In area 269T of this Income-tax Act, with effect through the first day’s June, 2015

In area 269T of this Income-tax Act, with effect through the first day’s June, 2015

(A) into the starting portion—

(a) following the words “repay any loan or deposit made by it” shall be inserted with it”, the words “or any specified advance received;

(b) following the words “made the mortgage or deposit”, the text “or paid the specified advance,” will be placed;

(B) in clause (a), after the language “loan or deposit”, the words “or specified advance” will be placed;

(C) in clause (b), your message “or” will probably be inserted at the conclusion;

(D) after clause (b) and ahead of the long line, the next clause will probably be placed, specifically:—

“(c) the amount that is aggregate of specified advances received by such individual either in his or her own title or jointly with any kind of individual from the date of these repayment together aided by the interest, if any, payable on such certain advances,”;

(E) into the 2nd proviso, following the terms “any loan or deposit”, the words “or specified advance” will probably be placed;

(F) within the Explanation, after clause (iii), the clause that is following be inserted, particularly:—

‘(iv) “specified advance” means any sum of cash into the nature of advance, by whatever title called, pertaining to transfer of an property that is immovable set up transfer takes destination.’.

69. Amendment of part 271D.

The words “or specified sum” shall be inserted with effect from the 1st day of June, 2015 in section 271D of the Income-tax Act, in sub-section (1), after the words “loan or deposit” occuring at both the places.

70. Amendment of part 271E.

The words “or specified advance” shall be inserted with effect from the 1st day of June, 2015 in section 271E of the Income-tax Act, in sub-section (1), after the words “loan or deposit” occuring at both the places.

NOTE in CLAUSES

Clause 66 regarding the Bill seeks to replace area 269SS of this Income-tax Act associated with mode of using or accepting specific loans and deposits.

The provision that is existing in part 269SS provides that no individual shall simply take from anybody any loan or deposit otherwise than by a free account payee cheque or account payee bank draft or online transfer through a bank-account, in the event that quantity of such loan or deposit is twenty thousand rupees or maybe more.

It really is proposed to substitute the said part to be able to provide that nobody shall simply take from anybody, any loan or deposit or specified amount, otherwise than by a free account payee cheque or account payee bank draft or online transfer through a bank account, in the event that quantity of such loan or deposit or specified amount is twenty thousand rupees or higher.

It’s also proposed to determine “specified sum” as any amount of cash receivable, whether as advance or else, with regards to transfer of an immovable home whether or otherwise not the transfer materialises.

These amendments will require impact from first June, 2015.

Clause 67 associated with the Bill seeks to amend area 269T of this Income-tax Act concerning mode of repayment of particular loans and deposits.

The provision that is existing in area 269T provides that any loan or deposit shall never be paid back, otherwise than by a free account payee cheque or account payee bank draft or online transfer through a banking account, because of the people specified when you look at the said area, in the event that number of https://yourloansllc.com/personal-loans-ny/ such loan or deposit is twenty thousand rupees or maybe more.

It really is proposed to amend the said area to be able to provide that any loan or deposit or specified advance shall never be paid back,

otherwise than by a free account payee cheque or account payee bank draft or online transfer through a bank account, by the individual specified into the said part, in the event that number of such loan or deposit or specified advance is twenty thousand rupees or higher.

It really is further proposed to determine “specified advance” as any amount of money gotten, as an advance or perhaps, pertaining to move of an immovable home and becomes repayable in the event that negotiations try not to bring about transfer of such property that is immovable.

These amendments takes impact from first June, 2015.

Clause 69 associated with Bill seeks to amend part 271D of this Income-tax associated with penalty for failure to conform to the provisions of part 269SS.

The provision that is existing in area 271D of this Income-tax Act provides that when a person takes any loan or deposit in contravention associated with the conditions of area 269SS, he will be prone to spend, by means of penalty, an amount corresponding to the total amount of the mortgage or deposit so accepted.

It really is proposed to amend part 271D associated with the Act that is income-tax to that if somebody takes any loan or deposit or specified sum known in section 269SS in contravention of this conditions of this area, he will be prone to spend, by means of penalty, a sum add up to the quantity of the mortgage or deposit or specified amount so accepted.

This amendment will need impact from first June, 2015.

Clause 70 for the Bill seeks to amend part 271E of this Income-tax associated with penalty for failure to conform to the conditions of part 269T.

The provision that is existing in area 271E of this Income-tax Act provides that when a person repays any loan or deposit described in area 269T otherwise than relative to the conditions of this area, he will be prone to spend, by means of penalty, an amount add up to the quantity of the loan or deposit so paid back.

It really is proposed to amend part 271 E regarding the Act that is income-tax to that if somebody repays any loan or deposit or specified advance known in part 269T otherwise than according to the conditions of the area, he will be prone to spend, by means of penalty, an amount corresponding to the actual quantity of the loan or deposit or specified advance so paid back.

This amendment takes impact from first June, 2015.

(Article was initially published on 28.02.2015 and republished with amendments on 04.06.2015)

( Published By Taxguru Team)

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