Apr 162021
 

Gujarat Minimum wages have been revised from 1st Apr 2021 to 30th Sep-2021

Notification:-Gujarat VDA 01.04.2021 to 30.09.2021

Detail Industry-wise Breakup:- Gujarat Minimum Wages 1st Apr-2021 to 30th Sep-2021

 

SOURCES: PRAKASH CONSULTANCY SERVICES

Apr 152021
 

Facts of the case:

As per provisions of section 10(5) of the Act, only that reimbursement of travel concession or assistance to an employee is exempted which was incurred for travel of the individual employee or his family members to anyplace in India. Nowhere in this clause, it has been stated that even if the employee travels to foreign countries, the exemption would be limited to the expenditure incurred to the last destination in India. Section 10(5) and the relevant rule is reproduced below:

Section 10(5)- exemption in respect of leave travel concession

  1. In computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included
** ** **

(5) in the case of an individual, the value of any travel concession or assistance received by, or due to, him,—

(a) from his employer for himself and his family, in connection with his proceeding on leave to any place in India;
(b) from his employer or former employer for himself and his family, in connection with his proceeding to any place in India after retirement from service or after the termination of his service,

subject to such conditions as may be prescribed (including conditions as to the number of journeys and the amount which shall be the exempt per head) having regard to the travel concession or assistance granted to the employees of the Central Government;

Provided that the amount exempt under this clause shall in no case exceed the amount of expenses actually incurred for the purpose of such travel

Conditions for the purpose of section 10(5) as prescribed under rule 2 B of the Income-tax Rules, 1962

2B. (1) The amount exempted under clause (5) of section 10 in respect of the value of travel concession or assistance received by or due to the individual from his employer or former employer for himself and his family, in connection with his proceeding—

(a) on leave to any place in India;
(b) to any place in India after retirement from service or after the termination of his service,

shall be the amount actually incurred on the performance of such travel subject to the following conditions, namely:—

(i) where the journey is performed on or after the 1st day of October 1997, by air, an amount not exceeding the air economy fare of the national carrier by the shortest route to the place of destination;
(ii) where places of origin of journey and destination are connected by rail and the journey is performed on or after the 1st day of October 1997, by any mode of transport other than by air, an amount not exceeding the air-conditioned first-class rail fare by the shortest route to the place of destination; and
(iii) where the places of origin of journey and destination or part thereof are not connected by rail and the journey is performed on or after the 1st day of October 1997, between such places, the amount eligible for exemption shall be:—
(A) where a recognized public transport system exists, an amount not exceeding the 1st class or deluxe class fare, as the case may be, on such transport by the shortest route to the place of destination; and
(B) where no recognized public transport system exists, an amount equivalent to the air-conditioned first-class rail fare, for the distance of the journey by the shortest route, as if the journey had been performed by rail.

Liability to deduct TDS:

There is a subtle line of demarcation between what is taxable in the hands of the assessee and what is the amount of estimated income in respect of which tax is required to be deducted at source by the employer.

Section 192 (1), which imposes tax withholding obligations on the employers in respect of payments for salaries, requires that tax deduction is made by the employer “on the estimated income of the assessee under this head (i.e., income from salaries) for that financial year“. Thus, the tax withholding obligation is clear in respect of “estimated income of the assessee” and not in respect of “taxable income of the assessee”.

There can be situations in which the employer genuinely and reasonably estimates income of the employees under the head salaries, and yet actual taxability of income under the head salaries of the related employees may be higher than the employer’s estimation.

Therefore, while examining the question as to whether the employer has properly discharged his duties under section 192, all that is to be seen is whether the employer has reasonably, or bonafide, estimated the income of the employees and deducted tax in respect of such estimated income.

Conclusion:

Under section 192 a duty is cast on an employer to form an opinion about the tax liability of his employee in respect of the salary income. While forming this opinion, the employer is undoubtedly expected to act honestly and fairly. But if it is found that the estimate made by the employer is incorrect, this fact alone, without anything more, would not inevitably lead to the inference that the employer has not acted honestly and fairly. Unless that inference can be reasonably raised against an employer, no fault can be found with him. It cannot be held that he has not deducted tax on the estimated income of the employee.

 

Apr 112021
 

Facts of the case:

The assessee in a development office of LIC. The issue that arises here is – whether the incentive bonus received by DO-LIC is a salary income. If so, whether amount so received by him is entitled to a separate deduction?

