Govt widens scope of anti-abuse provisions in I-T act
In a move expected to make family settlements and transfer of shares more taxing, the government plans to tighten anti-abuse provisions in the Income Tax Act.
So far, income tax was imposed only on individuals or a HUF who received, either free or below market value, property in excess of Rs 50,000. Now, the Finance Bill of 2010-11 has proposed to bring companies and firms that are recipients of such transfers under the ambit of the law.
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