Scope of section 92BA of the Income-tax Act relating to Specified Domestic Transactions :
CLAUSE(S) OF FINANCE BILL, 2017 |
PARTICUL ARS OF AMENDME NTS | SECTION | AMENDMENT / NEWLY INSERTED |
APPLICABLE W.E.F. |
BRIEF OF AMENDMENT |
15 & 41 | Scope of section 92BA of the Income-tax Act relating to Specified Domestic Transactions | Section92BA Clause(i) omitted | Amendment | 1st April, 2017 | It is proposed that “specified domestic transaction” u/s 92BA shall not include any expenditure in respect of which payment has been made or is to be made to a person referred to in section 40A(2)(b).Consequential amendment has also been proposed in Section 40A(2)(b). Budget speech , Point No. 166 reference. Please see. |