Whether 30 periods of incentive bonus were to be excluded from the definition of ’emoluments’ under section 17?

Whether incentive bonus being salary, the assessee was entitled to any deduction excess/different from standard deduction allowable under section 16(1)?

Analysis of fact:

Whether any expenditure is allowable in the computation of income or any receipt has to be added to income only after providing for the expenditure is a matter to be found in the statute, that is, the income-tax Act. The scheme of the Act is compartmentalization of income under various heads and computation of the taxable portion strictly in accordance with the formula of deductions, rebates, and allowances provided therein.

The first step in this regard is to identify the head under which the income is assessable and Deductions and allowances are specific for each head of income.

The definition of “salary” under section 15 of the Income-tax Act, 1961, is so wide and is only an inclusive one taking in all receipts from the employer in the form of wages, commission, bonus, profits in lieu of or into the employee towards consideration for services rendered in the course of employment comes within the description of “salary” which includes perquisites as well. The definition of salary as provided under section 15 is reproduced below:

  1. The following income shall be chargeable to income-tax under the head “Salaries”—

(a) any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not;

(b) any salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer though not due or before it became due to him;

(c) any arrears of salary paid or allowed to him in the previous year by or on behalf of an employer or a former employer, if not charged to income-tax for any earlier previous year.

Explanation 1.—For the removal of doubts, it is hereby declared that where any salary paid in advance is included in the total income of any person for any previous year it shall not be included again in the total income of the person when the salary becomes due.

Explanation 2.—Any salary, bonus, commission, or remuneration, by whatever name called, due to, or received by, a partner of a firm from the firm shall not be regarded as “salary” for the purposes of this section.

  1. For the purposes of sections 15and 16 and of this section,—

(1) “salary” includes—

(i) wages;

(ii) any annuity or pension;

(iii) any gratuity;

(iv) any fees, commissions, perquisites, or profits in lieu of or in addition to any salary or wages;

(v) any advance of salary;

(a) any payment received by an employee in respect of any period of leave not availed of by him;

(vi) the annual accretion to the balance at the credit of an employee participating in a recognized provident fund, to the extent to which it is chargeable to tax under rule 6 of Part A of the Fourth Schedule;

(vii) the aggregate of all sums that are comprised in the transferred balance as referred to in sub-rule (2) of rule 11 of Part A of the Fourth Schedule of an employee participating in a recognized provident fund, to the extent to which it is chargeable to tax under sub-rule (4) thereof; and

(viii) the contribution made by the Central Government or any other employer in the previous year, to the account of an employee under a pension scheme, referred to in section 80CCD;

 

Meaning of bonus to DO-LIC:

The incentive bonus is a percentage of the premium received by the LIC of India for the business canvassed through the Development Officers,

It is not the reimbursement of any expenditure and is not even linked to expenditure, if any, incurred by the Development Officers.

Further, in cases where the remuneration otherwise receivable by the Development Officers is in excess of 20 percent of the net premium, then the Development Officer is not entitled to any incentive bonus.

Conclusion:

It is an additional payment and is nothing but a salary coming within the meaning of section 15 of the Act and the Development Officer is not entitled to any deduction over and above the standard deduction.

Apr 082021
 

Computation of salary income of a Czech national employed with Skoda Auto AS, a company incorporated in Czechoslovakia and is currently under deputation to Skoda Auto India (P.) Ltd:

Income tax return filed on : 31-7-2006,

Basic Salary:

Bonus:

Total Salary:                                                 

Rs. 47,31,650

Rs. 8,81,760

Rs. 56,13,410

Deductions:

  • Hypothetical-tax : 20,21,281
  • Social security charges: 9,23,498
Net Salary: Rs. 26,68,631
Taxable allowances:

Taxable perquisite:

Rs. 17,74,558

Rs. 25,79,856

Taxable income under the head salary: Rs. 70,23,050

The explanation for deduction of social security charges: As regards the social security contribution, it was explained that Skoda a.s. has made a contribution to the social security plan for the assessee in the home country.

It is admitted position that domestic law of the Czech Republic lays down a compulsion whereby all citizens of the Czech Republic are required to contribute to the social security plan, regardless of the fact whether they are working in the Czech Republic or any other place.

