Deemed Accrual of Income Based on Beneficial Interest in Securities - (New) Section 175(3) / (Old) Section 94(2)

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....ax by temporarily transferring the beneficial interest in securities around the interest payment date. Key Features: • It applies where a person has had a beneficial interest in securities at any time during the tax year. • If, because of a transaction involving those securities: • the person receives no income, or • receives less income than ....

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....sessing Officer to Call for Information Relating to Securities [ Section 175(7) ] • Power to Issue Notice: The AO may issue a written notice requiring any person to furnish information relating to securities. • Minimum Compliance Period: The notice must provide a period of not less than twenty-eight days for compliance, ensuring that the recipient has a reasonable opportu....

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....o those securities or the income from them, • the person receives no income, or • receives less income than what would have been received if the income had accrued on a day-to-day basis, then the entire income from those securities for that year shall be deemed to be the income of that person. Exception of section 94(1):- The provisions of section 94(1) sh....