Finance Bill 2014: Significant Changes in Direct Tax Law

Abstract

Within 45 days of assuming office, the FM has been able to introduce thought-provoking amendments in the Income tax law. This is very creditable indeed. Budget 2014 was presented on 10th July 2014 before Parliament by the New Finance Minister the Hon'ble Arun Jetley among growing expectations. Inflation was a constraint. Rising global oil prices are pushing up energy bills. The new Govt. has to promises to keep like Millions of jobs as Roads, Factories, Power lines, High Speed Trains and 100 new Cities to be built. Reforms are a must. Fiscal deficit has to be shrunk.