1. TAX PROPOSALS 2012 AT A GLANCE ON DOMESTIC DIRECT TAX MANOJ KUMAR MITTAL & CO.

2. INDIVIDUAL (OTHER THAN SENIOR CITIZEN & senior most Citizen) Including WOMAN & HUF, AOP, BOI- TAX SLAB UPTO 200000 NIL ABOVE 2000000 TO 500000 10% ABOVE 500000 TO 1000000 20% ABOVE 1000000 30%

3. MANOJ KUMAR MITTAL & CO. Senior Citizen from the age of 60 years to less than 80 years UPTO 2,50,000 NIL ABOVE 250000 TO 500000 10% ABOVE 500000 TO 1000000 20% ABOVE 1000000 30% Senior Citizen of 80 years and above :TAX SLAB UPTO 500000 NIL ABOVE 500000 TO 1000000 20% ABOVE 1000000 30%

4. MANOJ KUMAR MITTAL & CO.  No change in surcharge of 5.00% in case of domestic company and for company other than domestic company of 2.00%  No change in Education & Secondary Higher Education Cess of 3%

5.  Aletnate Minimum Tax U/s 115JC  The tax base of Alternate Minimum Tax (AMT) widened under section 115JC to include other form of organization, like partnership firm, sole proprietorship, AOP etc. if they claimed deduction under any section ( other than section 80P) under chapter VIA under the heading C-deduction in respect of certain incomes or U/s 10AA. They shall be liable to pay AMT. MANOJ KUMAR MITTAL & CO.

6.  However, This is not applicable to individual, HUF, AOP, BOI, Artificial Judicial If adjusted total income does not exceed Rs. 20.00 lacs.  Consequential amendments in section 140A, 234A, 234B and 234C  This is w.e.f. 01.04.2013 MANOJ KUMAR MITTAL & CO.

7. Section 194LAA-Tds ON Transfer of certain immovable properties  Any transferee, at the time of making payment or crediting any sum by way of consideration for transfer of immovable property(other than agriculture land)shall deduct tax @ 1% of such sum if  -consideration exceeds Rs. 50.00 lacs in case of property in specified urban agglomeration or MANOJ KUMAR MITTAL & CO.

8.  Twenty lacs in case property in any other area.  If consideration paid is less than the value adopted or assessed or assessable by any authority of state govt. for stamp duty purpose, then such value shall be deemed as consideration for transfer of such property MANOJ KUMAR MITTAL & CO.

9.  The transfer of property shall not be registered by the registration authority unless the transferee furnishes proof of deduction and payment of TDS.  One page challan for payment of TDS would be prescribed containing details (including PAN) of transferor and transferee and also certain details of property. MANOJ KUMAR MITTAL & CO.

10.  No need to obtain TAN or to file TDS return  The transferor will get credit of prepaid taxes.  W.e.f.01.10.2012 MANOJ KUMAR MITTAL & CO.

11. 194J-TDS on payment to director other than remuneration  Section 194J Amended to provide for deduction of TDS on payment to director which is not in the nature of salary.  W.e.f.01.07.2012 MANOJ KUMAR MITTAL & CO.

12. Section 206C(ID)-TCS on cash sale of bullion or jewellery  Currently, TCS is required to be collected on the sale of alcoholic liquor, tendu leaves, scrap etc at the time of sale.  Now it is provided that TCS shall be collected at the rate of 1% of sale consideration if the sale consideration exceeds Rs. 2.00 lacs and the sale is in cash.  Jeweller will have to take TAN. MANOJ KUMAR MITTAL & CO.

13.  Applicable whether the buyer is a manufacturer, trader or purchase is for personal use.  w.e.f Ist July 2012 MANOJ KUMAR MITTAL & CO.

