DIRECT TAXES - FINANCE BILL, 2016

Chapter: III
DIRECT TAXES
Clause 3	:	Amendment of section 2 Clause 3 of the Bill seeks to amend section 2 of the Income-tax Act relating to definitions. Sub-clause (a) of the said clau....
Clause 4	:	Amendment of section 6. Clause 4 of the Bill seeks to amend section 6 of the Income-tax Act relating to residence in India. Under the existing provi....
Clause 5	:	Amendment of section 9. Clause 5 of the Bill seeks to amend section 9 of the Income-tax Act relating to income deemed to accrue or arise in India. I....
Clause 6	:	Amendment of section 9A. Clause 6 of the Bill seeks to amend section 9A of the Income tax Act relating to certain activities not to constitute busine....
Clause 7	:	Amendment of section 10. Clause 7 of the Bill seeks to amend section 10 of the Income tax Act relating to incomes not included in total income. Sub-c....
Clause 8	:	Amendment of section 10AA. Clause 8 of the Bill seeks to amend section 10AA of the Income tax Act relating to special provisions in respect of newly es....
Clause 9	:	Amendment of section 17. Clause 9 of the Bill seeks to amend section 17 of the Income tax Act relating to Salary , perquisite and profits in lieu of ....
Clause 10	:	Amendment of section 24. Clause 10 of the Bill seeks to amend section 24 of the Income tax Act relating to deductions from income from house property....
Clause 11	:	Substitution of new section for sections 25A, 25AA and 25B.- Special provision for arrears of rent and unrealised rent received subsequently. Clause 11 of the Bill seeks to substitute sections 25A, 25AA and 25B of the Income-tax Act relating to special provisions fo....
Clause 12	:	Amendment of section 28. Clause 12 of the Bill seeks to amend section 28 of the Income tax Act relating to Profits and gains of business or professio....
Clause 13	:	Amendment of section 32. Clause 13 of the Bill seeks to amend section 32 of the Income tax Act relating to depreciation. Under the existing provision....
Clause 14	:	Amendment of section 32AC. Clause 14 of the Bill seeks to amend section 32AC of the Incometax Act relating to investment in new plant or machinery. Sub....
Clause 15	:	Amendment of section 35. Clause 15 of the Bill seeks to amend section 35 of the Incometax Act relating to expenditure on scientific research. Sub-cla....
Clause 16	:	Insertion of new section 35ABA- Expenditure for obtaining right to use spectrum for telecommunication services. Clause 16 of the Bill seeks to insert a new section 35ABA in the Income-tax Act relating to expenditure for obtaining right ....
Clause 17	:	Amendment of section 35AC. Clause 17 of the Bill seeks to amend section 35AC of the Income tax Act relating to expenditure on eligible projects or sche....
Clause 18	:	Amendment of section 35AD. Clause 18 of the Bill seeks to amend section 35AD of the Income tax Act relating to deduction in respect of expenditure on s....
Clause 19	:	Amendment of section 35CCC. Clause 19 of the Bill seeks to amend section 35CCC of the Income-tax Act relating to expenditure on agricultural extension p....
Clause 20	:	Amendment of section 35CCD. Clause 20 of the Bill seeks to amend section 35CCD of the Income-tax Act relating to expenditure on skill development projec....
Clause 21	:	Amendment of section 36. Clause 21 of the Bill seeks to amend section 36 of the Income tax Act relating to other deductions. The existing provisions ....
Clause 22	:	Amendment of section 40. Clause 22 of the Bill seeks to amend section 40 of the Income tax Act relating to amounts not deductible. The provisions of ....
Clause 23	:	Amendment of section 43B. Clause 23 of the Bill seeks to amend section 43B of the Incometax Act relating to certain deductions to be only on actual pa....
Clause 24	:	Amendment of section 44AA. Clause 24 of the Bill seeks to amend section 44AA of the Income tax Act relating to maintenance of accounts by certain perso....
