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1. Notification No. S.O. 46(E) dated 12.1.2004 (w.e.f. 1.4.2004)
For change in rule 3(7)(i) providing that in respect of concessional loan for any purpose the rate of interest charged by SBI on loan for the same purpose on 1st day of the FY will be taken for valuation of perk.
2. Notification No. S.O. 47(E) dated 12.1.2004 (with immediate effect)
In TDS Certificate in Form No. 16, items 13 to 17 have been substituted.
3. Notification No. S.O. 48(E) dated 12.1.2004
(w.e.f. 1.4.2004)
New Rule 28AB inserted to provide for the procedure for issue of certificate of no deduction of tax at source in case of
a) persons in receipt of income derived from property held under trust claiming exemption u/s 11 or 12,
or
b) in case of a scientific research association, news agency, association or institution, fund or trust or University or other educational institution or any hospital or other medical institution or trade union referred to in section 139(4C).
The AO may issue the certificate u/s 197(1) authorizing the above persons to receive income without TDS on fulfilling prescribed conditions as mentioned in Rule 28AB(2).
4. Notification No. S.O. 49(E) dated 12.1.2004 (with immediate effect)
To substitute items in Form No. 49B for item 8 (Nature of Collections u/s 206C)
5. Notification No. S.O. 50(E) dated 12.1.2004 (w.e.f. 1.4.2004)
a) 3rd proviso inserted in rule 12, to provide that an assessee having salary income of upto Rs. 1.5 Lakhs and not having income from business, capital gain or agriculture or any other income (other than on which tax has been deducted by the employer) may also have the option of filing return in Form No. 16AA.
b) Rule 31(1)(a) amended to provide that Certificate of TDS may be issued in Form 16AA in cases mentioned in (a) above.
c) New Form 16AA has been prescribed.
6. Notification No. S.O. 51(E) dated 12.1.2004 (w.e.f. 1.4.2004)
New scheme for filing of returns by salaried employees through employer, 2004 notified. An assessee having salary income of upto Rs. 1.5 Lakhs and not having income from business, capital gain or agriculture or any other income from which tax has been deducted by any person (other than the employer) may also have the option of filing return through his employer in Form No. 16AA.
7. Notification No. S.O. 52(E) dated 12.1.2004 (w.e.f. 1.4.2004)
Rule 2E containing guidelines for approval u/s 10(23G) substituted. Application shall be made in Form No. 56E.
8. Notification No. S.O. 53(E) dated 12.1.2004 ( with immediate effect)
The Board has specified that the provisions of filing return under one by six scheme shall not apply to individuals who have income from pension but are not engaged in any business or profession during the previous year.
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