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NAMO government Acche din nahih aaye un-necessary harassment and litigation continues

Income Tax - Direct Tax Code - DTC - By: - CADEV KUMAR KOTHARI - Dated:- 20-3-2015 - NAMO government - Acche din nahih aaye un-necessary harassment and litigation continues: Receipt or payment by way of RTGS. NEFT and online transfer in registered account must be considered as by A/c payee cheque- amendment in S. 269SS, 269 T must be retrospective and S. 269TT must be amended. Brief of suggestions for NAMO government - Finance Bill 2015: a. Amendments in S. 269SS and 269TT made by the first bud .....

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and in these sections any advance for any transactions, for trade and commerce should also be covered. However, limit should be Rs. Two lakh for immovable property transactions and Rs. One lakh for any other loan, advance , deposit, trade advance etc. Fund remittance by RTGS, NEFT and online transfers are to specifically registered accounts: For making payment by these modes one has to register the a/c of payee. The registration has to be confirmed by respective banks. The registration is for sp .....

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registered for SBI, Main Branch Kolkata, in name of PAYEE, then funds will be transferred in the account of PAYEE, only with the SBI, Main Branch Kolkata. Now if PAYEE want to transfer funds in another account with SBI same branch ,or with any other branch of SBI, or some other bank, his another account will also have to be registered, registration has to be accepted by respective banks and then only funds can be transferred to another account. Payment made are to the particular a/c of payees: .....

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sfer, the payment is to be credited in specific account of payee only. Electronic transfer are more effective to check tax evasion: As discussed earlier, in case of A/c payee cheque it can be deposited in any account with any bank or branch. Therefore, one can deposit it in an account which is not disclosed and it will be difficult to trace the same. Whereas, in case of electronic transfer the payment is not only to the payee but it is also to his specifically registered bank account. Reporting .....

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rlier electronic mode of transfer is more safe and secure and specific to particular account. Therefore, these amendments must be considered as curative, explanatory and retrospective amendment. These amendment must be applied retrospectively and any penalty proceedings should not be initiated in respect of transaction effected through these methods. NAMO government is expected to remove undue hardships: The government of India is presently headed by honourable Shri Narendra Modi, as Prime Minis .....

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ns through A/c payee cheques and electronic transfers. Therefore, it seems that there is a drafting mistake by which amendment has been specified w.e.f. 01.04.2015 instead of having retrospective effect. Request to make these amendments retrospective while passing Finance Bill 2015: Vide the Finance Bill 2015 S. 269SS and 269T are proposed to be substituted. The main feature of change through the substituted sections are that any advance or other payment for transactions relating to immovable pr .....

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last 26 years the value of money has gone down very much. Keeping in mind the inflation, increase in prices, increase in capacity of people doing relevant transactions , considering increasing number of people from general public doing such transactions the limit should be revised to at least Rs. One lakh for any loan and deposit and Rs. Two lakh for immovable property transactions. In this regard it is worth to mention that while amending provisions relation to certain presumptive computation .....

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c payee cheque or draft. This will involve un-necessary litigation and harassment. Therefore the amendment made should be made retrospective to have effect since RTGS/ NEFT/ Banking online transfers came into vogue. Meanwhile CBDT is also requested to issue instructions in this regard for not initiating penalty proceedings. Section 269 TT relating to mode of payment of Special Bearer Bonds should also be amended. The sections and new proposed sections are reproduced with highlights for related i .....

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bank account] if,- (a) the amount of such loan or deposit or the aggregate amount of such loan and deposit ; or (b) on the date of taking or accepting such loan or deposit, any loan or deposit taken or accepted earlier by such person from the depositor is remaining unpaid (whether repayment has fallen due or not), the amount or the aggregate amount remaining unpaid ; or (c) the amount or the aggregate amount referred to in clause (a) together with the amount or the aggregate amount referred to .....

