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THE FINANCE BILL, 2016- Bill No. 18-C of 2016- AS PASSED BY LOK SABHA ON 05.05.2016

Finance Bill 2016 was passed by Lok Sabha on 05.05.2016 as informed by us to our readers by our article  ‘Lok Sabha Passes Finance Bill 2016‘. In the Article we have attached notice of the amendment to Finance Bill, 2016 for ready reference of our readers.

We are now uploading below here the copy of FINANCE BILL, 2016- Bill No. 18-C of 2016- AS PASSED BY LOK SABHA ON 05.05.2016 for the benefit of our readers:-

Download Finance Bill 2016 as passed by Loksabha

 

 

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5 Comments

  1. SRIDHARAN says:

    This one is for the person who deducts tax; what about the procedure for submitting FORM 15G/H
    BY THE INVESTOR; HOW HE NEEDS TO SUBMIT FORM 15G/H THRO’ ONLINE?
    OR IS HE TO SUBMIT MANUALLY AS IS BEING DONE NOW?

  2. S. B. Gandhi says:

    F. D. with bank, gifted by a mother in law to her son’s wife long ago, first name is her son and second joint name is of daughter in law. Upto last year, the Form 15G/15H as applicable were submitted by the second joint holder to the bank and accepted. Now in current year, bank, due to e-filing of form 15G/H, ask for the declaration from the first holder though he is not the real owner, real onwner is his wife, because it is as per gift from the mother. please give suggestion

  3. ajit says:

    a well written article but it seems to cut no ice with the authorities concerned.
    i’m a retired employee of the state bank of india and the bank is deducting TDS from monthly pension paid to me. i recently had a look at my 26AS in preparation for return filing and was shocked that not a single credit in respect of the TDS is reflected in the statement.i have neither the time nor the inclination to chase bank officials – small or highly placed – to make this correction, which in any case arises out of the legal obligation placed on him. is there any penal provision in the law to make the employer aware of his obligation – please advise. there is no much high faluting talk of legal / tax reform but this is the ground reality honest tax payers are faced with – a matter of shame truly.

  4. Nishant Kansal says:

    Hi,

    I have a question regarding 7.h point mentioned as I am quoting “In case of under construction properties, TDS will be required to be deducted on installments paid on or after 1st June, 2013, if the aggregate purchase consideration is more than Rs. 50 Lacs.”

    Question – If someone purchased an under-construction property in 2011 worth 80 lacs. Paid installments of 70 lacs before June 2013 and paid 10 lacs after this date. Does he still need to pay this 1% TDS on 10 lacs transactions done after June 2013 or not because the total sum paid after June 2013 is less than 50 lacs?

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