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Notes on clauses-Income Tax

Notes-01 - Notes on clauses - Bill - Notes-01 - NOTES ON CLAUSES Income-tax Clause 2, read with the First Schedule to the Bill, specifies the rates at which income-tax is to be levied on income chargeable to tax for the assessment year 2016-17. Further, it lays down the rates at which tax is to be deducted at source during the financial year 2016-17 from income other than Salaries subject to such deductions under the Income-tax Act; and the rates at which advance tax is to be paid, tax is to be .....

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om Salaries , computation of advance tax and charging of income-tax in special cases during the financial year 2015-16. Rates for deduction of tax at source during the financial year 2016-17 from income other than Salaries Part II of the First Schedule to the Bill specifies the rates at which income-tax is to be deducted at source during the financial year 2016-17 from income other than Salaries . The rates are the same as those specified in Part II of the First Schedule to the Finance Act, 2015 .....

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ns or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, at the rate of fifteen per cent. of such tax, where the income or the aggregate of income paid or likely to be paid and subject to deduction exceeds one crore rupees; (ii) every non-resident being a co-operative society or firm or local authority at the rate of twelve per cent. where the income or the aggregate of income p .....

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rore rupees. Rates for deduction of tax at source from Salaries , computation of advance tax and charging of income-tax in special cases during the financial year 2016-17. Part III of the First Schedule to the Bill specifies the rates at which income-tax is to be deducted at source from, or paid on, income under the head Salaries and also the rates at which advance tax is to be paid and income-tax is to be calculated or charged in special cases for the financial year 2016-17. Paragraph A of this .....

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to ₹ 5,00,000 10 per cent. ₹ 5,00,001 to ₹ 10,00,000 20 per cent. Above ₹ 10,00,000 30 per cent.; (ii) in the case of every individual, being a resident in India, who is of the age of sixty years or more but less than the age of eighty years at any time during the previous year:- Up to ₹ 3,00,000 Nil ₹ 3,00,001 to ₹ 5,00,000 10 per cent. ₹ 5,00,001 to ₹ 10,00,000 20 per cent. Above ₹ 10,00,000 30 per cent.; (iii) in the case of every i .....

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y co-operative society. In such cases, the rates of tax will continue to be the same as those specified for assessment year 2016-17. The surcharge in cases of co-operative societies, having income above one crore rupees shall be levied at the rate of twelve per cent. Marginal relief will be provided. Paragraph C of this Part specifies the rate of income-tax in the case of every firm. In such cases, the rate of tax will continue to be the same as that specified for assessment year 2016-17. The su .....

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ill be provided. Paragraph E of this Part specifies the rates of income-tax in the case of companies. In the case of domestic companies, the rate of income-tax shall be twenty-nine per cent. of the total income where the total turnover or gross receipts, of the company, of the previous year 2014-15 does not exceed five crore rupees and in all other cases the rate of income-tax shall be thirty percent of the total income. In the case of companies other than domestic companies, the rate of tax wil .....

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rcharge shall be levied at the rate of two per cent. In the case of companies other than domestic companies having total income above ten crore rupees, surcharge shall be levied at the rate of five per cent. Marginal relief will be provided. In all other cases (including sections 115JB, 115-O, 115QA, 115R, 115TA, 115TD etc.) the surcharge will be applicable at the rate of twelve per cent. Education Cess at the rate of two per cent. and Secondary and Higher Education Cess at the rate of one per c .....

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s of persons not resident in India and companies other than domestic company. Clause 3 of the Bill seeks to amend section 2 of the Income-tax Act relating to definitions. Sub-clause (a) of the said clause seeks to amend clause (14) of the aforesaid section which defines capital asset and item (vi) of the said clause (14) excludes from the definition of capital asset, inter alia, Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 notified by the Central Government. It is proposed to am .....

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ic mode. This amendment will take effect from 1st June, 2016. Sub-clause (c) of the said clause proposes to amend clause (24) relating to the definition of income. Sub-clause (xviii) of clause (24) of the aforesaid section, inter alia, provides that any assistance in the form of a subsidy or grant or cash incentives, etc., by the Central or a State Government to any assessee other than the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the a .....

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to the assessment year 2017-2018 and subsequent years. Sub-clause (d) of the said clause seeks to amend clause (37A) of the said section so as to provide that for the purposes of deduction of tax under section 194LBB, or section 194LBC the rates in force in relation to an assessment year or financial year shall mean the rate or rates of income-tax specified in this behalf in the Finance Act of the relevant year or rate or rates of incometax specified in an agreement entered into by the Central G .....

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ffairs is situated wholly in India. It is proposed to amend clause (3) of the said section so as to provide that a company shall be said to be resident in India, in any previous year, if - (a) it is an Indian company; or (b) its place of effective management, in that year, is in India. It is also proposed to insert an Explanation to clarify the expression place of effective management to mean a place where key management and commercial decisions that are necessary for the conduct of business of .....

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business of mining of diamonds, no income shall be deemed to accrue or arise in India through or from the activities which are confined to the display of uncut and unassorted diamond in any special zone notified by the Central Government in the Official Gazette in this behalf. This amendment will take effect retrospectively from 1st April, 2016 and will, accordingly, apply in relation to assessment year 2016-2017 and subsequent years. Clause 6 of the Bill seeks to amend section 9A of the Incomet .....

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clause (k) of the said sub-section to omit reference to the fund not carrying on or controlling and managing, directly or indirectly, any business from India. These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017- 2018 and subsequent years. Clause 7 of the Bill seeks to amend section 10 of the Income-tax Act relating to incomes not included in total income. Sub-clause (A) of the said clause seeks to amend clause (12) of the a .....

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of April, 2016 by an employee other than an excluded employee, exceeding forty per cent. of such accumulated balance due and payable in accordance with provisions of rule 8 of Part A of the Fourth Schedule. It is further proposed to insert a new clause (12A) in the said section so as to provide that any payment from the National Pension System Trust to an employee on closure of account or his opting out of the pension scheme referred to in section 80CCD, to the extent it does not exceed forty pe .....

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transfer to the account of the employee under a pension scheme referred to in section 80CCD notified by the Central Government shall be exempt from tax. These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to assessment year 2017-2018 and subsequent years. Sub-clause (B) of the said clause seeks to amend clause (15) of the said section so as to provide that the interest on deposit certificates issued under the Gold Monetisation Scheme, 2015 notified by .....

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of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It is further proposed to amend clause (23FC) of the said section so as to provide that any income of a business trust by way of interest received or receivable from a special purpose vehicle or the dividend referred to in sub-section (7) of section 115-O shall also not be included in total income of such business trust. It is also proposed to amend clause (23FD) of the said section so as .....

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nd clause (35A) of the said section so as to provide that nothing contained in the clause shall apply to any income by way of distributed income referred to in section 115TA received on or after the 1st day of June, 2016. It is also proposed to amend clause (38) of the said section so as to provide for exemption from capital gains tax in case of income arising from transaction undertaken on a recognised stock exchange located in the International Financial Services Centre and the consideration f .....

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t of storage of crude oil in a facility in India and sale of crude oil therefrom to any person resident in India subject to the conditions that the storage and sale by the foreign company is pursuant to an agreement or an arrangement entered into by the Central Government or approved by the Central Government and having regard to the national interest, the foreign company and the agreement or arrangement are notified by the Central Government in this behalf. This amendment will take effect retro .....

