TMI BlogAmendment of section 2X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be inserted; (b) after clause (23B), the following clause shall be inserted with effect from the 1st day of June, 2016, namely:- (23C) hearing includes communication of data and documents through electronic mode; ; (c) in clause (24), in sub-clause (xviii), for the words, figures and brackets other than the subsidy or grant or reimbursement which is taken into account for deter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be inserted with effect from the 1st day of June, 2016. - Clause 3 of the Bill seeks to amend section 2 of the Income-tax Act relating to definitions. Sub-clause (a) of the said clause seeks to amend clause (14) of the aforesaid section which defines capital asset and item (vi) of the said clause (14) excludes from the definition of capital asset, inter alia, Gold Deposit Bonds issu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ause (24) of the aforesaid section, inter alia, provides that any assistance in the form of a subsidy or grant or cash incentives, etc., by the Central or a State Government to any assessee other than the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset, in accordance with Explanation 10 to clause (1) of section 43, shall be included i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the Finance Act of the relevant year or rate or rates of incometax specified in an agreement entered into by the Central Government under section 90 or notified by the Central Government under section 90A, whichever is applicable. This amendment will take effect from 1st June, 2016. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Manageme ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
