Compulsory purchase of immovable property: new framework vests property in government on apparent consideration under structured procedures. The Act re-specifies income-tax rates and surcharge via the First Schedule; defines and prescribes computation of net agricultural income; introduces section 32AB allowing deductions for prescribed investment deposits subject to audited accounts, disallowances and recapture; creates section 115BB taxing winnings from lotteries and gambling; empowers income-tax authorities under section 133B to enter business premises for information collection; establishes penalties (section 272AA) and criminal sanctions (section 276AB); and enacts Chapter XXC enabling Central Government purchase and vesting of immovable property through appropriate authorities with procedural safeguards.
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Compulsory purchase of immovable property: new framework vests property in government on apparent consideration under structured procedures.
The Act re-specifies income-tax rates and surcharge via the First Schedule; defines and prescribes computation of net agricultural income; introduces section 32AB allowing deductions for prescribed investment deposits subject to audited accounts, disallowances and recapture; creates section 115BB taxing winnings from lotteries and gambling; empowers income-tax authorities under section 133B to enter business premises for information collection; establishes penalties (section 272AA) and criminal sanctions (section 276AB); and enacts Chapter XXC enabling Central Government purchase and vesting of immovable property through appropriate authorities with procedural safeguards.
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