Finance Act, 2011 – Explanatory notes to the provisions of the Finance Act, 2011

Posted: 30/05/2012 in Circulars, Income Tax

Circular No. 02/2012 [F. No.142/01/2012-SO(TPL)], dated 22-5-2012


Explanatory notes to the provisions of the Finance Act, 2011

Amendments at a Glance

Section/Schedule Particulars/Paragraph number
First Schedule2(15) Finance Act, 2011Rate Structure, 3.1 3.3.6

Income-tax Act, 1961

Definition of “charitable purpose” 4.1 4.4

10(45)  Exemption of certain perquisites of chairman and members of Union Public Service Commission 5.15.3
10(46), 139(4C)(g)  Provision relating to exemption of a specified income of certain bodies or authorities or trust or boardor commission 6.1 6.2
10(47), 139(4C)(h), 115A, 194LB Infrastructure Debt Fund 7.1 – 7.4
35(2AA) Weighted deduction for contribution made for approved scientific research programme 8.1 8.3
35AD Investment-linked deduction in respect of specified business 9.1.1 – 9.3
80CCE, 36(1),40A(9) Tax benefits for New Pension System (NPS) 10.1 10.6
80CCF Deduction for investment in long-term infrastructure bonds 11.1 11.3
80-IA(4)(iv) Extension of sunset clause for tax holiday for power sector 12.1 12.3
80-IB(9)  Deduction in respect of profits and gains from undertakings engaged in commercial production ofmineral oil 13.1 13.5
92C, 92CA, 92CA(7), 139 Rationalisation of provision relating to Transfer Pricing 14.1 14.3.2
94A  Tool box of counter measures in respect of transactions with persons located in a Non-co-operativejurisdiction 15.1 15.2
115BBD Taxation of certain foreign dividends at a reduced rate 16.1-16.3
115R(2) Tax on Distributed Income to unit holders 17.1 17.3
115JB Minimum Alternate Tax 18.1.1 – 18.2.5
115JB(6), 115-0(6), 10(34)  Provisions relating to Minimum Alternate Tax (MAT) and Dividend Distribution Tax (DDT) in caseof Special Economic Zones 19.1.1 -19.3.2
115JC, 115JD, 115JE, 115JF Alternate Minimum Tax for certain Limited Liability Partnerships 20.1 -20.7
131,133 Collection of information on requests received from tax authorities outside India 21.1 -21.5
139, 296 Exemption to a class or classes of persons from furnishing a return of income 22.1 -22.5
143 Centralised Processing of Returns 23.1 -23.3
153,153B Extension of time-limit for assessments in case of exchange of information 24.1 24.5
245C(1) Modification in the condition for filing an application before the Settlement Commission 25.1 25.6
245D(4) Power of the Settlement Commission to rectify its orders 26.1 26.6
282B Omission of the requirement of quoting of Document Identification Number 27.1-27.3
285 Reporting requirement by certain non-residents 28.1 28.3
Fourth Schedule22D

Second Schedule

Recognition to Provident Funds – Extension of time-limit for obtaining Exemption from EPFO 29.1.1- 29.3Wealth-tax Act, 1957

Procedure on receipt of an application for settlement of cases 26.5

Special Economic Zones Act, 2005

Modifications to the Income-tax Act 19.2.2 – 19.3.2

Click here to View the complete text of the above Circular- Circular No. 02/2012 [F. No.142/01/2012-SO(TPL)], dated 22-5-2012.

Source: Income Tax Department- India.

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