14. TCS on sale of certain minerals  TCS at the rate of 1% of sale of coal, lignite and iron ore  Not applicable - if purchased for personal consumption - IF declaration is filed that it is to be utilized for the purpose of manufacturing, processing or producing article or things w.e.f. 01.07.2012 MANOJ KUMAR MITTAL & CO.

15. Section 68- Onus in case of share application money  In the case of share application money, in respect of closely held company, the onus has been put on the company not only to prove the identity, credit worthiness of creditors and genuineness of transaction but also to prove source of the money in the hands of such shareholders making payments towards issue of shares otherwise added in the hands of the company.  Not applicable if the shareholders is a well regulated entity such as venture capital fund, venture capital company registered with SEBI  w.e.f 01.04.2013 for A.Y.2013-14. MANOJ KUMAR MITTAL & CO.

16. Section 56(2)-Share premium in excess of FMV to be treated as income  Where a closely held company receives in any previous year from a person being resident any consideration for issue of shares; In such a case, if the consideration received for issue of shares exceeds the FMV of the shares, such excess shall be chargeable to income tax under the head income from other sources.  The method of calculation of FMV shall be as prescribed or as may be substantiated by company to the satisfaction of AO based on value of its tangible or intangible assets.  W.e.f. 01.04.2012 for A.Y.2013-14 MANOJ KUMAR MITTAL & CO.

17. Section 68, 69,69A,69B,69C,69D  It is proposed to tax the unexplained credits, money, investment, expenditure which has been deemed as income under section 68, 69, 69A, 69B,69C,69D at the rate of 30%(plus surcharge and cess as applicable).  No deduction of any expenditure or allowance shall be allowed.  w.e.f 01.04.2013 A.Y.2013-14. MANOJ KUMAR MITTAL & CO.

18. Section 139-Amended to provide for filling of return for person having property outside india  The every resident assessee having property outside India whether moveable or immovable is required to furnish return of income mandatorily irrespective of the fact, whether he is having taxable income or not. w.e.f. 01.04.2012 MANOJ KUMAR MITTAL & CO.

19. Section – 149-Reassessment of income in relation to any assets located outside india  The section 149 has been amended so as to increase the time limit for issue of notice for reopening an assessment to 16 years where income in relation to any assets (including financial interest in any entity) located outside india, chargeable to tax has escaped assessment.  Section 147 has also been amended to provide that income shall be deemed to have escaped assessment where a person is found to have any assets located outside india.  W.e.f. 01.07.2012 and applicable for A.Y. beginning on or before the Ist April 2012  Corresponding amendments in section 17 of Wealth tax act. MANOJ KUMAR MITTAL & CO.

20. 271AAB-for levy of penalty in the case of search  Section 271AAA providing for non levy of penalty in the case of search if the assessee admits undisclosed income and explains the source and pays income tax along with interest no longer applicable in case of search after 1st July 2012.  A new section 271AAB introduced that provides for levy of penalty in case of search after 1 st July 2012 as follows:  -if undisclosed income admitted during the course of search, -@10% of undisclosed income  -if not admitted during the course of search but disclosed in the return of income filed after search- @20% of undisclosed income MANOJ KUMAR MITTAL & CO.

21.  If not covered by (i) and (ii) above, penalty ranging from 30% to 90% of undisclosed income.  w.e.f. 01/07/2012, MANOJ KUMAR MITTAL & CO.

22. Section 280A,280B,280C, 280D-New section providing for expediting prosecution proceeding introduced  These provides  -providing for constitution of special courts for trials of offences  -Application of summons trial for offences under the act to expedite prosecution proceedings  Providing for appointment of public prosecutor  The limit of tax, interest or penalty as provided in section 276C, 276CC,277,277A, 278 of Rs. One hundred thousand rupees increased to twenty five hundred thousand rupees.  W.e.f 01.07.2012 MANOJ KUMAR MITTAL & CO.