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ion or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notifyin this behalf in the Official Gazette : 5[Provided further that the provisions of this section shall not apply to any loan or deposit where the person from whom the loan or deposit is taken or accepted and the person by whom the loan or deposit is taken or accepted are both having agricultural income and neither of them has any income chargeable to tax unde .....

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ct, 1981, w.e.f. 11-7-1981. 2. Inserted by the Finance Act, 1984, w.e.f. 1-4-1984. 3. Inserted by the Finance Act, 1984, w.e.f. 1-4-1984. 4. Substituted for ten by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 5. Inserted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 6. Substituted by the Finance Act, 1985, w.e.f. 1-4-1986. 7. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015. Income-tax Act, 1961 1[Mode of repayment of certain loans or depo .....

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amount of the loans or deposits held by such person with the branch of the banking company or co-operative bank or, as the case may be, the other company or co-operative society or the firm, or other person either in his own name or jointly with any other person on the date of such repayment together with the interest, if any, payable on such loans or deposits, is twenty thousand rupees or more: Provided that where the repayment is by a branch of a banking company or co-operative bank, such rep .....

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t; (iv) any Government companyas defined in section 617 of the Companies Act, 1956 (1 of 1956); (v) such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette.] Explanation.-For the purposes of this section,- (i) banking company shall have the meaning assigned to it in clause (i) of the Explanation to section 269SS; (ii) co-operative bank shall .....

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mended by the Finance Act, 1984, w.e.f. 1-4-1984, Finance Act, 1985, w.e.f. 1-4-1986 and Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 2. Inserted by the Finance Act, 2003, w.r.e.f. 1-6-2002. 3. Inserted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of April, 2015. 1[Mode of repayment of Special Bearer Bonds, 1991. 269TT. Notwithstanding anything contained in any other law for the time being in force, the amount payable on redemption of Special Bearer Bonds, 1991, shall be paid onl .....

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nd specified sum. 269SS. No person shall take or accept from any other person (herein referred to as the depositor), any loan or deposit or any specified sum, otherwise than by an account payee cheque or account payee bank draft or use of electronic clearing system through a bank account, if,- (a) the amount of such loan or deposit or specified sum or the aggregate amount of such loan, deposit and specified sum; or (b) on the date of taking or accepting such loan or deposit or specified sum, any .....

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ccepted from, or any loan or deposit or specified sum taken or accepted by,- (a) the Government; (b) any banking company, post office savings bank or co-operative bank; (c) any corporation established by a Central, State or Provincial Act; (d) any Government company as defined in clause (45) of section 2 of the Companies Act, 2013; (18 of 2013) (e) such other institution, association or body or class of institutions, associations or bodies which the Central Government may, for reasons to be reco .....

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anking company means a company to which the provisions of the Banking Regulation Act, 1949 (10 of 1949)applies and includes any bank or banking institution referred to in section 51 of that Act; (ii) co-operative bank shall have the same meaning as assigned to it in Part V of the Banking Regulation Act, 1949;( 10 of 1949) (iii) loan or deposit means loan or deposit of money; (iv) specified sum means any sum of money receivable, whether as advance or otherwise, in relation to transfer of an immov .....

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nty thousand rupees or more. It is proposed to substitute the said section so as to provide that no person shall take from any person, any loan or deposit or specified sum, otherwise than by an account payee cheque or account payee bank draft or online transfer through a bank account, if the amount of such loan or deposit or specified sum is twenty thousand rupees or more. It is also proposed to define specified sum as any sum of money receivable, whether as advance or otherwise, in relation to .....

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inserted; (B) in clause (a), after the words loan or deposit , the words or specified advance shall be inserted; (C) in clause (b), the word or shall be inserted at the end; (D) after clause (b) and before the long line, the following clause shall be inserted, namely:- (c) the aggregate amount of the specified advances received by such person either in his own name or jointly with any other person on the date of such repayment together with the interest, if any, payable on such specified advance .....

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