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an Explanation under the proposed clause (50) so as to provide that the expression specified service shall have the meaning assigned to it in clause (i) of section 161 of the Chapter VIII of the Finance Act, 2016. This amendment will take effect from 1st June, 2016. Clause 8 of the Bill seeks to amend section 10AA of the Income-tax Act relating to special provisions in respect of newly established Units in Special Economic Zones. The aforesaid section provides that an assessee, being an entrepre .....

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his section is available only for an above referred enterpreneur whose unit begins to carryout above referred activity before the 1st day of April, 2021. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Clause 9 of the Bill seeks to amend section 17 of the Income-tax Act relating to Salary , perquisite and profits in lieu of salary defined. Sub-section (2) of the aforesaid section defines perquisi .....

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Bill seeks to amend section 24 of the Income-tax Act relating to deductions from income from house property. Clause (b) of the aforesaid section provides that interest payable on capital borrowed for acquisition or construction of a house property shall be deducted while computing income from house property. The second proviso to the said clause provides that a deduction of an amount of two lakh rupees shall be allowed where a house property referred to in sub-section (2) of section 23 (self-occ .....

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s from the end of the financial year in which the capital was borrowed. This amendment will take effect from 1st April, 2017 and will, accordingly apply in relation to assessment year 2017-2018 and subsequent years. Clause 11 of the Bill seeks to substitute sections 25A, 25AA and 25B of the Income-tax Act relating to special provisions for cases where unrealised rent allowed as deduction is realised subsequently, unrealised rent received subsequently to be charged to income tax and special provi .....

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ee shall be allowed as deduction. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Clause 12 of the Bill seeks to amend section 28 of the Income-tax Act relating to Profits and gains of business or profession . Clause (va) of the aforesaid section, inter alia, provides that any sum, whether received or receivable, in cash or kind, under an agreement for not carrying out any activity in relation to .....

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17-2018 and subsequent years. Clause 13 of the Bill seeks to amend section 32 of the Income-tax Act relating to depreciation. Under the existing provisions contained in clause (iia) of subsection (1) of section 32, a sum equal to twenty per cent. of the actual cost of new machinery or plant (other than ships and aircraft) acquired and installed after the 31st day of March, 2005 by an assessee engaged in the business of manufacture or production of any article or thing or in the business of gener .....

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of the Incometax Act relating to investment in new plant or machinery. Sub-section (1A) of the aforesaid section, inter alia, allows a deduction of a sum equal to fifteen per cent. of the actual cost of new machinery or plant (other than ship or aircrafts), acquired and installed by an assessee being a company engaged in the business of manufacture or production of any article or thing during any financial year, exceeds twenty-five crore rupees, if the acquisition and installation is made durin .....

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talled. These amendments will take effect retrospectively from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-2017 and subsequent years. Clause 15 of the Bill seeks to amend section 35 of the Incometax Act relating to expenditure on scientific research. Sub-clause (i) of the said clause seeks to amend sub-section (1) of the aforesaid section 35. Clause (ii) of sub-section (1) of the said section provides for weighted deduction to the extent of one hundred se .....

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ent. from the financial year 2020- 2021 and subsequent years. Clause (iia) of sub-section (1) of the said section provides weighted deduction in respect of contribution to a company engaged in scientific research. It is proposed to amend the said clause (iia) so as to reduce the said weighted deduction from one hundred twenty-five per cent. to one hundred per cent. from financial year 2017-2018 and subsequent years. Clause (iii) of sub-section (1) of the aforesaid section provides that weighted .....

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ons contained in clause (a) of sub-section (2AA) of the said section provide for a weighted deduction to the extent of two hundred per cent. of any sum paid to a National Laboratory or a University or an Indian Institute of Technology or a specified person for the purpose of an approved scientific research programme. It is proposed to amend the said clause (a) so as to reduce the said weighted deduction from two hundred per cent. to one hundred and fifty per cent. from financial year 2017-2018 t .....

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opment facility. It is proposed to amend the said clause (1) so as to reduce the said weighted deduction from two hundred per cent. to one hundred and fifty per cent. from financial year 2017-2018 to 2019-2020. It is further proposed to reduce the said weighted deduction to one hundred per cent. from financial year 2020-2021 and subsequent years. These amendments will take effect from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018- 2019 and subsequent years. .....

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in the year in which the useful life of spectrum comes to an end. The proposed section further seeks to provide that the provisions contained in sub-sections (2) to (8) of section 35ABB, shall apply as if for the word licence , the word spectrum had been substituted. It is also proposed to provide an Explanation to define certain expressions used for the purposes of the said section. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment y .....

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ert a new sub-section (7) in the aforesaid section so as to provide that the deduction under this section shall not apply, in respect of any assessment for the assessment year commencing on the 1st day of April, 2018. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to assessment year 2017-2018 and subsequent year. Clause 18 of the Bill seeks to amend section 35AD of the Income-tax Act relating to deduction in respect of expenditure on specified busin .....

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mount equal to one and onehalf times of the expenditure referred to therein. It is proposed to omit the said sub-section (1A). It is further proposed to amend sub-section (2) of the said section 35AD so as to provide the deduction under this section to an assessee engaged in developing, operating and maintaining or developing, operating and maintaining the infrastructure facility. It is also proposed to amend sub-section (8) of the said section so as to define the expression infrastructure facil .....

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ed by the Board in this behalf in accordance with the guidelines as may be prescribed, then, there shall be allowed a deduction of a sum equal to one and one-half times of such expenditure. Sub-section (2) of the said section provides that where a deduction under this section is claimed and allowed for any assessment year in respect of any expenditure referred to in sub-section (1), deduction shall not be allowed in respect of such expenditure under any other provisions of the Income-tax Act for .....

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urs any expenditure (not being expenditure in the nature of cost of any land or building) on any skill development project notified by the Board in this behalf in accordance with the guidelines as may be prescribed, then, there shall be allowed a deduction of a sum equal to one and one-half times of such expenditure. Sub-section (2) of the said section provides that where a deduction under this section is claimed and allowed for any assessment year in respect of any expenditure referred to in su .....

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and subsequent years. Clause 21 of the Bill seeks to amend section 36 of the Income-tax Act relating to other deductions. The existing provisions contained in clause (viia) of sub-section (1) of the aforesaid section provide for deduction in respect of any provision for bad and doubtful debts made by certain entities. It is proposed to insert a new sub-clause (d) in clause (viia) of sub-section (1) of the aforesaid section so as to provide that any provision for bad and doubtful debts made by a .....

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ing to amounts not deductible. The provisions of section 40 specify the amounts which shall not be deducted in computing the income chargeable under the head Profits and gains of business or profession . It is proposed to insert a new sub-clause (ib) in clause (a) of the aforesaid section so as to provide that any consideration paid or payable to a non-resident for a specified service on which equalisation levy is deductible under Chapter VIII of the Finance Act, 2016, and such levy has not been .....

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e amendments will take effect from 1st June, 2016. Clause 23 of the Bill seeks to amend section 43B of the Income-tax Act relating to certain deductions to be only on actual payment. The aforesaid section, inter alia, provides that certain sum payable by the assessee shall be allowed as deduction irrespective of the previous year in which the liability to pay such sum was incurred if the same is actually paid on or before the due date of furnishing of the return of income. It is proposed to inse .....