23. Section 115A- Tax on income of non resident or foreign company  Section provides that there shall be 20% tax on interest income from govt or Indian concern to non resident and it further provides that it shall be 5% for interest income from notified infrastructure debt fund.  It has been amended to provide that in case of interest paid by a specified company to a non resident in respect of borrowing made in foreign currency from source outside india between Ist July 2012 to 1st July 2015 under an agreement including rate of interest payable approved by govt. shall be taxable at the rate of 5%  The specified company includes company in business of infrastructure such as construction of dams, operation of aircraft etc.  W.e.f. from 01.04.2013  Section 194LC introduced to provide for TDS at the rate of 5% w.e.f 01.07.2012 MANOJ KUMAR MITTAL & CO.

24. Sec. 115BBD- Lower rate of tax on dividend from foreign company  The benefit under this section will continue for A.Y.2013-14 also. MANOJ KUMAR MITTAL & CO.

25. Section 115O-Removal of cascading effect of DDT  Section 115O provides for DDT at the rate of 15%.  This further provides that dividend liable for DDT is to be reduced by the amount of dividend received from subsidiary after DDT. But this is applicable to two tier company.  This has been made applicable for multi tier corporate structure.  W.e.f 01.07.2012 MANOJ KUMAR MITTAL & CO.

26. Section- 32(1)(ii)-Extending benefit of additional depreciation to power sector  The additional depreciation benefit of extra depreciation of 20% new plant and machinery has been extended to power sector.  Section 35(2AB) Weighted deduction for scientific research and development  the benefit extended for afurther period of 5 years as it was going to expire by 31 st march 2012. MANOJ KUMAR MITTAL & CO.

27. Sec. 35CCD-Weighted deduction for expenditure for skill development  A new section introduced to provide for 150% deduction of expenditure ( excluding land and building cost)incurred on skill development projects.  W.e.f 01.04.2013 MANOJ KUMAR MITTAL & CO.

28. Section 35CCC- Weighted deduction for expenditure on agriculture extension projects  Weighted deduction of 150%.  The agriculture extension projects shall be notified by the board.  W.e.f 01.04.2013 MANOJ KUMAR MITTAL & CO.

29. Tax Audit Limit  -Section 44AB- Limits enhanced from 60 lacs to 1 crore in the case of business and from 15 to 25 lacs in the case of profession  For 44AD – limit enhanced from 60 lacs to 1 crore.  w.e.f 01.04.2013 MANOJ KUMAR MITTAL & CO.

30.  Exemption from payment of advance tax to senior citizen from financial year 2012-13 if there is no business income but only passive income like rent or interest etc.  Exemption from payment of wealth tax in case of house allotted by company to its employee if Gross annual salary is less than 5 lacs. The limit raised to Rs. 10 lacs. MANOJ KUMAR MITTAL & CO.

31. Section 54GA- Capital Gain not to be charged in case of transfer of resdential property if invested in equity share of a newly set up company -imanufactruing small or medium enterprises  The residential property may be house or plot of land.  For Individual or HUF  Investment in shares of SME company before the due date of filling of return under 139(1)  Amount to be used for purchase of new plant or machinery within a period of one year from the date of subscription of the equity shares  If not utilized for purchase of new plant or machinery before filling of return by individual or HUF, then to be deposited in scheme as specified.  No transfer of shares or plant and machinery for a period of 5 years other wise there will be capital gain taxation.  Transfer of residential property up to 31 st march 2017 is covered. MANOJ KUMAR MITTAL & CO.

32. Reduction in case of Securities Transaction tax  In case of delivery based transaction, STT reduced from 0.125 to 0.1%.  W.e.f 01.07.2012 MANOJ KUMAR MITTAL & CO.

33. Section 35AD- Deduction in respect of capital expenditure on specified business  Under this section, 100% investment linked incentive is provided by way of allowing 100% deduction in respect of the whole of any expenditure of capital nature ( other than on land, goodwill and financial instruments) incurred wholly and exclusively for the specified business during the PY in which such expenditure is incurred.  The new three categories has been added in the list of specified business:- – Setting up and operating an inland container depot or a container freight station notified and approved under custom act –Bee keeping and production of honey and beeswax –Setting up and operating ware house facility for storage of sugar –W.e.f. 01.04.2013 MANOJ KUMAR MITTAL & CO.