 

There is a thin diving line between diversion of income and application of income as explained below:

Diversion of income: Income is received by a person other than the person who is entitled to it. The recipient, later on, diverts the income under a pre-existing title to the person who is actually entitled to it. It is the diversion of income by overriding title.

In such cases, income is not taxable in the hands of the person who first receives it. The tax is payable by the person to whom income is diverted by overriding title.

 

Application of income: Income is received by the person who is actually entitled to it. He is made chargeable to tax.

 

In order to decide whether a particular payment is a diversion of income or application of income, it has to be seen whether the disbursement of income is a result of the fulfillment of an obligation on him or whether income has been applied to discharge an obligation?

 

In the first case income is not taxable in the hands of the assessee but in the latter case same consequences to law not follow and income is taxable in the hands of the assessee recipient.

 

Analysis of present case and conclusion:

In the above case, the assessee had no discretion in the matter of social security charges contributions and the assessee does not have any enforceable right over it.

Also, no benefits accrued to the assessee, under this social security plan, in the relevant financial year.

Thus the payment is not taxable as the employee does not have a present enforceable vested right in the contribution.

Also, in the case of Gallotti Raoul v. Asstt. CIT, it was highlighted that only net income was chargeable to tax after adjustment of the French social security charges as was the assessee’s case.

Thus, the facts of this case show that the amount to the extent of the social security plan never reaches the assessee as his income, and, therefore not taxable.

Also, the non-existence of provision for deduction either under section 16 of the Income-tax Act or in the tax treaty between India and the appellant’s home country is immaterial in this case.

Apr 032021
 

Computation of salary income of a Czech national employed with Skoda Auto AS, a company incorporated in Czechoslovakia and is currently under deputation to Skoda Auto India (P.) Ltd:

Income tax return filed on : 31-7-2006,

Basic Salary: Rs. 47,31,650
Bonus: Rs. 8,81,760
Total Salary: Rs. 56,13,410

Deductions:

  • Hypothetical-tax : 20,21,281
  • Social security charges: 9,23,498
Net Salary: Rs. 26,68,631
Taxable allowances:

Taxable perquisite:

Rs. 17,74,558

Rs. 25,79,856

Taxable income under the head salary: Rs. 70,23,050

 

Meaning of the term tax equalization policy and hypothetical tax:

This deduction on account of hypothetical-tax liability is made under tax equalization policy, which, in substance, restricts the tax liability of an employee in India to the tax liability which the employee would have incurred in their home country. For example:

Particulars Tax liability which the employee would have incurred in his home country,i.e Czech republic in the present case Tax liability of an employee in India Impact analysis
Tax rate 20 percent of salary income 30 percent of salary Actual tax liability paid by the employer company. (it is the employee tax bill is paid by the employer and same will be taxable under the head salary income as a prerequisite of employee)
Whether tax equalization policy applicable Yes As tax rate in the country of employment is more.
Tax liability to be borne by the employer 10 percent of salary

(Being 30% tax in India Less 20% tax in home country)

This is the tax liability of employer company under the term of employment and also paid employer company and hence, not a prerequisite income of the assessee employee.
Tax liability to be paid to employee assessee 20 percent of salary income 20 percent of salary income Hypothetical tax bill under the tax equalization policy of the employer company and reimbursed by an employee to the employer under the term of employment. Thus, income to this extent never accrue to an employee but received by him as an employer has already paid taxes at increased rates. Thus, this amount needs to be deducted while computing a taxable perquisite.
The net effect of the policy tax equalization tax equalization Objective achieve

 

Thus, what is deducted on account of hypothetical-tax is not a reduction of basic salary, but it is only restricting the tax liability of the employee as borne by the employer.

 

When a deduction to be made from the salary on account of hypothetical-tax, whether this deduction to be allowed while computing the basic salary or is it to be allowed at the stage of computing perquisite of tax on the salary being borne by the employer?

 

The hypothetical-tax liability thus only reduces the tax prerequisite of the employee and not his income. The deduction, therefore, should be made at the stage of computing the tax prerequisite and not the basic salary.

 

The view, that hypothetical-tax is not one of the three deductions permissible under section 16, and, accordingly, the deduction cannot be granted on account of hypothetical-tax from the basic salary is wrong as the hypothetical tax is not a tax liability and thus not an income of the assessee employee.