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me-tax Act relating to maintenance of accounts by certain persons carrying on profession or business. It is proposed to amend the sub-section (2) of the aforesaid section so as to provide that every person carrying on the business shall, if the provisions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax, keep and maintain such books of account and other documents for computing his total income in accorda .....

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required to get his accounts audited before the specified date if his gross receipts in a previous year exceed twenty-five lakh rupees. It is proposed to amend the said clause (b) so as to increase the threshold limit to fifty lakh rupees. Sub-clause (ii) of the said clause seeks to amend clause (d) of the said section so as to provide that in the case of an assessee, who is covered under the new proposed section 44ADA, the audit of books of account is required if he claims that the profits and .....

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maximum amount which is not chargeable to income-tax, keep and maintain such books of account and other documents for computing his total income in accordance with the provisions of this Act. These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017- 2018 and subsequent years. Clause 26 of the Bill seeks to amend section 44AD of the Income-tax Act relating to special provision for computing profits and gains of business on presump .....

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s of such business chargeable to tax under the head Profit and gains of business or profession . The proposed section 44AD seeks to provide for estimating income of assessee who is engaged in any business, at a sum equal to eight per cent. of the total turnover or gross receipts, or, as the case may be, a sum higher than the aforesaid sum earned by the assessee. The scheme will apply to such residential assessee who is an individual, Hindu undivided Family or partnership firm but not Limited Lia .....

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ed to have been allowed the deduction under sections 30 to 38. Accordingly, the written down value of any asset used for the purpose of the business of the assessee will be deemed to have been calculated as if the assessee had claimed and had actually been allowed the deduction in respect of depreciation for the relevant assessment years. It is proposed to substitute sub-sections (4) and (5) of the aforesaid section to provide that where an assessee declares profit for any previous year in accor .....

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proposed that an assessee to whom the provisions of sub-section (4) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account and other documents as required under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB. It is also proposed to increase the threshold limit of one crore rupees specified in the definition of eligib .....

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case of an assessee, being a resident in India, who is engaged in a profession referred to in sub-section (1) of section 44AA and whose total gross receipts do not exceed fifty lakh rupees in a previous year, a sum equal to fifty per cent. of the total gross receipts of the assessee in the previous year on account of such profession, or as the case may be, a sum higher than the aforesaid sum claimed to have been earned by the assessee, shall be deemed to be the profits and gains of such professi .....

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aimed and had been actually allowed the deduction in respect of the depreciation for each of the relevant assessment years. It is also proposed to provide that an assessee who claims that his profits and gains from the profession are lower than the profits and gains specified in sub-section (1) of the proposed section and whose total income exceeds the maximum amount which is not chargeable to income-tax shall be required to keep and maintain such books of account and other documents under sub-s .....

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Reserve Bank of India under the Sovereign Gold Bond Scheme, 2015, by an assessee being an individual shall not be considered as transfer. Sub-clause (B) of the said clause seeks to insert a new clause (ea) in clause (xiiib) of the said section so as to provide a condition in addition to the existing conditions, that the value of the total assets in books of accounts of the company in any of the three previous years preceding the previous year in which its conversion into Limited Liability Partn .....

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n tax purposes. It is also proposed to define the expressions consolidating plan , consolidated plan and mutual fund for the purposes of the proposed clause (xix). These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017- 2018 and subsequent assessment years. Clause 29 of the Bill seeks to amend section 48 of the Income-tax Act relating to mode of computation. The aforesaid section, inter alia, provides that indexation benefit in .....

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ide indexation benefits to long-term capital gains arising on transfer of the said Sovereign Gold Bond. It is further proposed to provide that in case of an assessee being a non-resident, any gains arising on account of appreciation of rupee against a foreign currency at the time of redemption of rupee denominated bond of an Indian company subscribed by him, shall be ignored for the purpose of computation of full value of consideration under the said section. This amendment will take effect from .....

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uty in respect of such transfer is taken as the full value of consideration for the purpose of computation of capital gains. It is proposed to amend the said sub-section so as to provide that where the date of the agreement fixing the amount of consideration and the date of registration for the transfer of the capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of computing full value .....

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r 2017-2018 and subsequent years. Clause 31 of the Bill seeks to insert a new section 54EE in the Income-tax Act relating to capital gain not to be charged on investment in units of specified fund. It is proposed to insert section 54EE so as to provide exemption from capital gains tax if the capital gains proceeds are invested by an assessee in units of specified fund, as may be notified by the Central Government in this behalf. These amendments will take effect from 1st April, 2017 and will, ac .....

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o be a small or medium enterprise under the Micro, Small and Medium Enterprises Act, 2006 subject to other conditions specified therein. It is proposed to amend section 54GB so as to provide that capital gains arising on account of transfer of a residential property shall not be charged to tax if such capital gains is invested in subscription of shares of a company which qualifies to be an eligible start-up subject to other specified conditions. The existing provision of section 54GB requires th .....

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2017 and will, accordingly, apply in relation to the assessment year 2017-18 and subsequent assessment years. Clause 33 of the Bill seeks to amend section 55 of the Incometax relating to meaning of adjusted , cost of improvement and cost of acquisition . Sub-clause (1) of clause (b) of sub-section (1) of the aforesaid section provides that the cost of improvement in relation to a capital asset, being goodwill of a business or a right to manufacture, produce or process any article or thing or ri .....

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et is purchased by the assessee, and in any other case such cost shall be taken to be nil. It is proposed to amend the said sub-clause (1) of clause (b) of sub-section (1) and clause (a) of sub-section (2) of the said section so as to include the right to carry on the profession also under its scope. These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017- 2018 and subsequent years. Clause 34 of the Bill seeks to amend section 5 .....

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er or amalgamation of a company. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Clause 35 of the Bill seeks to amend section 80 of the Income-tax Act relating to submission of return for losses. The aforesaid section, inter alia, provides that a loss which has not been determined in pursuance of a return filed in accordance with the provisions of sub-section (3) of section 139, shall not be carr .....

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will take effect retrospectively from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-2017 and subsequent years. Clause 36 of the Bill seeks to amend section 80CCD of the Income-tax Act relating to deduction in respect of contribution to pension scheme of Central Government. Sub-section (3) of the aforesaid section provides that the whole of the amount standing to the credit of the assesse including the accrual on the amount received by the assesse or nomine .....

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o substitute section 80EE of the Income-tax Act relating to deduction in respect of interest on loan taken for residential house property. The provisions contained in the existing section provides for deduction upto one lakh rupees in respect of interest payable on loan taken by an assessee being an individual from any financial institution for the purpose of acquisition of a residential property. This benefit was available during the assessment years begining on the 1st day of April, 2014 and e .....

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sessment year 2017-2018 and subsequent years. Clause 38 of the Bill seeks to amend section 80GG of the Income-tax Act relating to deductions in respect of rents paid. The aforesaid section provides that deduction is allowable on the expenditure incurred by an assessee in excess of ten per cent. of his total income towards payment of rent upto a maximum of two thousand rupees per month or twenty-five per cent. of his total income for the year, whichever is less, and subject to such other conditio .....