34.  A deduction of 150% of the capital expenditure under 35AD in respect of following specified business:-  -cold chain facility  Warehousing facility for storage of agriculture produce  Hospital with atleast 100 beds for patients  Housing projects under affordable housing scheme.  Production of fertilizer in india  W.e.f 01.04.2013 for A.Y.2013-14 MANOJ KUMAR MITTAL & CO.

35. A deduction to assessee engaged in business of building and operating a hotel under 35AD  The deduction earlier will be granted to the assessee if he owns it and he himself operates it.  Now if the assessee owns it and transfers the operation to another person, he shall be deemed to be carrying on the specified business of building and operating hotel and deducton will be available.  W.e.f 01.04.2011 A.Y.2011-12 MANOJ KUMAR MITTAL & CO.

36. Sec 80-IA(4) (iv)- tax holiday to power sector  It is extended for one more year up to A.Y.2013-14. MANOJ KUMAR MITTAL & CO.

37. Reduction of eligible age for senior citizens for certain tax reliefs  The benefit of reduced age( from 65 to 60 years) is available to senior citizen for tax slabs and rate of tax and now it has been extended for the benefit of section 80D(Mediclaim), 80DDB ( for medical treatment of specified diseases) and 197A(1C) for filling of form 15H for lower deduction of tax at source.  Limit under 80D is also enhanced for senior citizen to 20,000.00 and under 80DDB to 60,000.00 MANOJ KUMAR MITTAL & CO.

38.  For 80D and 80DDB, from 1.04.2013 and for 197A from 01.07.2012 MANOJ KUMAR MITTAL & CO.

39. Section 80D- Amount paid for preventive health check up  Section 80 D amended to provide for expenditure incurred within overall limit under section 80D for preventive health check up upto rs. 5000/-only whether paid by cash or any other mode.  W.e.f 01.04.2013 MANOJ KUMAR MITTAL & CO.

40. Section 80TTA- deduction of interest upto Rs. 10000.00  The new section has been introduced for providing deduction of interest from saving bank account up to Rs. 10000/-with bank or post office or cooperative society acting as bank.  It is not available on time deposits. MANOJ KUMAR MITTAL & CO.

41. Rationalization of TDS and TCS provision  Section 191 provides that deductor not assessee in default if tax directly paid by payee  Section 201(1A) provides for levying of interest for non/short deduction of TDS from the date tds deductible to the date the amount is paid.  Lack of one to one clarity as when the tds deducted by deductor and when the tax paid by payee. There was no cut off date.  MANOJ KUMAR MITTAL & CO.

42.  Section 201 amended to provide that the payer who fails to deduct the whole or any part of the tax on the payment made to a resident payee shall not be deemed to be assessee in default in respect of such tax if such resident payee  (i) has furnished his return of income under section 139  (ii) has taken into account such income for computing income in such return of income  (iii) Has paid the tax due on the income declared by him in such return of income  And payer furnishes a certificate to his effects from an accountant in such form as may be prescribed. MANOJ KUMAR MITTAL & CO.

43.  The date of payment by the resident payee shall be deemed to the date on which return has been furnished by the payer.  In case of payment of tax by resident payee, interest shall be counted from the date on which tax was deductible to the date of furnishing of return by such resident payee.  Similar adjustment has been made in section 206C relating to TCS  W.e.f 01/07/2012 MANOJ KUMAR MITTAL & CO.