 

The explanation for deduction of hypothetical tax: This deduction was on account of hypothetical-tax under tax equalization policy and, in accordance with Tribunal’s decision in the case of Jaidev H. Raja v. Dy. CIT [IT Appeal No. 2021 (Mum.) of 1998], taxable base salary is to be reduced by the amount of hypothetical-tax.

 

In the case of Jaydev H. Raja (supra), as per the tax equalization policy framed by the employer company i.e., Coca Cola India Inc., employees were guaranteed a net of tax salary and the company was to bear all actual taxes imposed on the employee’s assignment income. The employees had to reimburse the company that part of the total tax liability which he would have paid had if he worked in Atlanta.

 

Thus, the deduction on account of hypothetical-tax is justified because the liability of the employer will be restricted only to the extent of additional liability over and above what would have arisen had the appellant been in the Czech Republic. Therefore, the amount of Rs. 20,21,281. which has been reduced as hypothetical-tax, is not accrued to the appellant at all and the same is not taxable.

Apr 022021
 
The Bihar Minimum wages have been revised from 1st Apr 2021 to 30th Sep-2021
SOURCES: PRAKASH CONSULTANCY SERVICES
Mar 042021
 

The following Act of the Legislature of the State of Haryana received the assent of the Governor of Haryana on the 26th February 2021 and is hereby published for general information

  • This Act may be called the Haryana State Employment of Local Candidates Act, 2020
  • It extends to the whole of the State of Haryana
  • It shall come into force on such date, as the Government may, by notification in the Official Gazette, specify
  • This Act applies to all the Companies, Societies, Trusts, Limited Liability Partnership firms, Partnership Firm and any person employing ten or more persons and an entity, as may be notified by the Government, from time to time
  • It shall cease to have an effect on the expiry of ten years from the date of its commencement, except as respect to the things to be done or omitted to be done before such cesser, and upon such cesser section 6 of the General Clauses Act, 1897 (Central Act 10 of 1897), shall apply as if this Act had then been repealed by a Central or State Act, as the case may be.
  • Employer” means a Company registered under the Companies Act, 2013 (Central Act 18 of 2013) or a Society registered under the Haryana Registration and Regulation of Societies Act, 2012 (1 of 2012) or a Limited Liability Partnership Firm as defined under the Limited Liability Partnership Act, 2008 (Central Act 6 of 2009) or a Trust as defined under the Indian Trust Act, 1882 (Central Act 2 of 1882) or a Partnership Firm as defined under the Indian Partnership Act, 1932 (Central Act 9 of 1932) or any person employing ten or more persons on salary, wages or other remuneration for the purpose of manufacturing or providing any service or such entity, as may be notified by the Government from time to time, but shall not include the Central Government or the State Government or any organization owned by the Central Government or the State Government;
Compulsory registration
  • On and from the date of commencement of this Act, every employer shall register such employees receiving a gross monthly salary or wages not more than fifty thousand rupees or as notified by the Government, from time to time, on the designated portal, within three months of coming into force of this Act
  • Provided that no person shall be employed or engaged by any employer till the registration of all such employees is completed on the designated portal
Recruitment of local candidates.
  • After the commencement of this Act, every employer shall employ seventy-five percent of the local candidates with respect to such posts where the gross monthly salary or wages are not more than fifty thousand rupees or as notified by the Government, from time to time
  • Provided that the local candidates may be from any district of the State, but the employer may, at his option, restrict the employment of local candidates from any district to ten percent of the total number of local candidates
  • Provided further that no local candidate shall be eligible to avail of the benefits under this Act unless he registers himself on the designated portal
Exemption
(1) The employer may claim exemption from the requirement of section 4, where an adequate number of local candidates of the desired skill, qualification or proficiency is not available by applying to the Designated Officer in such form and manner, as may be prescribed.
 (2) The Designated Officer shall, after such inquiry, as he deems fit and after evaluating the attempt made by the employer to recruit local candidates of the desired skill, qualification, or proficiency, may either-
(i) accept the claim of the employer for exemption from the provisions of section 4; or
(ii) reject the claim of the employer for an exemption for reasons to be recorded in writing; or
(iii) direct the employer to train local candidates to achieve the desired skill, qualification, or proficiency.
 (3) Every order made by the Designated Officer under sub-section (2), shall be placed on the website of the Government.
Employer to furnish report
 
Every employer shall furnish a quarterly report, by such date, as may be notified by the government in the Official Gazette, of the local candidates, employed and appointed during that quarter on the designated portal in such form, as may be prescribed
Penalties
Section 3 (Compulsory registration)

If any employer contravenes the provisions of section 3 of this Act or of any rules made thereunder or of any order in writing given thereunder, he shall be guilty of an offense punishable with the penalty which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees and if the contravention is still continued after conviction, with a further penalty which may extend to five hundred rupees for each day till the time contravention is so continued.