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ing to deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development, etc. Clause (i) of sub-section (4) of aforesaid section, inter alia, provides that any enterprise carrying on business of developing or operating and maintaining any infrastructure facility shall be allowed deduction as specified subject to conditions specified therein. It is proposed to amend the said section so as to provide that this section shall not apply to a .....

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. Under the aforesaid section, an enterprise being a developer in a notified Special Economic Zone, who has commenced the business of developing a Special Economic Zone on or after 1st day of April, 2005 shall be allowed deduction of an amount equal to one hundred per cent. of the profits and gains derived from such business. It is proposed to amend the said section so as to provide that this section shall not apply to any enterprise which commences the business activity on or after the 1st day .....

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n, development, deployment or commercialisation of new products, processes or services driven by technology or intellectual property. The benefit of deduction of hundred per cent. of the profit derived from such business can be availed by an eligible start-ups for three consecutive assessment years out of five years, at the option of the assessee, subject to incorporation before 1st day of April, 2019. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation .....

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s proposed to amend clauses (ii), (iv) and (v) of the said subsection so as to provide that such clauses of the said section shall not apply to any enterprise which commences the business activity on or after the 1st day of April, 2017. These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017- 2018 and subsequent years. Clause 43 of the Bill seeks to insert a new section 80-IBA in the Income-tax Act relating to deductions in resp .....

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This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation assessment year 2017-2018 and subsequent years. Clause 44 of the Bill seeks to substitute a new section for section 80JJAA of the Income-tax Act relating to deduction in respect of employment of new employees. The existing section provide for a deduction of thirty per cent. of additional wages paid to the new regular workmen in a factory for three years. The provisions apply to business of manufacture .....

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ive thousand rupees per month. No deduction, however, shall be allowed in respect of cost incurred on those employees for whom the entire contribution is paid by the Government under the Employees Pension Scheme notified in accordance with the Employees Provident Funds and Miscellaneous Provisions Act, 1952. This amendment will take effect from 1st April, 2017 will, accordingly, apply in relation assessment year 2017-2018 and subsequent years. Clause 45 of the Bill seeks to amend section 87A of .....

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ake effect from 1st April, 2017 and will, accordingly, apply in relation to assessment year 2017-2018 and subsequent years. Clause 46 of the Bill seeks to amend section 92CA of the Income-tax Act relating to reference to Transfer Pricing Officer. It is proposed to amend sub-section (3A) of the aforesaid section so as to provide that in the circumstances referred to in clause (ii) or clause (viii) of Explanation (1) to section 153, if the period of limitation available to the Transfer Pricing Off .....

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mestic transaction shall keep and maintain such information and document in respect thereof as may be prescribed. The said section further provides that the Assessing Officer or the Commissioner (Appeals) may in the course of any proceeding require such person to furnish the information and document within the period of thirty days of it being called for or within the extended period. It is proposed to amend the said section so as to provide that the person being a constituent entity of an inter .....

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uthority referred to in section 286 in the prescribed manner on or before the date to be prescribed. These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017- 2018 and subsequent years. Clause 48 of the Bill seeks to amend section 112 of the Income-tax Act relating to tax on long-term capital gains. Sub-clause (iii) of clause (c) of sub-section (1) of the aforesaid section, inter alia, provides that long-term capital gains arisin .....

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elation to assessment year 2017-2018 and subsequent years. Clause 49 of the Bill seeks to insert a new section 115BA in the Income-tax Act relating to tax on income of certain domestic companies. Sub-section (1) of the proposed new section provides that the income-tax payable in respect of the total income of a person being domestic company, for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2017 shall, at the option of such person, be computed at t .....

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ithout any deduction under the provisions of section 10AA or clause (iia) of sub-section (1) of section 32 or section 32AC or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of subsection (1) or sub-section (2AA) or sub-section (2AB) of section 35 or section 35AC or section 35AD or section 35CCC or section 35CCD or under any provisions of Chapter VI-A under the heading C.- Deductions in respect of certain incomes other than the provisions .....

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already given full effect to and no further deduction for such loss shall be allowed for any subsequent year. Sub-section (4) of the proposed new section provides that the option by the person referred to in sub-section (1) shall be exercised in the prescribed manner on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the relevant previous year. These amendments will take effect from 1st April, 2017 and will, accordingly, apply in rela .....

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tic company, in excess of ten lakh rupees shall be chargeable to tax at the rate of ten per cent. in the case of an individual, Hindu undivided family or a firm who is a resident in India. It is further proposed to provide that no deduction in respect of any expenditure or allowance or set off of loss shall be allowed in computing the income by way of dividend and to define the term dividends. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to assess .....

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re or allowances in relation to income referred to in the aforesaid sections shall be allowable. It is proposed to amend the said sub-section (2) of section 115BBE so as to provide that the set off of any loss shall also be not allowable in respect of income under the aforesaid sections. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Clause 52 of the Bill seeks to insert a new section 115BBF in .....

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hargeable had his total income been reduced by the income referred to in the proposed sub-clause (a) of sub-section (1) of the proposed section. It is further proposed to provide that the assessee shall not be eligible for deduction in respect of any expenditure or allowance under any provisions of the said Act in computing his income referred to in clause (a) of sub-section (1) of the proposed section. It is also proposed to provide an Explanation in the said section to define certain expressio .....

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increased by an amount or amounts of expenditure relatable to income, by way of royalty in respect of patent chargeable to tax in accordance with the provisions of section 115BBF. It is further proposed to insert a new clause (iig) in the long line to the said Explanation 1 so as to provide that the amount of income, by way of royalty in respect of patent chargeable to tax in accordance with the provisions of section 115BBF, shall be reduced from the book profit, if any such amount is credited t .....

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y with which India has an agreement referred to in subsection (1) of section 90 or the Central Government has adopted any agreement under sub-section (1) of section 90A and the assessee does not have a permanent establishment in India in accordance with the provisions of such agreement; or (ii) the assessee is a resident of a country with which India does not have an agreement referred to in clause (i) and the assessee is not required to seek registration under any law for the time being in forc .....

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er cent. and also to define certain expressions used therein. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Clause 54 of the Bill seeks to insert a new Chapter XII-BC in the Income-tax Act on special provisions relating to foreign company said to be resident in India. Sub-section (1) of the proposed new section 115JH provides that where a foreign company is said to be resident in any previous y .....

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ehalf. Proviso to sub-section (1) of the proposed section provides that in case determination regarding residence of foreign company has been done in the assessment proceedings relevant to any previous year, then, the provisions of the proposed new Chapter shall also apply in respect of previous years succeeding the relevant previous year which ends on or before the date on which the determination has been made. Sub-section (2) of the proposed section provides that on failure to comply with the .....

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take effect from 1st April 2017 and will, accordingly, apply to the assessment year 2017-2018 and subsequent years. Clause 55 of the Bill seeks to amend section 115-O of the Income-tax Act relating to tax on distributed profits of domestic companies. Sub-clause (a) of the said clause seeks to insert a new subsection to provide that no tax on distributed profits shall be chargeable under this section in respect of any amount declared, distributed or paid by the specified domestic company by way o .....