44. Sec 40(a)(ia)  Section 40(a)(ia) has been amended to provide that where an assessee makes payment of the nature specified in the said section to the resident payee without deduction of tax at source and is not deemed to be assessee in default under section 201(1) on account of payment of taxes by the payee, then, for the purpose of allowing deduction of such sum, it shall be deemed that the assessee has deducted and paid the tax on such income on the date of furnishing of the return of income by the resident payee.  These beneficial provision applicable only in respect of resident payee.  W.e.f. 01.04.2013 for A.Y.2013-14 MANOJ KUMAR MITTAL & CO.

45. 272A-Fee & penalty for delay in furnishing of TDS/ TCS statement and penalty for incorrect information  In case of late furnishing of TDS statement, A fee shall be levied at the rate of Rs. 200 per day.  In case of not furnishing of TDS statement within the prescribed time. Further penalty shall be levied from ranging from Rs. 10,000 to 1,00,000  -However, no penalty if filed within one year of due date of return.  In case of incorrect information, penalty shall also be levied ranging from Rs. 10,000 to 1,00,000.  Sec 273B amended to provide for no penalty if there is a reasonable cause.  Similar amendments in TCS Provision also.  Applicable for TDS/TCS return filed from 01.07.2012 onwards MANOJ KUMAR MITTAL & CO.

46. Sec-200A Intimation after processing of TDS Statement  The intimation of TDS Statement processed will be subject to  - Rectification under section 154  - Appealable under section 246A  - Deemed as notice of demand under section 156  W.e.f 01.07.2012 MANOJ KUMAR MITTAL & CO.

47. Extension of time for passing an order under section 201 in certain cases MANOJ KUMAR MITTAL & CO.  It is proposed to amend provision or section 201, so as to extend the time limit for making an order under section 201(1) for treating the assessee in default from four years to six years.  W.e.f. 01.04.2010

48. 194LA-Threshold for TDS on compensation or consideration for compulsory acquisition  The threshold limit has been increased from one lakh rupee to two lakh rupees for deduction of TDS in case of compulsory acquisition.  W.e.f 01.07.2012 MANOJ KUMAR MITTAL & CO.

49. Sec 193:Threshold for TDS on payment of interest on debentures  The threshold limit of interest on debenture of public company has been increased under section 193 to Rs.5000(for listed or unlisted debenture both)  If payment is to individual or HUF.  Payment by account payee cheque only  W.e.f.01.07.2012 MANOJ KUMAR MITTAL & CO.

50. 153/153B- Extension of time for completion of assessments and reassessments by three months w.e.f. 01.07.2012 Proceedings under section Current time allowed Proposed Period 143 21 months from the end of FY24 months 143 & 92CA 33 months from the end of FY36 months 148 9 months from the end of FY in which notice issued 12 months 148 & 92CA 21 months from the end of FY in which notice issued 24 months 250 or 254 or 263 9 months from the end of FY in which order issued 12 months 250,254,263,and 92CA 21 months from the end of FY in which order issued 24 months MANOJ KUMAR MITTAL & CO.

51. Sec 10(23C)-Assessment of charitable trust on account of commercial receipts  Sec 10(23C) amended to provide that the year in which the commercial receipts of charitable org. exceeds threshold limit of Rs. 25.00 lacs in the previous year then, the such org. will not get the benefit of tax exemption in that year.  This limit is applicable with regard to second proviso of section 2(15)-advance of any other object of general public utility.  W.e.f. 01.04.2009 A.Y.2009-10 MANOJ KUMAR MITTAL & CO.

52. Sec 44AD-Presumptive taxation not to apply to professions etc.  Sec 44AD amended to provide that sec 44AD will not be applicable in the following cases:-  i) a person carrying on profession as referred to in sub- section (1) of section 44 AA; (ii) persons earning income in the nature of commission or brokerage income; or (iii) of a person carrying on any agency business  W.e.f. 01.04.2011 for A.Y.2011-12 MANOJ KUMAR MITTAL & CO.

