'appeal to the Appellate Tribunal'
01-Jul-12
253(3A)
Change in the provisions for 'appeal to the Appellate Tribunal'
01-Jul-12
253(4)
Change in the provisions for 'appeal to the Appellate Tribunal'
01-Jul-12
254(2A)
Change in the provisions for 'order of Appellate Tribunal'
01-Jul-12
271(1), Explanation7
Insertion of expression 'specified domestic transaction'
01-Apr-13
271AA
Substitution of new section - Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.
01-Jul-12
271AA
Insertion of expression 'specified domestic transaction'
01-Apr-13
271AAA(1)
Amendment in provision for 'penalty where search has been initiated'
01-Apr-12
271AAB
New inserting - Penalty where search has been initiated
01-Jul-12
271G
Insertion of expression 'specified domestic transaction'
01-Apr-13
271H
New insertion - Penalty for failure to furnish statements, etc.
01-Jul-12
272A(2)
No penalty under this provision in case of failure to deliver the statement of TDS and TCS.
01-Jul-12
273B
Reference of Sec. 271H in the provisions when penalty shall not be imposed
01-Jul-12
276C(1)
The threshold limit of amount sought to be evaded so as to prosecute the taxpayer has been increased from Rs. 1,00,000 to Rs. 25,00,000. Further, change in the number of years of prosecution
01-Jul-12
276CC
The threshold limit of amount sought to be evaded so as to prosecute the taxpayer has been increased from Rs. 1,00,000 to Rs. 25,00,000. Further, change in the number of years of prosecution
01-Jul-12
277
The threshold limit of amount sought to be evaded so as to prosecute the taxpayer has been increased from Rs. 1,00,000 to Rs. 25,00,000. Further, change in the number of years of prosecution
01-Jul-12
277A
Change in the number of years of prosecution
01-Jul-12
278
The threshold limit of amount sought to be evaded so as to prosecute the taxpayer has been increased from Rs. 1,00,000 to Rs. 25,00,000. Further, change in the number of years of prosecution
01-Jul-12
280A, 280B, 280C & 280D
New insertion - New provisions for 'Special courts for trial of offences'
01-Jul-12
296
Change in the provisions for 'Rules and certain notification to be placed before Parliament'
01-Jul-12
Fourth Schedule, Part A, Rule 3(1)
Extension of time allowed to EPFO to process the applications
01-Apr-12
 Wealth-tax Act, 1957
2(ea)(i)(1)
A residential house, allotted by the company to its employee or director, is not subject to wealth tax if gross annual salary of such employee or director does not exceed Rs. 5,00,000. Such threshold limit is increased to Rs. 10,00,000
01-Apr-13
17(1), (1A)
The limit of 4 years for re-opening of assessment is not applicable in relation to asset located outside India. Further, Increase in the time limit to 16 years when a notice can be issued for re-assessment in respect of asset located outside India
01-Jul-12
17A(1),(2) & (3)
Amendment in the provisions for 'time limit for completion of assessment or re-assessment'
01-Jul-12

 
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