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STATEMENT OF OBJECTS AND REASONS

..... amendments in certain enactments. 2. Clause 2 of the Bill seeks to provide for the rates of income-tax. The rates of income-tax which were specified in Part III of the First Schedule to the Finance Act, 2018 for the purposes of charging income-tax in certain cases, deduction of tax at source from salaries during the financial year 2018-2019, computation of advance tax payable during that financial year in relation to current incomes and for certain special purposes, are proposed to be continued for the purposes of assessment for the assessment year 2019-2020. Further, the same rates are proposed to be continued also for the purposes of charging income-tax in certain cases, deduction of tax at source from salaries during the financial year 2 .....

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..... authority. 7. Clause 5 of the Bill seeks to amend section 24 of the Income-tax Act to provide that the monetary limit of deduction on account of interest payable on borrowed capital shall continue to apply to the aggregate of the amounts of deduction in case of more than one self-occupied houses. 8. Clause 6 of the Bill seeks to amend section 54 of the Income-tax Act so as to provide relief to the taxpayers having long-term capital gains up to two crore rupees, arising from transfer of a residential house, by affording the assessee a one time opportunity, at his option, to utilise the said amount for the purchase or construction of two residential houses in India instead of one residential house as currently provided. 9. Clause 7 of the Bil .....

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..... Clearing Corporation or Depositories on one instrument, and for appropriately sharing the same with respective State Governments based on State of domicile of the ultimate buying client. 14. Clause 22 of the Bill seeks to amend sub-section (3) of section 8 of the Prevention of Money-laundering Act, 2002 so as to extend the time limit of ninety days for which the attachment shall remain valid during the period of investigation to three hundred and sixty-five days and also to provide that in computing the period of three hundred and sixty-five days, the period during which the investigation is stayed by any court shall be excluded. PIYUSH GOYAL. NEW DELHI; The 30th January, 2019. ___________ PRESIDENT S RECOMMENDATION UNDER ARTICLES 117 AND 2 .....

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