53. 115JB-MAT  The book profit, in the case of company not required to prepare the account as per schedule VI but as per their regulatory act such as insurance, banking or electricity company, will be computed by taking the profit appearing in their profit and loss account prepared in accordance with their acts.  The books profit shall be increased by the amount of revaluation assets at the time the assets is sold whether it is credited to profit or loss account or not.  No reference to part III of schedule VI to alien with new schedule VI  W.e.f 01.04.2013 for A.Y.2013-14 MANOJ KUMAR MITTAL & CO.

54. Sec209-liability to pay advance tax  Sec209 amended to provide that an assessee will be liable for payment of advance tax in respect of income which has been received or paid without deduction or collection of tax at source.  W.e.f.01.04.2012 for a.y.2012-13 MANOJ KUMAR MITTAL & CO.

55. Section 45 of WTACT-Exemption from wealth tax- reserve bank of India  Under the existing provisions of the wealth –tax Act, wealth-tax is levied on individual, HUF and Co. It is proposed to amend section 45 of the act to provide that wealth-tax shall not be levied on the net wealth of RBI. MANOJ KUMAR MITTAL & CO.

56. Sec2(16)-Definition of commissioner to include director  -Definition of CIT expanded to include DIT in 117(1).  W.e.f. 01.04.1988

57. Sec-49- Cost of acquisition in certain cases  Sec 49 is amended to provide that in case of conversion of sole proprietorship of firm into a company which is not regarded as a transfer, the cost of acquisition of assets in the hands of the company would be same as that in the hands of the sole proprietary concern or the firm as the case may be.  W.e.f. 01.04.1999 for A.Y. 1999-2000 MANOJ KUMAR MITTAL & CO.

58. Sec-54B-Capital gains tax from sale of agricultural land  The roll over benefit will now be available to HUF also. Earlier it was individual only.  W.e.f. 01.04.2013 MANOJ KUMAR MITTAL & CO.

59. Sec 55A- Reference to valuation officer  Sec 55A amended to make reference to valuation officer in case the value taken by the assessee as on 01.04.1981 is more than FMV of the assets. Earlier it was possible only when the value of assets as claimed by the assessee is less than market value.  W.e.f.01.07.2012 MANOJ KUMAR MITTAL & CO.

60. Section 111A-Rate of tax for short term capital gain  This is a correction step so as to reconcile the section with its proviso to bring the tax rate at 15% which was wrongly provided in proviso as 10%  W.e.f.01.04.2009 MANOJ KUMAR MITTAL & CO.

61. Sec 47(vii) and 2(19AA)(iv)-Capital gain in the case of amalgamation and demerger  Where there is an amalgamation or demerger between holding and subsidiary company. Then to claim the benefit of section 47(vii), 2(19AA)(iv). The requirement of issue of shares to the amalgamated company in the case of holding company or to the resultant company in case of demerger is dispensed with.  W.e.f. 01.04.2013 MANOJ KUMAR MITTAL & CO.

62. Sec 50D-FMV to be full value of consideration in certain cases  Sec 50D introduced to provide that the FMV shall be deemed to be full value of consideration if actual consideration is not attributable or determinable.  W.e.f.01.04.2013 MANOJ KUMAR MITTAL & CO.

63. Sec 56- exemption of any sum or property received by an HUF from its members  Sec 56 amended to include that any sum received by an HUF from its members without consideration or inadequate consideration would be excluded from its members  W.e.f. 01.10.2009 MANOJ KUMAR MITTAL & CO.

64. Sec143(1)- processing of return  The processing of return under section 143(1) is not necessary in case the notice of scrutiny under section 143(2) has been issued.  W.e.f. 01.07.2012 MANOJ KUMAR MITTAL & CO.

65. Sec 153A-Compulsorily reopening of past 6 years not required in case of search  Sec 153A has been proposed to be amended to empower the central govt to notify cases or classes of cases where the AO shall not issue notice for initiation of proceedings for past 6 years in case of search.  W.e.f.01.07.2012 MANOJ KUMAR MITTAL & CO.