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ed domestic company and specified date for the purposes of the proposed sub-section. These amendments will take effect from 1st June, 2016. Sub-clause (b) of the said clause seeks to insert a new subsection (8) in the said section so as to provide that no tax on distributed profits shall be chargeable in respect of the total income of a company being a unit of an International Financial Services Centre, deriving income solely in convertible foreign exchange, for any assessment year on any amount .....

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x Act relating to tax on distributed income to shareholders. The Explanation to sub-section (1) of the aforesaid section provides for definition of certain expressions for the purposes of the said section. It is proposed to amend clause (i) of the said Explanation to substitute the reference of section 77A of the Companies Act, 1956 with the words any law for the time being in force relating to companies and also to amend clause (ii) to provide that distributed income shall mean the consideratio .....

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ed by the securitisation trust to its investors on or after the 1st day of June, 2016. This amendment will take effect from 1st June, 2016. Clause 58 of the Bill seeks to amend section 115TC of the Income-tax Act relating to securitisation trust to be assessee in default. The Explanation to the aforesaid section defines various expressions for the purposes of section 115TA, section 115TB and also the said section 115TC. It is proposed to amend the definition of investor as provided in clause (a) .....

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ion of Financial Assets and Enforcement of Security Interest Act, 2002 or in pursuance of any guidelines and directions issued by the Reserve Bank of India. It is also proposed to provide that the expression security receipt shall have the same meaning as assigned to it in in clause (zg) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. These amendments will take effect from 1st June, 2016. Clause 59 of th .....

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by the securitisation trust been made directly by him. Sub-section (2) of the proposed new section seeks to provide that the income paid or credited by the securitisation trust shall be deemed to be of the same nature and in the same proportion in the hands of the person referred to in sub-section (1), as if it had been received by, or had accrued or arisen to, the securitisation trust during the previous year. Sub-section (3) of the proposed new section seeks to provide that the income accruing .....

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ponsible for crediting or making payment of the income on behalf of securitisation trust shall furnish, within such time, as may be prescribed, to the person who is liable to tax in respect of such income and to the prescribed income-tax authority, a statement in such form and verified in such manner, giving details of the nature of the income paid or credited during the previous year and such other relevant details, as may be prescribed. Sub-section (5) of the proposed new section seeks to prov .....

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115TD, 115TE and 115TF in the Income-tax Act on special provisions relating to tax on accreted income of certain trusts and institutions. Sub-section (1) of the proposed new section 115TD provides that notwithstanding anything contained in any other provision of the Act, a trust or institution registered under section 12AA in any previous year shall be liable to tax on accreted income in the event of certain eventualities mentioned in the proposed new section, as on the specified date, at the ma .....

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ovide that while computing the accreted income in respect of a case referred to in clause (c) of sub-section (1), assets and liabilities, if any, related to such asset, which have been transferred to the trust, institution or other organisation as specified therein within a period of twelve months from the date of dissolution, shall be ignored. Sub-section (3) of the proposed section provides for specific situations under which a trust or institution can be said to have converted into any form w .....

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case of failure to pay tax within the time provided, at the rate of one per cent. for every month and part thereof of such failure. The proposed section 115TF provides that in case of failure of payment of tax, the principal officer or the trustee and the trust or the institution shall be deemed to be an assessee in default in respect of the amount of tax payable and all provisions of the Income-tax Act relating to recovery and collection of taxes shall apply to them. This amendment will take e .....

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April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Clause 62 of the Bill seeks to amend section 119 of the Income-tax Act relating to instructions to subordinate authorities. Clause (a) of sub-section (2) of the aforesaid section empowers the Board to issue directions or instructions for the purpose of proper and efficient management of the work of assessment and collection of revenue provided such directions are not prejudicial to the ass .....

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ply in relation to the assessment year 2017-2018 and subsequent years. Clause 63 of the Bill seeks to amend section 124 of the Income-tax Act relating to jurisdiction of Assessing Officers. Sub-section (3) of the aforesaid section, inter alia, provides that no person shall be entitled to call in question the jurisdiction of an Assessing Officer in a case where return is filed under section 139, after the expiry of one month from the date on which he was served with a notice under sub-section (1) .....

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under subsection (1) of section 153A or sub-section (2) of section 153C or after the completion of the assessment, whichever is earlier. This amendment will take effect from 1st June, 2016. Clause 64 of the Bill seeks to amend section 133C of the Income-tax Act relating to power to call for information by prescribed income-tax authority. The existing provisions of the said section empowers the prescribed income-tax authority to issue notices calling for information and documents for the purpose .....

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se (i) of said clause seeks to amend sub-section (1), sub-section (4), sub-section (5) and sub-section (9) of the said section. Sub-section (1) of the aforesaid section provides that every person referred to therein shall file a return of income on or before the due date. The sixth proviso to the said section provides that every person, being an individual or a Hindu undivided family or an association of persons or a body of individuals, whether incorporated or not, or an artificial juridical pe .....

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and setting forth such other particulars as may be prescribed. Sub-section (4) of the said section provides that any person who has not furnished a return within the time allowed to him under sub-section (1), or within the time allowed under a noticed issued under sub-section (1) of section 142, may furnish the return for any previous year at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. Sub-s .....

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tax together with interest, if any, payable in accordance with the provisions of section 140A, has been paid on or before the date of furnishing of the return. It is proposed to amend the sixth proviso to sub-section (1) of the said section so as to provide that a person, who during the previous year, earns income under clause (38) of section 10 and such income exceeds the maximum amount which is not chargeable to tax in his case, shall also be liable to file return of income for the previous ye .....

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ovide that if any person, having furnished a return under sub-section (1), or under sub-section (4), discovers any omission or any wrong statement therein, he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier. It is also proposed to omit clause (aa) of the Explanation to subsection (9) of said section to provide that a return which is otherwise valid would not be tre .....

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who has sustained a loss in any previous year under the head profits and gains of business or profession or under the head capital gains and claims that the loss or any part thereof should be carried forward under sub-section (1) of section 72, or sub-section (2) of section 73, or sub-section (1) or sub-section (3) of section 74 or sub-section (3) of section 74A, he may furnish, within the time allowed under sub-section (1), a return of loss in the prescribed form and verified in the prescribed .....

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se seeks to amend clause (a) of sub-section (1) of said section. Clause (a) of sub-section (1) of the aforesaid section provides that a return filed is to be processed and total income or loss is computed after making the adjustments on account of any arithmetical error in the return or on account of an incorrect claim, if such incorrect claim is apparent from any information in the return. It is proposed to expand the scope of adjustments that can be made at the time of processing under sub-sec .....

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E, if the return is furnished beyond the due date specified under sub-section (1) of section 139; or (iv) addition of income appearing in Form 26AS or Form 16A or Form 16 but not included in computing the total income in the return. It is further proposed to provide an opportunity to the assessee, before making any adjustment under clause (a) of sub-section (1) of section 143 to explain and rectify the same within thirty days of issuance of such intimation and the response so received be conside .....

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, a return shall be processed under sub-section (1) of section 143. These amendments will take effect from the 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017- 2018 and subsequent years. Sub-clause (b) of the said clause seeks to substitute sub-section (2) of the said section. The existing provisions of sub-section (2) of the aforesaid section provide that, if the Assessing Officer under the circumstances specified therein shall serve on the assessee a notice .....