Clause 25	:	Amendment of section 44AB. Clause 25 of the Bill seeks to amend section 44AB of the Income tax Act relating to audit of accounts of certain persons car....
Clause 26	:	Amendment of section 44AD. Clause 26 of the Bill seeks to amend section 44AD of the Income-tax Act relating to special provision for computing profits ....
Clause 27	:	Insertion of new section 44ADA- Special provision for computing profits and gains of profession on presumptive basis. Clause 27 of the Bill seeks to insert a new section 44ADA in the Income-tax Act relating to special provision for computing ....
Clause 28	:	Amendment of section 47 Clause 28 of the Bill seeks to amend section 47 of the Income tax Act relating to transactions not regarded as transfer. Sub....
Clause 29	:	Amendment of section 48 Clause 29 of the Bill seeks to amend section 48 of the Income tax Act relating to mode of computation. The aforesaid section....
Clause 30	:	Amendment of section 50C Clause 30 of the Bill seeks to amend section 50C of the Income tax Act relating to special provision for full value of consi....
Clause 31	:	Insertion of new section 54EE- Capital gain not to be charged on investment in units of a specified fund. Clause 31 of the Bill seeks to insert a new section 54EE in the Income-tax Act relating to capital gain not to be charged on....
Clause 32	:	Amendment of section 54GB Clause 32 of the Bill seeks to amend section 54GB in the Income tax relating to Capital gain on transfer of residential prop....
Clause 33	:	Amendment of section 55. Clause 33 of the Bill seeks to amend section 55 of the Incometax relating to meaning of adjusted , cost of improvement and c....
Clause 34	:	Amendment of section 56. Clause 34 of the Bill seeks to amend section 56 of the Income tax Act relating to income from other sources. The aforesaid s....
Clause 35	:	Amendment of section 80. Clause 35 of the Bill seeks to amend section 80 of the Income tax Act relating to submission of return for losses. The afore....
Clause 36	:	Amendment of section 80CCD. Clause 36 of the Bill seeks to amend section 80CCD of the Income-tax Act relating to deduction in respect of contribution to....
Clause 37	:	Substitution of new section for section 80EE - Deduction in respect of interest on loan taken for residential house property. Clause 37 of the Bill seeks to substitute section 80EE of the Income-tax Act relating to deduction in respect of interest on....
Clause 38	:	Amendment of section 80GG. Clause 38 of the Bill seeks to amend section 80GG of the Income-tax Act relating to deductions in respect of rents paid. The....
Clause 39	:	Amendment of section 80-IA. Clause 39 of the Bill seeks to amend section 80-IA of the Income tax Act relating to deductions in respect of profits and ga....
Clause 40	:	Amendment of section 80-IAB. Clause 40 of the Bill seeks to amend section 80-IAB of the Income-tax Act relating to deductions in respect of profits and g....
Clause 41	:	Insertion of new section 80-IAC- Special provision in respect of specified business. Clause 41 of the Bill seeks to insert a new section 80-IAC in the Income-tax Act relating to Special provisions in respect o....
Clause 42	:	Amendment of section 80-IB. Clause 42 of the Bill seeks to amend section 80-IB of the Incometax Act relating to deduction in respect of profits and gain....
Clause 43	:	Insertion of new section 80-IBA- Deductions in respect of profits and gains from housing projects Clause 43 of the Bill seeks to insert a new section 80-IBA in the Income-tax Act relating to deductions in respect of profit....
Clause 44	:	Substitution of new section for section 80JJAA- Deduction in respect of employment of new employees. Clause 44 of the Bill seeks to substitute a new section for section 80JJAA of the Income-tax Act relating to deduction in re....
Clause 45	:	Amendment of section 87A. Clause 45 of the Bill seeks to amend section 87A of the Income tax Act relating to rebate of income-tax in case of certain i....
Clause 46	:	Amendment of section 92CA. Clause 46 of the Bill seeks to amend section 92CA of the Income tax Act relating to reference to Transfer Pricing Officer. I....
