Disallowance under Sec.14A to be limited to 1 percent of average monthly investment yielding exempt income subject to actual expenditure claim.
E-filing of tax return mandatory, if income except minimum chargeable to tax, without considering exempted income from capital gain under sec. 10 ( 38 ).
·Time barring - 9 months from end of assessment year in which return is required to be filed.
Appeal effect to be given in 3 months. Reassessment within 12 months
Penalty under section 271(1)(c) replaced by Section 270A. Penalty @50% for under reporting of income and 200% in case of wrong reporting of income.
No penalty if tax and interest as per assessment order is paid in time and no appeal is preferred except in case of misreporting of income (Application to be made)
Witholding tax (TDS) limits increased and rates of TDS rationalised
PAN not mandatory for non- residents, can give alternative prescribed
Mandatory "E-Assessment" in 7 metros without any assessee and department interface except in special cases/ circumstances.
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