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Officer any evidence on which the assessee may rely in support of the return. This amendment will take effect from 1st June, 2016. Clause 67 of the Bill seeks to amend section 147 of the Income-tax Act relating to income escaping assessment. Under the existing provisions of the aforesaid section, if the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment, he may assess or reassess such income or re-compute the loss or any other allowance. Explanation .....

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not chargeable to tax, or the assessee has understated the income or has claimed excessive loss, deduction, allowance or relief in the return. This amendment will take effect from 1st June, 2016. Clause 68 of the Bill seeks to substitute section 153 of the Income-tax Act with a new section relating to time limit for completion of assessment, reassessment and recomputation. It is proposed to substitute the existing section 153 to simplify the said section by retaining only those provisions that .....

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erved; (c) the period for completion of fresh assessment in pursuance of an order under section 254 or section 263 or section 264, setting aside or cancelling an assessment be changed from existing one year to nine months from the end of the financial year in which the order under section 254 is received by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, or the order under section 263 or section 264 is passed by the Principal Commissioner or Comm .....

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issioner or Chief Commissioner or Principal Commissioner or Commissioner. It is also proposed that in a case where it is not possible for the Assessing Officer to give effect to such order within the aforesaid period, for reasons beyond his control, the Principal Commissioner or Commissioner on receipt of such reasons in writing from the Assessing Officer, if satisfied, may allow additional period of six months to give effect to the order. However, where effect to an order is pending as on 1st J .....

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ion shall be made on or before the expiry of twelve months from the end of the month in which such order is received by the Principal Commissioner or Commissioner. However, for cases pending as on 1st June, 2016 action shall be taken by 31st March, 2017 or within twelve months from the end of the month in which order is received, whichever is later. It is also proposed that where an assessment is made on a partner of the firm in consequence of an assessment made on the firm under section 147, su .....

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ct by a new section 153B relating to time limit for completion of assessment under section 153A and 153C. It is proposed to substitute the existing section 153B to simplify the said section by retaining those provisions which are relevant to the current provisions of the Income-Tax Act. The changes proposed in existing time limit of assessment are as under- (i) The limitation for completion of assessment under section 153A, in respect of each assessment year falling within six assessment years r .....

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n referred to in section 153C shall be changed from existing two years to twenty-one months from the end of the financial year in which the last of the authorisations for search under section 132 or for requisition under section 132A was executed or be nine months (which as per the existing provision is one year) from the end of the financial year in which the books of account or documents or assets seized or requisitioned are handed over under section 153C to the Assessing Officer having jurisd .....

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income relating to accumulated balance due to an employee credited or paid or likely to be credited or paid during the financial year to the account of, or to, the payee does not exceed thirty thousand rupees. It is proposed to enhance the said threshold limit from thirty thousand rupees to fifty thousand rupees. This amendment will take effect from 1st June, 2016. Clause 71 of the Bill seeks to amend section 194BB of the Income-tax Act relating to winnings from horse race. Under the existing pr .....

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o sub-section (5) of the aforesaid section provides that the person responsible for paying the sums referred to in subsection (1) of the said section shall be liable to deduct income-tax, where the aggregate of the amounts of the sums credited or paid or likely to be credited or paid during the financial year exceeds seventy-five thousand rupees. It is proposed to enhance the said threshold limit from seventyfive thousand rupees to one lakh rupees for the aggregate transactions during the financ .....

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business, credited or paid during the financial year to the account of, or to, the payee. However, the second proviso to the said section provides that no deduction of income-tax under that section shall be made if such amount does not exceed twenty thousand rupees. It is proposed to reduce the said threshold limit from twenty thousand rupees to fifteen thousand rupees. This amendment will take effect from 1st June, 2016. Clause 74 of the Bill seeks to amend section 194DA of the Income-tax Act .....

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the financial year. It is proposed to reduce the said rate of tax deduction from two per cent. to one per cent. This amendment will take effect from 1st June, 2016. Clause 75 of the Bill seeks to amend section 194EE of the Income-tax Act relating to payments in respect of deposits under National Savings Scheme, etc. Under the existing provisions of the aforesaid section, any payment in respect of deposits under National Savings Scheme, etc., shall be liable for tax deduction at the rate of twent .....

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here, the amount of income exceeding one thousand rupees relating to stocking, distribution, purchase or sale of lottery tickets, whether by way of commission or remuneration or prize is credited to the account of the payee or at the time of payment of such income in cash or by the issue of cheque or a draft or by any other mode, whichever is earlier during the financial year. It is proposed to reduce the said rate of tax deduction from ten per cent. to five per cent. It is further proposed to i .....

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credited or paid or likely to be credited or paid during the financial year, to the account of, or to, the payee exceed five thousand rupees. It is proposed to reduce the said rate of tax deduction from ten per cent. to five per cent. It is further proposed to increase the said threshold limit from five thousand rupees to fifteen thousand rupees. These amendments will take effect from 1st June, 2016. Clause 78 of the Bill seeks to omit section 194K relating to income in respect of units and sect .....

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y (other than agricultural land), credited or paid or likely to be credited or paid during the financial year to the account of, or to, the payee does not exceed two hundred thousand rupees. It is proposed to enhance the said threshold limit from two hundred thousand rupees to two lakh and fifty thousand rupees. This amendment will take effect from 1st June, 2016. Clause 80 of the Bill seeks to amend section 194LBA of the Income-tax Act relating to certain income from units of a business trust. .....

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is of the same nature as income referred to in clause (23FBB) of section 10, is payable to a unit holder in respect of units of an investment fund specified in clause (a) of the Explanation 1 to section 115UB, the person responsible for making the payment shall, at the time of credit of such income to the account of payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rate of ten per cent. I .....

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t. Sub-section (1) of the proposed new section seeks to provide that where any income is payable to an investor, being a resident, in respect of an investment in a securitisation trust specified in clause (d) of the Explanation to section 115TCA, the person responsible for making the payment shall, at the time of credit of such income to the account of payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax th .....

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t shall, at the time of credit of such income to the account of payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon, at the rates in force. It is also proposed to provide an Explanation under the proposed new section to provide that the term investor shall have the meaning assigned to it in clause (a) of the Explanation to section 115 TCA; and also that where any income referred to in the proposed .....

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to amend sub-section (1) of the said section to provide that where, in the case of any income of any person or sum payable to any person, the income-tax is required to be deducted at the time of credit or, as the case may be, at the time of payment under the provisions of section 194LBB and section 194LBC the Assessing Officer is satisfied that the total income of the recipient justifies the deduction of income-tax at any lower rates or no deduction of income-tax, as the case may be, the Assess .....

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id subsections furnish to the persons responsible for paying any income of the nature referred to in specified sections, a declaration in writing in duplicate in the prescribed form and verified in the prescribed manner to the effect that the tax on his estimated total income of the previous year in which such income is to be included in computing his total income will be nil. It is proposed to amend the said sub-sections to give reference of section 194-I therein so as to provide that payments .....

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ing which tax shall be deducted at the rate mentioned in the relevant provisions of the Act or at the rate in force or at the rate of twenty per cent., whichever is higher. It is proposed to substitute sub-section (7) of the said section so as to provide that the provisions of the said section shall also not apply to a non-resident, not being a company, or to a foreign company, in respect of payment of interest on long-term bonds as referred to in section 194LC and any other payment subject to s .....