Clause 47	:	Amendment of section 92D. Clause 47 of the Bill seeks to amend section 92D of the Incometax Act relating to maintenance and keeping of information and....
Clause 48	:	Amendment of section 112. Clause 48 of the Bill seeks to amend section 112 of the Income tax Act relating to tax on long-term capital gains. Sub-claus....
Clause 49	:	Insertion of new section 115BA-Tax on income of certain domestic companies Clause 49 of the Bill seeks to insert a new section 115BA in the Income-tax Act relating to tax on income of certain domesti....
Clause 50	:	Insertion of new section 115 BBDA-Tax on certain dividends received from domestic companies. Clause 50 of the Bill seeks to insert a new section 115BBDA in the Income-tax Act relating to tax on certain dividends recei....
Clause 51	:	Amendment of section 115BBE. Clause 51 of the Bill seeks to amend section 115BBE of the Income-tax Act relating to tax on income referred to in section 6....
Clause 52	:	Insertion of new section 115BBF- Tax on income from patent Clause 52 of the Bill seeks to insert a new section 115BBF in the Income-tax Act relating to tax on income from patents. The....
Clause 53	:	Amendment of section 115JB. Clause 53 of the Bill seeks to amend section 115JB of the Income-tax Act relating to special provision for payment of tax by....
Clause 54	:	Insertion of new Chapter XII-BC- Foreign company said to be resident in India Clause 54 of the Bill seeks to insert a new Chapter XII-BC in the Income-tax Act on special provisions relating to foreign c....
Clause 55	:	Amendment of section 115-O. Clause 55 of the Bill seeks to amend section 115-O of the Income-tax Act relating to tax on distributed profits of domestic ....
Clause 56	:	Amendment of section 115QA. Clause 56 of the Bill seeks to amend section 115QA of the Income-tax Act relating to tax on distributed income to shareholde....
Clause 57	:	Amendment of section 115TA. Clause 57 of the Bill seeks to amend section 115TA of the Income-tax Act relating to tax on distributed income to investors.....
Clause 58	:	Amendment of section 115TC. Clause 58 of the Bill seeks to amend section 115TC of the Income-tax Act relating to securitisation trust to be assessee in ....
Clause 59	:	Insertion of new section 115TCA- Tax on income from securitisation trusts. Clause 59 of the Bill seeks to insert a new section 115TCA in the Income-tax Act relating to tax on income from securitisati....
Clause 60	:	Insertion of new Chapter XII-EB- Tax on accreted income-Interest payable for non-payment of tax by trust or institution - When trust or institution is deemed to be assessee in default Clause 60 of the Bill seeks to insert a new Chapter XII-EB consisting of new sections 115TD, 115TE and 115TF in the Income t....
Clause 61	:	Amendment of section 115UA. Clause 61 of the Bill seeks to amend section 115UA of the Income-tax Act relating to tax on income of unit holder and busine....
Clause 62	:	Amendment of section 119. Clause 62 of the Bill seeks to amend section 119 of the Income tax Act relating to instructions to subordinate authorities. ....
Clause 63	:	Amendment of section 124. Clause 63 of the Bill seeks to amend section 124 of the Income tax Act relating to jurisdiction of Assessing Officers. Sub-s....
Clause 64	:	Amendment of section 133C. Clause 64 of the Bill seeks to amend section 133C of the Incometax Act relating to power to call for information by prescrib....
Clause 65	:	Amendment of section 139. Clause 65 of the Bill seeks to amend section 139 of the Income tax Act relating to return of income. Sub-clause (i) of said ....
Clause 66	:	Amendment of section 143. Clause 66 of the Bill seeks to amend section 143 of the Income tax Act relating to assessment. Sub-clause (a) of the said cl....
Clause 67	:	Amendment of section 147. Clause 67 of the Bill seeks to amend section 147 of the Incometax Act relating to income escaping assessment. Under the exis....
