CA Final May 2014 || Direct Tax (DT) || Amendments, Syllabus

ICAI has released new Study Material for CA Final Direct Tax, applicable from May 2014 Exams. The amendments made by the Finance Act are incorporated in the new study material and the compilation of such amendments and relevant notifications can be viewed from the file below

 

Other Few Amendments in Direct Tax:

*Manufacturing companies investing more than 100 crore in new plant and machinery during the period from 1.4.2013 to 31.3.2015 entitled to investment allowance@15% [Section 32AC] 
 

*From this year, A rebate of Rs.2,000 from tax calculated will be available for people having an annual income upto Rs.5 Lakh. Thus we can say that tax payable in 10% slab will be maximum Rs.28,000 (taking into account Rs.2,000 tax credit).

 
Surcharge of 10% will be payable if income is above Rs.1 Crore.
———————————Direct Tax
Income Tax Slabs for May 2014 Exams
 
 
Income Range
 
Men and Women (Below 60 Years of Age)
 
Senior Citizens (Men and Women above 60 years of age) but below 80 years
 
 
Super Senior Citizens ( Men and Women above 80 Years of Age
Upto Rs.2,00,000/-
 
Nil
Nil
Nil
2,00,000 to 2,50,000
 
10%
Nil
Nil
2,50,000 to 5,00,000
 
10%
10%
Nil
5,00,000 to 10,00,000
 
20%
20%
20%
Above Rs.10,00,000
 
30%
30%
30% 

 
 
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