OTHERS

As a step to simplify the tax regime in respect of Gem and Jewellery business, A benign assessment procedure to be introduced for assessees engaged in diamond manufacturing and trading who declare profits from such activities at 8% or more of turnover
Limit of Rs.50 lakh per investor per year with respect to capital gains bonds issued by NHAI and REC under section 54EC to continue
The scope of income received by Non-residents in respect of royalties / fees of technical services has been expanded by way of insertion of explanation in section 9 with retrospective effect from June 1976.
Direction for Special Audit u/s 142(2A) cannot be ordered unless the assessee is opportunity is given to defend his case. Further cost of audit is to be paid by the central government instead of the assessee.

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