Clause 68	:	Substitution of new section for section 153- Time limit for completion of assessment, reassessment and recomputation. Clause 68 of the Bill seeks to substitute section 153 of the Income-tax Act with a new section relating to time limit for co....
Clause 69	:	Substitution of new section for section 153B- Time limit for completion of assessment under section 153A. . Clause 69 of the Bill seeks to substitute the section 153B of the Income-tax Act by a new section 153B relating to time limi....
Clause 70	:	Amendment of section 192A. Clause 70 of the Bill seeks to amend section 192A of the Incometax Act relating to payment of accumulated balance due to an ....
Clause 71	:	Amendment of section 194BB. Clause 71 of the Bill seeks to amend section 194BB of the Income-tax Act relating to winnings from horse race. Under the exi....
Clause 72	:	Amendment of section 194C. Clause 72 of the Bill seeks to amend section 194C of the Incometax Act relating to payments to contractors. The proviso to s....
Clause 73	:	Amendment of section 194D. Clause 73 of the Bill seeks to amend section 194D of the Income tax Act relating to insurance commission. Under the existing....
Clause 74	:	Amendment of section 194DA. Clause 74 of the Bill seeks to amend section 194DA of the Income-tax Act relating to payment in respect of life insurance po....
Clause 75	:	Amendment of section 194EE. Clause 75 of the Bill seeks to amend section 194EE of the Income-tax Act relating to payments in respect of deposits under N....
Clause 76	:	Amendment of section 194G. Clause 76 of the Bill seeks to amend section 194G of the Income tax Act relating to commission, etc., on the sale of lottery....
Clause 77	:	Amendment of section 194H. Clause 77 of the Bill seeks to amend section 194H of the Income tax Act relating to commission or brokerage. Under the exist....
Clause 78	:	Omission of sections 194K and 194L. Clause 78 of the Bill seeks to omit section 194K relating to income in respect of units and section 194L relating to payment....
Clause 79	:	Amendment of section 194LA. Clause 79 of the Bill seeks to amend section 194LA of the Income-tax Act relating to payment of compensation on acquisition ....
Clause 80	:	Amendment of section 194LBA. Clause 80 of the Bill seeks to amend section 194LBA of the Income-tax Act relating to certain income from units of a busines....
Clause 81	:	Amendment of section 194LBB. Clause 81 of the Bill seeks to amend section 194LBB of the Income-tax Act relating to income in respect of units of investme....
Clause 82	:	Insertion of new section 194LBC - Income in respect of investment in securitisation trust. Clause 82 of the Bill seeks to insert a new section 194LBC in the Income-tax Act relating to income in respect of investment....
Clause 83	:	Amendment of section 197. Clause 83 of the Bill seeks to amend section 197 of the Income tax Act relating to certificate for deduction at lower rate. ....
Clause 84	:	Amendment of section 197A. Clause 84 of the Bill seeks to amend section 197A of the Income-tax Act relating to no deduction to be made in certain cases....
Clause 85	:	Amendment of section 206AA. Clause 85 of the Bill seeks to amend section 206AA of the Income-tax Act relating to requirement to furnish Permanent Accoun....
Clause 86	:	Amendment of section 206C. Clause 86 of the Bill seeks to amend section 206C of the Income-tax Act relating to profits and gains from the business of t....
Clause 87	:	Amendment of section 211. Clause 87 of the Bill seeks to amend section 211 of the Income-tax Act relating to instalments of advance tax and due dates.....
Clause 88	:	Amendment of section 220. Clause 88 of the Bill seeks to amend section 220 of the Income-tax Act relating to when tax payable and when assessee is dee....
Clause 89	:	Amendment of section 234C Clause 89 seeks to amend section 234C of the Income-tax Act relating to interest for deferment of advance tax. It is propose....
Clause 90	:	Amendment of section 244A. Clause 90 of the Bill seeks to amend section 244A of the Income-tax Act relating to interest on refunds. Sub-clause (A) of t....
