Thursday, March 15, 2007


  • 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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