The Union Budget for the year 2014-15 was tabled by the Finance Minister Mr Arun Jaitley on 10 July 2014.
Certain significant tax proposals contained in the Finance (No.2) Bill, 2014 were made by the Finance Minister during the Budget 2014-15 speech.
In relation to the retrospective amendments made in earlier Budgets, the Finance Minister recognized the harsh implications in the international business community. The Finance Minister proposed that all fresh cases of indirect transfer taxation arising will be scrutinized by a high level committee. Unfortunately, contrary to expectations, the budget does not contain any proposal to provide relief to taxpayers who are already in litigation on this matter.
Most of the direct tax proposals in the Finance Bill, 2014 are effective from the financial year commencing on 1 April 2014, unless otherwise specified.