Clause 91	:	Amendment of section 249. Clause 91 of the Bill seeks to amend section 249 of the Income tax Act relating to form of appeal and limitation. Clause (b)....
Clause 92	:	Amendment of section 252. Clause 92 of the Bill seeks to amend section 252 of the Income-tax Act relating to Appellate Tribunal. Clause (b) of sub-sec....
Clause 93	:	Amendment of section 253. Clause 93 of the Bill seeks to amend section 253 of the Income tax Act relating to appeals to the Appellate Tribunal. Sub-cl....
Clause 94	:	Amendment of section 254. Clause 94 of the Bill seeks to amend section 254 of the Income tax Act relating to orders of Appellate Tribunal. Sub-section....
Clause 95	:	Amendment of section 255. Clause 95 of the Bill seeks to amend section 255 of the Income-tax Act, relating to the procedure of Appellate Tribunal. Sub....
Clause 96	:	Insertion of new section 270A - Penalty for underreporting and misreporting of income. Clause 96 of the Bill seeks to insert section 270A in the Income-tax Act relating to penalty for under-reporting and misrepo....
Clause 97	:	Insertion of new section 270AA - Immunity from imposition of penalty, etc. Clause 97 of the Bill seeks to insert a new section 270AA in the Income-tax Act relating to immunity from imposition of pena....
Clause 98	:	Amendment of section 271. Clause 98 of the Bill seeks to amend section 271 of the Incometax Act relating to failure to furnish returns, comply with no....
Clause 99	:	Amendment of section 271A. Clause 99 of the Bill seeks to amend section 271A of the Incometax Act relating to failure to keep, maintain or retain books....
Clause 100	:	Amendment of section 271AA. Clause 100 of the Bill seeks to amend section 271AA of the Income-tax Act relating to penalty for failure to keep and mainta....
Clause 101	:	Amendment of section 271AAB. Clause 101 of the Bill seeks to amend section 271AAB of the Income-tax Act relating to penalty where search has been initiat....
Clause 102	:	Insertion of new section 271GB- Penalty for failure to furnish report or for furnishing inaccurate report under section 286 Clause 102 of the Bill seeks to insert a new section 271GB in the Income-tax Act relating to penalty for failure to furnish ....
Clause 103	:	Amendment of section 272A. Clause 103 of the Bill seeks to amend section 272A of the Income-tax Act relating to penalty for failure to answer questions....
Clause 104	:	Amendment of section 273A. Clause 104 of the Bill seeks to amend section 273A of the Income-tax Act relating to power to reduce or waive penalty, etc.,....
Clause 105	:	Amendment of section 273AA. Clause 105 of the Bill seeks to amend section 273AA of the Income-tax Act relating to power of Principal Commissioner or Com....
Clause 106	:	Amendment of section 273B. Clause 106 of the Bill seeks to amend section 273B of the Income-tax Act relating to penalty not to be imposed in certain ca....
Clause 107	:	Amendment of section 279 Clause 107 of the Bill seeks to amend section 279 of the Income tax Act relating to prosecution to be at instance of Princip....
Clause 108	:	Amendment of section 281B. Clause 108 of the Bill seeks to amend section 281B of the Income-tax Act relating to provisional attachment to protect reven....
Clause 109	:	Amendment of section 282A Clause 109 of the Bill seeks to amend section 282A of the Income-tax Act relating to authentication of notices and other doc....
Clause 110	:	Insertion of new section 286- Furnishing of report in respect of international group Clause 110 of the Bill seeks to insert a new section 286 in the Income-tax Act relating to furnishing of report in respect o....
Clause 111	:	Amendment of section 288 Clause 111 of the Bill seeks to amend section 288 of the Income-tax Act relating to appearance by authorised representative.....
Clause 112	:	Amendment of Fourth Schedule Clause 112 of the Bill seeks to amend Part A of Fourth Schedule to the Income-tax Act relating to recognised provident fund.....