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TMI BlogEase of doing Business / Dispute resolution - Raising the threshold for specified domestic transactionX X X X Extracts X X X X X X X X Extracts X X X X ..... Question - What are the proposed in Finance Bill 2015 to address the issue of compliance cost in case of small business related to domestic transaction provisions ? - Reply By Admin TMI - The Reply = Raising the threshold for specified domestic transaction The existing provisions of section 92BA of the Act define specified domestic transaction in case of an assessee to mean any of the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pecified transactions, not being an international transaction, where the aggregate of such transactions entered into by the assessee in the previous year exceeds a sum of five crore rupees. In order to address the issue of compliance cost in case of small businesses on account of low threshold of five crores rupees, it is proposed to amend section 92BA to provide that the aggregate of specified t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransactions entered into by the assessee in the previous year should exceed a sum of twenty crore rupees for such transaction to be treated as specified domestic transaction . This amendment will take effect from 1st April, 2016 and will, accordingly, apply in relation to the assessment year 2016-17 and subsequent assessment years. - Ease of doing Business / Dispute resolution - Raising the thr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eshold for specified domestic transaction - Query Started By: - Admin TMI Dated:- 28-2-2015 Income Tax - Got 1 Reply - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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