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section to provide that the seller shall collect the tax at the rate of one per cent. on the sale of motor vehicle of the value exceeding ten lakh rupees in cash or by the issue of a cheque or draft or by any other mode or for sale of any other goods (other than bullion and jewellery) or providing any service in cash exceeding two hundred thousand rupees. It is further proposed to insert a proviso under sub-section (1D) of the said section so as to provide that no tax shall be collected at sourc .....

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he Income-tax Act relating to instalments of advance tax and due dates. As per the existing provisions of sub-section (1) of the aforesaid section, the advance tax payment schedule for a company is fifteen per cent., forty-five per cent., seventy-five per cent. and hundred per cent. of tax payable on the current income by 15th June, 15th September, 15th December and 15th March, respectively. For assessees (other than companies), the advance tax payment schedule is thirty per cent., sixty per cen .....

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shall be required to pay advance tax of the whole amount in one instalment on or before the 15th March of the financial year. These amendments will take effect from 1st June, 2016. Clause 88 of the Bill seeks to amend section 220 of the Income-tax Act relating to when tax payable and when assessee is deemed in default. The aforesaid section provides for an assessee to be deemed to be in default and its consequences in case of failure on the part of the assessee to pay the amount of tax due. Sub .....

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rovide that an order accepting or rejecting the application of an assessee shall be passed by the concerned Principal Chief Commissioner, Chief Commissioner, Principal Commissioner or Commissioner within a period of twelve months from the end of the month in which such application is received. It is further proposed to provide that no order shall be passed without giving the assessee an opportunity of being heard. However, in respect of the applications pending as on 1st day of June, 2016, the o .....

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ith regard to an eligible assessee referred to in section 44AD, it is proposed to provide that interest shall be levied, if the advance tax paid on or before the 15th day of March is less than the tax due on the returned income. It is also proposed to amend the said section so as to provide that nothing contained in the said sub-section (1) shall apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of under-estimate or failure to estimate .....

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out of excess payment of advance tax, tax deducted or collected at source, etc. Further, it is provided that the period for which the interest is paid on excess payment of tax begins from the 1st April of the assessment year and ends on the date on which refund is granted. It is proposed to amend the said section to provide that in cases where the return is filed after the due date, the period for grant of interest on refund shall begin from the date of filing of return. It is further proposed .....

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ition to the interest payable under sub-section (1) of section 244A, an additional interest on such refund amount calculated at the rate of three per cent. per annum, for the period beginning from the date following the date of expiry of the time allowed under sub-section (5) of section 153 to the date on which the refund is granted. Sub-clause (C) of said clause seeks to amend sub-section (2) of the said section so as to give the reference of sub-section (1A) in the said sub-section which is co .....

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tion 270AA of the Income-tax Act seeking immunity from penalty and prosecution, then, the period beginning from the date on which such application is made to the date on which the order rejecting the application is served on the assessee shall be excluded for calculation of the aforesaid thirty days period. This amendment will take effect from the 1st April, 2017. Clause 92 of the Bill seeks to amend section 252 of the Income-tax Act relating to Appellate Tribunal. Clause (b) of sub-section (3), .....

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n (1) of the said section. Clause (a) and clause (c) of sub-section (1) of the aforesaid section, inter alia, provides for an appeal to the Appellate Tribunal, against an order passed under section 271of the Income-tax Act. It is proposed to amend the said clauses of sub-section (1) of section 253 so as to provide that an assessee aggrieved by an order passed by the Commissioner (Appeals) or the Principal Commissioner or Commissioner under section 270A, may also appeal to the Appellate Tribunal .....

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(2A) of the aforesaid section provides that the Principal Commissioner or Commissioner may, if he objects to any direction issued by the Dispute Resolution Panel under sub-section (5) of section 144C in respect of any objection filed on or after the 1st day of July, 2012, by the assessee under sub-section (2) of section 144C in pursuance of which the Assessing Officer has passed an order completing the assessment or reassessment, direct the Assessing Officer to appeal to the Appellate Tribunal a .....

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quently amend sub-section (4) of the aforesaid section so as to exclude therefrom the reference relating to direction of the Dispute Resolution Panel, sub-section (2A) and the order of the Assessing Officer (in pursuance of the directions of the Dispute Resolution Panel). These amendments will take effect from 1st June, 2016. Sub-clause (C) of the said section seeks to substitute the proviso to sub-section (6) of the said section so as to provide that no fee shall be payable in the case of an ap .....

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posed to amend the said sub-section (2) so as to provide that the Appellate Tribunal may rectify any mistake apparent from the record in its order at any time within six months from the end of the month in which the order was passed. It is further proposed to amend sub-section (2A) of the aforesaid section, so as to omit the reference of sub-section (2A) of section 253. The proposed amendment is consequential in nature in view of omission of sub-section (2A) of section 253. These amendments will .....

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a case where the total income as computed by the Assessing Officer does not exceed fifty lakh rupees. This amendment will take effect from 1st day of June, 2016. Clause 96 of the Bill seeks to insert section 270A in the Income-tax Act relating to penalty for under-reporting and misreporting of income. Under the existing provisions, penalty on account of concealment of particulars of income or furnishing inaccurate particulars of income is leviable under clause (c) of sub-section (1) of section 2 .....

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he power to levy penalty if a person has under reported his income. Sub-section (2) of the proposed new section seeks to provide that a person shall be considered to have under reported his income if,- (i) the income assessed is greater than the maximum amount not chargeable to tax, where no return of income is filed; (ii) the assessed income is greater than the income determined upon processing under clause (a) of sub-section (1) of section 143, where return is filed; (iii) the income assessed .....

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e and the return has been furnished, the difference between the amount of income assessed and the income determined under clause (a) of subsection (1) of section 143. In a case where no returns has been furnished and income is assessed for the first time, the amount of under-reported income shall be the income assessed, in the case of a company, firm or local authority, and in any other case the difference between the amount of income assessed and the maximum amount not chargeable to tax. It is .....

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nder reported income in case where the source of any receipt, deposit or investment linked to earlier year is proposed to be provided based on the existing Explanation 2 to sub-section (1) of section 271(1). Sub-section (6) of the proposed new section seeks to provide that under - reported income under this section shall not include certain cases mentioned therein. Sub-section (7) of the proposed new section seeks to provide that the rate of penalty shall be fifty per cent. of the tax payable on .....

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eported income shall be calculated as if such under-reported income was the total income in case of a company, firm or local authority, and at the rate of thirty per cent. of under-reported income in any other case based on the tax rate applicable in case of company, firm or local authority, and in other cases. Sub-section (11) of the proposed new section seeks to provide that no addition or disallowance of an amount shall form the basis for imposition of penalty, if such addition or disallowanc .....

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t relating to immunity from imposition of penalty etc. It is proposed to provide that an assessee may make an application to the Assessing Officer for grant of immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C, provided he pays the tax and interest payable as per the order of assessment or reassessment within the period specified in such notice of demand and does not prefer an appeal against such assessment order. The assessee can make such a .....

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nitiated on account of the circumstances of misreporting as laid in sub-section (9) of section 270A. It is also proposed that the Assessing Officer is required to pass an order accepting or rejecting such application, as the case may be, within a period of one month from the end of the month in which such application is received. However, no order rejecting the application shall be passed by the Assessing Officer unless the assessee has been given an opportunity of being heard and the said order .....

