Explanatory notes to the provisions of the Finance Act, 2014

Explanatory notes to the arrangements of the Financing Act,2014 Earnings Tax Department Issued New Circular for Explanatory notes to the arrangements of the Financing (No. 2) Act, 2014 on 21 January2015 Here we are supplying Complete Information of this Circular at Below

Financing (No. 2) Act, 2014 ─ Explanatory Notes to the Arrangements of the Financing (No. 2) Act, 2014

CIRCULAR NO. -01/2015, DATED 21 st JANUARY, 2015

1. Intro 1.1 The Financing (No. 2) Act, 2014 (hereafter described as ‘the Act’) as gone by the Parliament, got the assent of the President on the sixth day of August, 2014 and has actually been enacted as Act No. 25 of2014 This circular discusses the compound of the arrangements of the Act associating with direct taxes.

2. Modifications made by the Act 2.1 The Act has- (i) defined the rates of income-tax for the evaluation year 2014-15 and the rates of income-tax on the basis of which tax needs to be subtracted at source and advance tax needs to be paid throughout fiscal year 2014-15

( ii) modified areas 2,10, 10 AA, 11, 12 A, 12 AA, 24, 32 A/C, 35 ADVERTISEMENT, 37, 40, 43, 44 AE, 45, 47, 48, 49, 51, 54, 54 EC, 54 F, 56, 73, 80 C, 80 CCD, 80 CCE, 80- IA, 92 B, 92 C, 92 CC, 111 A, 112, 115 A, 115 BBC, 115 BBD, 115 JC, 115 JEE, 115- O, 115 R, 115 TA, 116, 119, 133 A, 139, 140, 145 153, 153 B, 153 C, 194 A, 194 LC, 200, 200 A, 201, 206 AA, 220, 245 A, 245 N, 245- O, 269 SS, 269 T, 271 FA, 271 G, 271 H, 276 D and 281 B of the Income-tax Act, 1961;-LRB- .

( iii) Replaced brand-new areas for areas 142 A and 285 Bachelor’s Degree;-LRB- .

( iv) placed brand-new areas 133 C, 142 A, 194 DA, 194 LBA and 271 FAA in the Incometax Act, 1961;-LRB- .

( v) placed Chapter XII-FA including area 115 UA in the Income-tax Act, 1961;-LRB- .

( vi) changed areas 22 A of the Wealth-tax Act, 1957;-LRB- .

( vii) modified areas 97 and 98 of the Financing (No. 2) Act, 2004;-LRB- .

( viii) modified area 13 of the System Trust of India (Transfer of Carrying Out and Repeal) Act, 2002.

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