Omission of withholding provisions removes statutory withholding on income from units and on compensation for capital asset acquisition. The Bill repeals two specified withholding provisions of the Income-tax Act, one relating to withholding on income in respect of units and the other relating to withholding on payment of compensation on acquisition of capital assets, thereby removing the statutory withholding obligations that previously applied to those categories of payments as of the commencement date.
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Provisions expressly mentioned in the judgment/order text.
Omission of withholding provisions removes statutory withholding on income from units and on compensation for capital asset acquisition.
The Bill repeals two specified withholding provisions of the Income-tax Act, one relating to withholding on income in respect of units and the other relating to withholding on payment of compensation on acquisition of capital assets, thereby removing the statutory withholding obligations that previously applied to those categories of payments as of the commencement date.
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