Amendment of Act 22 of 2015.

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..... ets) and Imposition of Tax Act, 2015, with effect from the 1st day of October, 2024, (a) in section 42, for the proviso, the following proviso shall be substituted, namely: Provided that this section shall not apply in respect of an asset or assets (other than immovable property) where the aggregate value of such asset or assets does not exceed twenty lakh rupees. . (b) in section 43, for the prov .....

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..... kh rupees. Proviso to the said section makes an exemption in respect of an asset, being one or more bank accounts having an aggregate balance which does not exceed a value equivalent to five hundred thousand rupees at any time during the previous year. It is proposed to substitute the proviso to the said section to provide that the provisions of the said section shall not apply in respect of an as .....

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..... balance which does not exceed a value equivalent to five hundred thousand rupees at any time during the previous year. It is proposed to substitute the said proviso to provide that the provisions of the said section shall not apply in respect of an asset or assets (other than immovable property) where the aggregate value of such asset or assets does not exceed twenty lakh rupees. These amendments .....

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