Page 48 - Union Budget_2019
P. 48

Union Budget 2019


           10.8 Rationalisation of provisions relating to claim of refund.


           The existing provision under Section 239 prescribes that every claim of refund shall be made by filing of

           prescribed form in prescribed manner.

           However, in order to simplify the procedure for claiming refund, it has been proposed to amend that return

           furnished in accordance with Section 139 shall hold good for claiming refund.

           This amendment will take effect from 1st September, 2019.



           10.9 Rationalisation of provisions relating to STT


           As per the existing provisions of Section 99 under Finance (No.2) Act, 2004, value of taxable securities

           transaction in respect of sale of an option in securities, when option is exercised, shall be the settlement
           price.


           In order to rationalize the levy of Securities Transaction Tax ("STT"), it is proposed to amend the section to
           provide that such value shall be restricted only to the difference between settlement price and strike price.

           This amendment will take effect from 1st September, 2019.




           10.10 Mandatory furnishing of return of income by certain persons


           It is proposed to amend Section 139 to provide that a person shall be mandatorily required to file his return

           of income on entering into following high value transactions during the previous year:

              •  Deposit of amount or aggregate amount exceeding one crore rupees in  one or more account

                  maintained with a banking company or a co-operative bank
              •  Travel expenditure in a foreign country - an amount or aggregate amount exceeding two lakh rupees
                  for himself or any other person

              •  Expenditure towards consumption of electricity - an amount or aggregate amount exceeding one

                  lakh rupees
              •  Satisfaction of conditions as may be prescribed by CBDT through notifications

           "Banking company" means a company to which the provisions of the Banking Regulation Act, 1949 (10 of

           1949) applies and  includes any bank  or banking institution referred to in  Section 51  of that Act
           (corresponding new bank of SBI, regional rural bank or any subsidiary bank);




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