New Delhi: Finance Minister P Chidambaram today (Aug 26, 2004) provided relief to Income tax assesses marginally above Rs one lakh limit and deferred by a year the decision to tax leasing of aircraft and NRI (Non-Residential Indians) deposits thorough official amendments to Finance Bill which was passed without discussion in the Lok Sabha.

Voicing his "unhappiness" over the Finance Bill being passed without a debate, Chidambaram told reporters that he has broadly addressed the concerns expressed in various quarters regarding the tax proposals in the Finance Bill.

Giving details of the amendments after the passage of the Bill, the Finance Minister said he had also removed certain "ambiguity" in the definition of "relative" and unrelated persons for benefits under the Gift tax provisions.

There was certain confusion on filing of Annual Information Report (AIR) by Income tax assessees, which would be only for very high value transactions to be defined shortly has been brought in this regard as well, he said adding through another amendment the panel provision under section 227 (A) for falsification of book of accounts have been lifted.