Powers of the appropriate authority The appropriate authority shall have, for the purposes of this Chapter, all the powers that a Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner of Income-tax has for the purposes of this Act under section 131. Practice area’s of B K Goyal & Co LLP Income Tax Return […]

Restrictions on transfer of immovable property (1) Notwithstanding anything contained in the Transfer of Property Act, 1882 (4 of 1882), or in any other law for the time being in force, no transfer of any immovable property in such area and of such value exceeding five lakh rupees, as may be prescribed26, shall be effected

Appropriate authority (1) The Central Government may, by order, publish in the Official Gazette,— (a) constitute as many appropriate authorities, as it thinks fit, to perform the functions of an appropriate authority under this Chapter ; and (b) define the local limits within which the appropriate authorities shall perform their functions under this Chapter. (2)

Definitions In this Chapter, unless the context otherwise requires,— (a) “agreement for transfer” means an agreement, whether registered under the Registration Act, 1908 (16 of 1908) or not, for the transfer of any immovable property ; (b) “apparent consideration”,— (1) in relation to any immovable property in respect of which an agreement for transfer is

Re-vesting of property in the transferor on failure of payment or deposit of consideration (1) If the Central Government fails to tender under sub-section (1) of section 269UG or deposit under sub-section (2) or sub-section (3) of the said section, the whole or any part of the amount of consideration required to be tendered or deposited thereunder

Commencement of Chapter The provisions of this Chapter shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different areas. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income

Acceptance of payment through prescribed electronic modes Every person, carrying on business, shall provide facility for accepting payment through prescribed18 electronic modes, in addition to the facility for other electronic modes, of payment, if any, being provided by such person, if his total sales, turnover or gross receipts, as the case may be, in business exceeds

Mode of repayment of Special Bearer Bonds, 1991 Notwithstanding anything contained in any other law for the time being in force, the amount payable on redemption of Special Bearer Bonds, 1991, shall be paid only by an account payee cheque or account payee bank draft drawn in the name of the person to whom such

Mode of undertaking transaction No person shall receive an amount of two lakh rupees or more— (a)  in aggregate from a person in a day; or (b)  in respect of a single transaction; or (c)  in respect of transactions relating to one event or occasion from a person, otherwise than by an account payee cheque

Mode of repayment of certain loans or deposits No branch of a banking company or a co-operative bank and no other company or co-operative society and no firm or other person shall repay any loan or deposit made with it or any specified advance received by it otherwise than by an account payee cheque or