STATEMENT OF OBJECTS AND REASONS

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....certain special purposes, are proposed to be continued for the purposes of assessment for the assessment year 2019-2020. Further, the same rates are proposed to be continued also for the purposes of charging income-tax in certain cases, deduction of tax at source from salaries during the financial year 2019-2020, computation of "advance tax" payable during that financial year in relation to current incomes, and also for the said special purposes. 3. The rates for deduction of tax at source during the financial year 2018-2019 from incomes other than salaries specified in Part II of the First Schedule to the Finance Act, 2018, are also proposed to be continued for deduction of tax at source from such incomes during the financial year 2019-20....

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....ains up to two crore rupees, arising from transfer of a residential house, by affording the assessee a one time opportunity, at his option, to utilise the said amount for the purchase or construction of two residential houses in India instead of one residential house as currently provided. 9. Clause 7 of the Bill seeks to amend section 80-IBA of the Income-tax Act so as to augment the supply of affordable houses by extending the time limit from 31st March, 2019 to 31st March, 2020 for obtaining approval of the housing project for availing deduction. 10. Clause 8 of the Bill seeks to amend section 87A of the Income-tax Act to provide relief to the individual taxpayers by increasing the maximum amount of tax rebate to twelve thousand five h....