Tax Management India. Com
                        Law and Practice: A Digital eBook ...
TMI - Tax Management India. Com
Case Laws Acts Notifications Circulars Classification Forms Articles News
Highlights
D. Forum
What's New
Sub-Menu

Share:      

        Home        
 
Statutory Provisions
Home Acts & Rules Bill Bills FINANCE BILL, 2017 Chapters List Chapter III DIRECT TAXES - Income-tax This
← Previous Next →

Clause 41 - Amendment of section 92BA. - FINANCE BILL, 2017

FINANCE BILL, 2017
Chapter III
DIRECT TAXES - Income-tax
  • Contents
  • Plus+

Amendment of section 92BA.

41. In section 92BA of the Income-tax Act, clause (i) shall be omitted.

 



 

Notes on Clauses:

Clause 41 of the Bill seeks to amend section 92BA of the Income-tax Act relating to meaning of specified domestic transaction.

The provisions of the said section, inter alia, provides that any transaction entered into by the assessee exceeding the monetary threshold of twenty crore rupees in aggregate during a previous year for the purposes of clause (b) of sub71 section (2) of section 40A, shall come within the meaning of "specified domestic transaction" and shall accordingly, be required to be computed having regard to arm's length principle.

It is proposed to amend the said section so as to omit clause (i) of the said section so as to exclude the expenditure in respect of which payment has been made or to be made by the assessee to a person referred to in clause (b) of subsection (2) of section 40A, from the scope of section 92BA of the Income-tax Act.

This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years.

 
 
 
 
← Previous Next →

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || Database || Members || Refer Us ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.
|| Site Map - Recent || Site Map || ||