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Amendment of section 2

Clause 3 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 3 - CHAPTER III DIRECT TAXES Income-tax 3. In section 2 of the Income-tax Act,- (a) in clause (14), in item (vi), after the words and figures Gold Deposit Scheme, 1999 , the words and figu .....

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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 determination of the actual cost of the ass .....

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ccount for determination of the actual cost of the asset in accordance with the provisions of Explanation 10 to clause (1) of section 43; or (b) the subsidy or grant by the Central Government for the purpose of the corpus of a trust or institution es .....

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ll 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 define .....

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e said clause (14) so as to also exclude the deposit certificates issued under the Gold Monetisation Scheme, 2015 from the definition of capital asset. This amendment will take effect retrospectively from 1st April, 2016 and will, accordingly, apply .....

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ment will take effect from 1st June, 2016. Sub-clause (c) of the said clause proposes to amend clause (24) relating to the definition of income. Sub-clause (xviii) of clause (24) of the aforesaid section, inter alia, provides that any assistance in t .....

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with Explanation 10 to clause (1) of section 43, shall be included in the definition of income. It is proposed to amend the said sub-clause (xviii) so as to provide that subsidy or grant by the Central Government for the purpose of the corpus of a t .....

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