Section 4 (Recruitment of local candidates)

if any employer contravenes provisions of section 4 or of any rules made thereunder or of any order in writing given thereunder, he shall be guilty of an offense punishable with the penalty which shall not be less than fifty thousand rupees but which may extend to two lakh rupees and if the contravention is still continued after conviction, with a further penalty which may extend to one thousand rupees for each day till the time contravention is so continued.

Section 5(Exemption)

If any employer disobeys any order in writing made by the Designated Officer under section 5, he shall be guilty of an offense punishable with the penalty which shall not be less than ten thousand rupees but which may extend to fifty thousand rupees and if the contravention is still continued after conviction, with a further the penalty which may extend to one hundred rupees for each day till the time contravention is so continued.

Notification:- THE HARYANA STATE EMPLOYMENT OF LOCAL CANDIDATES ACT, 2020

Mar 032021
 

Karnataka Govt has revised & Increase in Cost of Living Allowance (DA) payable in Scheduled Employment under Minimum Wage Notification for the period from 01/04/2021 to 31/03/2022

 

Industries/Category Notification
Shop & Establishment 👉 Karnataka MW 2021-2022-Shop & Establishment-compressed
Hotel & Restaurant 👉 Karnataka MW 2021-2022- Hotel-compressed
Security 👉 Karnataka MW 2021-2022 Security

 

SOURCES: PRAKASH CONSULTANCY SERVICES

Mar 022016
 

Budget Highlights relating to Income Tax

The provisions of Finance Bill, 2016 relating to direct taxes seeks to amend the Income-tax Act, 1961 (‘the Act’) , the Finance (No.2) Act, 2004, Finance Act, 2013 and Finance Act 2015, in order to provide for –

  1. Rates of Income-tax
  2. Widening of Tax Base and Anti-Abuse Measures
  3. Measures to Phase out deductions
  4. Measures to Promote Socio-economic Growth
  5. Relief and Welfare Measures
  6. Ease of doing Business & Dispute Resolution
  7. Rationalisation Measures

 A. Rates of Income-tax

  1. Tax slab rates will remain unchanged
  2. Surcharge is payable @ 12% in case total income exceeding Rs one crore rupees.
  3. The above surcharge is also applicable in case assessee who is liable to pay tax under Alternate Minimum Tax.
  4. For domestic company surcharge shall be 7% (for total income ranges between Rs one crore to 10 crore) or 12% (for total income > Rs 10 crore) as the case may be subject to marginal relief.
  5. For other corporate, surcharge shall be 2% or 5% as the case may be subject to marginal relief.
  6. Rates of education cess (2%) and Secondary and Higher Education Cess (1%) remains unchanged.
  7. Rates of TDS on insurance commission payable to resident non corporate assessee TDS shall be deducted @ 5%.
  8. Income of domestic company having total turnover up to Rs 5 crore shall be taxed @ 29% and other domestic company shall be taxed @ 30%.
  9. Optional taxation @ 25% to newly set up domestic company subject to conditions.
  10. Surcharge is made applicable to domestic company also. (7% or 12%)

 B. Additional Resource Mobilisation

  1. Dividend income > Rs 10 lacs shall be chargeable to tax in the hands of Individual, HUF & firm on Gross Basis in the hands of receiver of income also.
  2. STT on sale of an option in securities where option is not exercise shall be chargeable to tax @ 0.05%.
  3. Equalization levy of 6% on non resident specified service provider if aggregate consideration exceeds Rs 1 lacs.

