Tax Titbits

Abstract

The Finance (No.2) Bill, 2014 has followed the usual pattern with as many as 71 amendments which tinker with the law by enhancing powers of tax administration in survey, search and collection of information, besides extension of time limit for issue of statutory notices and extension of TDS provisions along with the usual neutralisation of the decisions of the Courts unsettling the settled law. Some of the proposals may require correction even before the Bill becomes law.