66. Sec 234D- with retrospective effect  Sec 234D has been amended to clarify that the provision of section 234D would be applicable to any proceedings which is completed on or after 01.06.2003 irrespective of the assessment year to which it pertains.  W.e.f.01.06.2003 MANOJ KUMAR MITTAL & CO.

67. Sec245C-Related person for the purpose of making an application before settlement commission  Sec 245C has been amended to provide that a person shall be deemed to have a substantial interest in a business or profession if the such person is the beneficial owner of not less than 20% of shares or of 20% shares in profit on the date of search.  W.e.f. 01.07.2012 MANOJ KUMAR MITTAL & CO.

68. 245Q- Fee for filling application before AAR  It has been increased from 2500 to Rs. 10000.00. MANOJ KUMAR MITTAL & CO.

69. Sec292CC- Authorization or requisition and subsequent assessment in search cases  It is accordingly proposed to insert a new section 292C in the income – tax act, provide that- It shall not be necessary to issue an authorization under section 132 or make a requisition under section 132A separately in the name of each person. It shall not be necessary to issue an authorization under section 132 or make a requisition under section 132A separately in the name of each person. Where an authorization under section 132 has been issued or a requisition under section 132A has been made mentioning therein the name more than one person, the mention of such names of more than one person on such authorization or requisition shall not be deemed to construe that it was issued in the name of an association of persons or body of individuals consisting of such persons; Where an authorization under section 132 has been issued or a requisition under section 132A has been made mentioning therein the name more than one person, the mention of such names of more than one person on such authorization or requisition shall not be deemed to construe that it was issued in the name of an association of persons or body of individuals consisting of such persons; MANOJ KUMAR MITTAL & CO.

70. Notwithstanding that an authorization under section 132 has been issued or requisition under section 132A has been made mentioning therein the name of more than one person, the assessment or reassessment shall be made separately in the persons mentioned in such authorization or requisition. Notwithstanding that an authorization under section 132 has been issued or requisition under section 132A has been made mentioning therein the name of more than one person, the assessment or reassessment shall be made separately in the persons mentioned in such authorization or requisition. These amendments will take effect retrospectively from the 1 st day, 1976 and will accordingly apply to assessment year 1976-77 and subsequent assessment years. These amendments will take effect retrospectively from the 1 st day, 1976 and will accordingly apply to assessment year 1976-77 and subsequent assessment years. MANOJ KUMAR MITTAL & CO.

71. Sec80G, 80GGA-Probhition on cash donation  It is provided in both the section 80G and 80GGA that if the donation exceeding 10000 is made by cash, then deduction will not be allowed.  W.e.f.01.04.2013 MANOJ KUMAR MITTAL & CO.

72. Sec10(10D)-Eligibility condition for exempt life insurance policies  Section 10(10D) has been amended to provide that the benefit of exemption under life insurance policies will be available under following conditions:-  Amount of premium should not exceed 10% of the actual capital sum assured.  The capital sum assured would be minimum of the capital sum assured in any of the years of the policy. the amount of sum assured will not include the amount of bonus or any premium returned. w.e.f. 01.01.2012 MANOJ KUMAR MITTAL & CO.

73. 80C- deduction of life insurance premium  The amount of premium to be allowed will be 10% of the actual capital sum insured.  The capital sum assured would be minimum of the capital sum assured in any of the years of the policy. the amount of sum assured will not include the amount of bonus or any premium returned. w.e.f.01.04.2013 that is any policy issued after 01.04.2012 MANOJ KUMAR MITTAL & CO.

74.  THANKS  From Manoj Kumar Mittal & Co.  Chartered Accountants  305, Dakha Chamber, 2068/38  Nai Wala. Karol Bagh, New Delhi-110005  Ph: 011-28756284, 41557022, 9810764620 MANOJ KUMAR MITTAL & CO.