C. Widening of Tax Base and Anti-Abuse Measures

  1. Seller shall collect TCS @ 1% from the purchaser of motor vehicle of value > Rs. 10 lacs, or other goods except bullion and jewellery and services > Rs 2 lacs.
  2. Provisions of sec 115AQ shall apply to any buy back of unlisted share undertaken by the company in accordance with the provisions of the law relating to the Companies and not necessarily restricted to section 77A of the Companies Act, 1956.
  3. Levy of additional levy in case of conversion of charitable institute into or merger with any non charitable or on transfer of assets of a charitable organisation on its dissolution to a non charitable institution.

 D. Measures to Phase Out Deductions

  1. Following incentives are phased out in prescribed manner:
    1. Sec 10AA- Special provision in respect of newly established units in Special economic zones (SEZ).
    2. 35AC-Expenditure on eligible projects or schemes.
    3. 35CCD-Expenditure on skill development project.
    4. Sec 80IA, 80IAB, 80IB
    5. Accelerated depreciation
    6. Sec 35(1) Sec 35(2AA) & 35(2AB) Deduction of expenditure on scientific research
    7. Sec 35AD & Sec 35CCC other specified incentives

 E. Measures to Promote Socio-economic Growth

  1. Exemption of income accruing or arising to a foreign company on account of storage of crude oil in a facility in India and sale of crude oil there from to any person resident in India
  2. Income of foreign company from display of uncut and unassorted diamond in special zone.
  3. Benefit of initial additional depreciation is extended to assess engaged in transmission of power
  4. Concessional rate of tax (10%) on royalty income of a person resident in India.
  5. Deduction of 100% profit earned by eligible start up before 01-04-2019.
  6. New sec 54EE to provide exemption of from capital gain if LTCG proceeds are invested in specified fund with a cap of Rs 50 lacs.
  7. 100% deduction of the profits of an assessee developing and building affordable housing projects.
  8. Benefit of deduction under section 80EE is increased to Rs 150,00/- for interest paid on loan taken upto Rs 35 lacs by first home buyers.
  9. 30% of salary paid in first year of new business shall be allowed as deduction.

 F. Relief and Welfare Measures

  1. Redemption of Sovereign Gold Bond shall not be regarded as transfer and thus exempted from capital gain.
  2. Indexation benefit is made available to Sovereign Gold Bond also.
  3. Exemption to capital gains arising in case of appreciation of rupee between DOI & DOR against the foreign currency in which investment was made in Rupee Denominated Bond.
  4. Relief under sec 80GG is raised from Rs 2000 per month to Rs 5000 per month.
  5. Exemption of interest and capital gains of investment made in Gold monetization scheme.
  6. Rebate u/s 87A is increased from Rs 2000 to Rs 5000.
  7. Deduction of interest paid on money borrowed of acquisition or construction of self occupied property is made available even if acquisition or construction is completed within 5 years from the end financial year in which capital is borrowed,
  8. Section 25A, 25AA and 25B is omitted.
  9. Unrealized rent or arrear of rent will be taxable in the year of receipt with a uniform deduction of 30%.

 G. Ease of doing Business & Dispute Resolution

  1. Exemption from Dividend Distribution Tax (DDT) on distribution made by an SPV to Business Trust
  2. Special taxation regime for off shore funds Section 9A are modified.
  3. Enabling provisions are made for implementing various provision of the act in case foreign company held to be resident in India.
  4. Gross receipts of professionals to be taxed @ 50% of total gross receipts.
  5. Increase in threshold limit of audit of professional from Rs 25 lacs to Rs 50 lacs.
  6. Increase in threshold of audit in case assessee claims that his profit from trading activity is less than 8% of gross receipts from Rs 1 crore to Rs 2 crore.
  7. Further, for the above trading partners expenditure on account salary remuneration interest etc. paid to partner shall not allowed to be deducted.
  8. Further, above assessee shall pay advance tax before 15 march.
  9. Requirement of furnishing PAN No by non resident is done away.
  10. The income declaration scheme 2016 is introduce to curb black money.

 H. Rationalisation Measures

  1. Grant and assistance etc. from central government for the purpose of corpus of a trust or institution shall not form part of total income.
  2. Payments made to railways for use of its assets are come under the ambit of sec 43B.
  3. Increase in thresh hold limit of TDS under various section.
  4. Forms 15G / 15H are made available for rental incomes also.
  5. Schedule of advance tax payment from now onwards will be same for all assessee except assessee who are covered under 44AD.
  6. Processing of all returns under section 143(1) made compulsory and many more.