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on 143 or failure to comply with a direction issued under sub-section (2A) of section 142 or for concealment of particulars of income or furnishing inaccurate particulars of income, is leviable. It is proposed to provide that provisions of section 271 shall not apply to and in relation to any assessment for the assessment year commencing on or after the 1st day of April, 2017. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 201 .....

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hat section 271A shall be applicable without prejudice to the provisions of section 270A. The proposed amendment is consequential to the insertion of a new section 270A in the Income-tax Act which provides for levy of penalty for under-reporting and misreporting of income. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Clause 100 of the Bill seeks to amend section 271AA of the Income-tax Act rel .....

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to amend sub-section (1) of the said section so as to give the reference of section 270A in the said section which is consequential in nature. It is further proposed to amend the said section so as to provide that if any person being constituent entity of an international group referred to in the proposed new section 286 fails to furnish the information and document in accordance with provisions of section 92D, then, the prescribed authority referred to in the said section may direct that such .....

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ll not exceed ninety per cent. of the undisclosed income of the specified previous year shall be levied in case where search has been initiated under section 132 on or after the 1st day of July, 2012, and such case is not covered under the provisions of clauses (a) and (b) of sub-section (1) of section 271AAB. It is proposed to amend the said clause (c) so as to provide for levy of penalty on such undisclosed income at a flat rate of sixty per cent. Sub-section (2) of the aforesaid section provi .....

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8 and subsequent years. Clause 102 of the Bill seeks to insert a new section 271GB in the Income-tax Act relating to penalty for failure to furnish report or for furnishing inaccurate report under section 286. The proposed new section provides that if any reporting entity referred to in section 286 fails to furnish a report referred to in subsection (2) of the said section then, the prescribed authority may direct such entity to pay by way of penalty a sum of five thousand rupees for every day f .....

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e continues, beginning from the day immediately following the day on which the period for furnishing the information and document expires. It is also provided that if the failures continue after any order directing the person to pay by way of penalty any sum has been served on the entity, then the prescribed authority may direct that such entity shall pay, by way of penalty, a sum of fifty thousand rupees for every day for which such failure continues begining from the date of service of such or .....

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ity furnishes inaccurate information or document in response to notice under sub-section (6) of section 286 then, the prescribed authority may direct that such person shall pay, by way of penalty, a sum of five lakh rupees. These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017- 2018 and subsequent years. Clause 103 of the Bill seeks to amend section 272A of the Income-tax Act relating to penalty for failure to answer questions .....

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the Income-tax Act. It is proposed to insert a new clause (d) in the said sub-section so as to include levy of penalty of ten thousand rupees for each default or failure to comply with a notice issued under sub-section (1) of section 142 or sub-section (2) of section 143 or failure to comply with a direction issued under sub-section (2A) of section 142. It is also proposed to amend sub-section (3) of the aforesaid section to provide that penalty under clause (d) of sub-section (1) shall be impo .....

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or reduction or waiver of penalty imposed or imposable under clause (iii) of sub-section (1) of section 271. Explanation to the said sub-section clarifies that if the nature of income assessed over the returned income is such that it does not attract provisions of clause (c) of sub-section (1) of section 271, then, the person shall be deemed to have made full and true disclosure for the purposes of sub-section (1) of the said section 271. Further, clause (b) of sub-section (2) of section 273A pr .....

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s amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Sub-clause (ii) of the said clause seeks to insert a new subsection (4A) in the said section so as to provide that an order accepting or rejecting application of an assessee shall be passed by the concerned Principal Commissioner or Commissioner within a period of twelve months from the end of the month in which such application is received. It is furt .....

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de that the Principal Commissioner or the Commissioner may grant immunity from penalty, if penalty proceedings have been initiated in case of a person who has made application for settlement before the settlement commission and the proceedings for settlement had abated under the circumstances contained in section 245HA of the Act. It is proposed to amend the said section to provide that an order accepting or rejecting the application of an assessee shall be passed by the concerned Principal Comm .....

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relating to penalty not to be imposed in certain cases. The aforesaid section provides that the penalties referred to in different sections enumerated in the said section 273B shall not be imposable on the person or the assessee for any failure referred to in the said sections, if he proves that there was reasonable cause for the said failure. It is proposed to amend the said section so as to include the reference of the proposed new section 271GB. This amendment will take effect from 1st April, .....

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nalty under clause (iii) of sub-section (1) of section 271 has been reduced or waived under section 273A. It is proposed to amend the said sub-section so as to provide that the prosecution proceeding shall not be proceeded against a person for offences under section 276C or section 277 in respect of whom penalty under section 270A has also been reduced or waived under section 273A. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment yea .....

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is necessary to do so for the purpose of protecting the interests of the revenue. Such attachment of property is extendable by the said income-tax authorities to a maximum period of two years or sixty days after the date of assessment order, whichever is later. Explanation to sub-section (1) of section 281B provides that proceedings under sub-section (5) of section 132 shall be deemed to be proceedings for the assessment of any income or for the assessment or reassessment of any income which has .....

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r an amount lower than the fair market value of the property which is sufficient to protect the interests of the revenue. It is also proposed that the Assessing Officer may, make a reference to the Valuation Officer, who may be required to submit the report of the estimate of the property to the Assessing Officer within a period of thirty days from the date of receipt of such reference. It is also proposed to provide that an order revoking the attachment be made by the Assessing Officer within f .....

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rantee furnished under sub-section (3) or fails to furnish a fresh guarantee from a scheduled bank for an equal amount, fifteen days before the expiry of such guarantee, the Assessing Officer shall, if it is necessary to do so to protect the interest of the revenue, invoke the bank guarantee. The amount realised by invoking the bank guarantee shall be adjusted against the existing demand which is payable and the balance amount, if any, be deposited in the Personal Deposit Account of the Principa .....

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of the revenue, he shall release that guarantee forthwith. These amendments will take effect from 1st day of June, 2016. Clause 109 of the Bill seeks to amend section 282A of the Income-tax Act relating to authentication of notices and other documents. Sub-section (1) of the aforesaid section provides that where a notice or other document is required to be issued by any income-tax authority under the Act, such notice or document should be signed by that authority in manuscript. It is proposed to .....

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or furnishing of a report in respect of an international group, if the parent entity of the group is resident in India. Sub-section (1) of the proposed new section provides that constituent entity in India of an international group, not having a parent entity resident in India shall notify the prescribed authority regarding the parent entity of the group to which it belongs or an alternate reporting entity which shall furnish the report on behalf of the group in the prescribed manner. Sub-sectio .....

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information in respect of amount of revenues, profit and loss, taxes accrued and paid, number of employees, details of constituent entities and the country or territory in which such entities are resident or located. Sub-section (4) of the proposed new section provides for furnishing report by entities resident in India and belonging to an international group not headed by Indian resident entity. Sub-section (5) of the proposed new section provides for circumstances under which the constituent e .....

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tal consolidated group revenue for the accounting year preceding it, does not exceed the prescribed threshold. Sub-section (8) of the proposed new section provides for application of the section in accordance with such guidelines and subject to such conditions as may be prescribed. Sub-section (9) of the proposed new section, inter alia, defines various terms for the purposes of the new section. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the .....

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