Section 2(15) already provides that if a charitable or religious Trust carries on activity of trade, commerce or business, above a threshold level, the Trust will lose its exemption from Income-tax.

Sec. 2 of Wealth Tax Act, 1957: The amended reassessment proceedings of Income-tax shall be applicable for assessment of Wealth Tax as well.

Currently, income under life insurance policy is exempt provided that the annual premium payable is less than 20% of the actual capital sum assured.

Currently, the Venture Capital Funds/Venture Capital Companies (VCF/VCC) enjoy a tax pass-through status only with respect to investment in specified sectors such as bio-technology, nano-technology, etc.

The title of chapter XII-BA has been changed to „Special provisions relating to Persons other than Company‟ from „Special provisions relating to certain LLPs‟ Presently AMT provisions apply where the regular income-tax payable for a previous year by a LLP is less than 18.5% of adjusted profits for such previous year, the adjusted total income shall be deemed to be the total income of the LLP and it shall be liable to pay income-tax on such total income at the rate of 18.5%.

(Sec. 115 0) Dividend distributed by a Domestic Company is exempt from income-tax in the hands of all shareholders and the Company is liable to pay DDT @ 15 percent on such dividends.

The Finance Bill, 2012 seeks to amend Sec. 115VG of the Income-tax Act relating to computation of tonnage income.

This Sec. provides that if the income tax payable on the total income of a Company is less that 18.5% of its book profit then, the book profit shall be deemed to be the total income of the Company and income tax @ 18.5% shall be payable on the same.

Computation of profits and gains of business on presumptive basis.

To qualify as demerger one of the conditions is that the resulting company, as consideration for demerger, issues its shares to the shareholder of the demerged company in proportionate basis.

The provisions relating to APAs have been introduced to provide certainty in the determination of arm‟s length price thereby reducing transfer pricing litigation.

"Explanation 4‟ is to be inserted retrospectively from 1st April, 1962 whereby the expression „through‟ used in section 9(1) shall mean and include "by means of" "in consequence of" or "by reason of".

Rates for Individuals including Women (below age of 60 years at any time during the year), HUF, AOP, BOI:

Sec. 271AAB: Presently Sec. 271AAA of the Income-tax Act provides for Penalty when a search has been initiated and undisclosed income is found.

The proposed amendment is to take effect from 1st day of April, 2013.

The Finance Bill 2012 proposes to introduce a Chapter X-A to the Current Income-tax Act, 1961 on General Anti-avoidance Rules (GAAR)

Presently the section provides that where the assessee does not provide/or provides unsatisfactory explanation to any sum credited in the books of the assessee for any previous year, then the sum so credited may be charged to income tax as income of the previous year.

Sec. 139: This Sec. relates to persons required to furnish a return of income and those exempted.

'Capital asset' at present has been defined by the said section as property of any kind held by an assessee.

Depreciation in plant and machinery in Power Sector.