A new law to prohibit illegal benami transactions, under which up to seven years of imprisonment and penalty for those indulging in such activities could be handed out, would come into effect from November 1, the finance ministry had said on Friday.
In August, Parliament had passed the Benami Transactions (Prohibition) Act, with the assurance from Finance Minister Arun Jaitley that genuine religious trusts would be kept out of the purview of this new legislation.
In August, Parliament had passed the Benami Transactions (Prohibition) Act, with the assurance from Finance Minister Arun Jaitley that genuine religious trusts would be kept out of the purview of this new legislation.
Related Article: Staff crunch: Taxman may not be able to scan more than 700,000 bank deposits
“The rules and all the provisions of the Benami Transactions (Prohibition) Act shall come into force on November 1, 2016. After coming into effect, the existing Benami Transactions (Prohibition) Act, 1988, shall be renamed as the Prohibition of Benami Property Transactions Act, 1988,” the Central Board of Direct Taxes (CBDT) said in a release.
No comments:
Post a Comment