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Amendment of section 92CE.

..... ures and letters section 92CC , the words, figures and letters section 92CC, on or after the 1st day of April, 2017, shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2018; (II) in the proviso, in clause (i), for the words one crore rupees; and , the words one crore rupees; or shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2018; (III) after the proviso, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2018, namely:- Provided further that no refund of taxes paid, if any, by virtue of provisions of this sub-section as they stood immediately before their amendme .....

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..... be allowed to the assessee in respect of the amount on which tax has been paid in accordance with the provisions of sub-section (2A). (2D) Where the additional income-tax referred to in sub-section (2A) is paid by the assessee, he shall not be required to make secondary adjustment under sub-section (1) and compute interest under sub-section (2) from the date of payment of such tax. . Clause 30 of the Bill seeks to amend section 92CE of the Incometax Act relating to secondary adjustment in certain cases. Sub-section (1) of the said section, inter alia, provides that the assessee shall make secondary adjustment in case where primary adjustment to transfer price takes place as specified therein. The proviso to said sub-section provides exempti .....

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..... retrospectively from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018-2019 and subsequent assessment years. It is also proposed to insert sub-section (2A) in the said section so as to provide that where the excess money or part thereof has not been repatriated in time, besides the existing requirement of calculation of interest, the assessee will have the option to pay additional income tax at the rate of eighteen per cent. on such excess money or part thereof. It is also proposed to insert sub-section (2B) so as to provide that the tax on the excess money or part thereof so paid by the assessee under sub-section (2A) shall be treated as the final payment of tax in respect of the excess money or part the .....

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