TIOL-DDT 1585 · Thursday, 7 April 2011 · story 5 of 6

AMENDMENTS AT A GLANCE

Section/Schedule

Particulars/Paragraph number

Finance Act

First Schedule

Rate Structure, 3.1-3.3-6

Income-tax Act

2(15)

Change in the Definition of “charitable purpose”, 4.1-4.4

9

Income deemed to accrue or arise in India to a non-resident, 5.1-5.4

10AA

Computation of exempted profits in the case of units in Special Economic Zones (SEZs), 6.1-6.2

12A

Cancellation of registration obtained under section 12A, 7.1-7.4

35, 10(21)

Weighted deduction for scientific research and development, 8.1-8.8

35AD

Investment linked deduction for specified businesses, 9.1.1-9.3.2

40(a)(ia), 201, 271B

Disallowance of expenditure on account of non-compliance with TDS provisions, 10.1.1-10.2.3

44AB, 44AD

Limit of turnover or gross receipts for the purpose of audit of accounts and for presumptive taxation, 11.1-11.5

32, 47, 35DDA, 43, 47A, 49, 72A, 115JAA

Conversion of a private company or an unlisted public company into a limited liability partnership (LLP), 12.1-12.9

56

Taxation of certain transactions without consideration or for inadequate consideration, 13.1-13.7

80C

Deduction in respect of long-term infrastructure bonds, 14.1-14.2

80D

Deduction in respect of contribution to the Central Government Health Scheme (CGHS), 15.1-15.4

80-IB(10)

Deduction for developing and building housing projects, 16.1-16.5

80-ID

Deduction of profits of a hotel or a convention centre in the National Capital Territory (NCT), 17.1-17.3

115JB

Minimum Alternate Tax under Section 115JB, 18.1-18.3

143

Centralised Processing of Returns, 19.1-19.4

194B, 194BB, 194C, 194D, 194H, 194-I, 194J

Rationalisation of provisions relating to Tax Deduction at Source (TDS), 20.1-20.3

203, 206C

Certificate of Tax Deduction at Source (TDS) and Tax Collection at Source (TCS), 21.1-21.3

245A, 245C, 245D

Settlement Commission, 22.1-22.5

256, 260A

Power of the High Court to condone delay in filing of appeals, 23.1-23.7

282B

Document Identification Number, 24.1-24.2

First Schedule

Taxation of income of non-life insurance business, 25.1-25.5

CBDT Circular No. 1/2011 [F.No. 142/1/2011-SO(TPL)] Dated: April 6, 2011