TMI BlogAmendment of section 10.X X X X Extracts X X X X X X X X Extracts X X X X ..... an employee whose monthly salary does not exceed such amount, as may be prescribed; ; (ii) after clause (12), the following clause shall be inserted, namely:- (12A) any payment from the National Pension System Trust to an employee on closure of his account or on his opting out of the pension scheme referred to in section 80CCD, to the extent it does not exceed forty per cent. of the total amount payable to him at the time of such closure or his opting out of the scheme; ; (iii) in clause (13),- (I) in sub-clause (ii),- (a) the word or occurring at the end shall be omitted; (b) the following proviso shall be inserted, namely:- Provided that any payment in lieu of or in commutation of an annuity purchased out of cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dend referred to in sub-section (7) of section 115-O ; (III) in clause (23FD), for the words, brackets, figures and letters in clause (23FC) , the words, brackets, letters and figures in sub-clause (a) of clause (23FC) shall be substituted; (IV) in clause (34), the following proviso shall be inserted, namely:- Provided that nothing in this clause shall apply to any income by way of dividend chargeable to tax in accordance with the provisions of section 115BBDA; ; (V) in clause (35A),- (a) before the Explanation, the following proviso shall be inserted, namely:- Provided that nothing contained in this clause shall apply to any income by way of distributed income referred to in the said section, received on or after the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 43. ; (D) after clause (48), the following clause shall be inserted, namely:- (48A) any income accruing or arising to a foreign company on account of storage of crude oil in a facility in India and sale of crude oil therefrom to any person resident in India: Provided that - (i) the storage and sale by the foreign company is pursuant to an agreement or an arrangement entered into by the Central Government or approved by the Central Government; and (ii) having regard to the national interest, the foreign company and the agreement or arrangement are notified by the Central Government in this behalf; ; (E) after clause (49), the following clause shall be inserted with effect from the 1st day of June, 2016, namely:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is opting out of the pension scheme referred to in section 80CCD, to the extent it does not exceed forty per cent. of the total amount payable to him at the time of closure or his opting out of the scheme, shall be exempt from tax. It is also proposed to amend clause (13) of the said section so as to provide that any payment in commutation of an annuity purchased out of contributions made on or after the 1st day of April, 2016, which exceeds forty per cent. of the annuity, shall be chargeable to tax. The said clause also seeks to provide that any payment from an approved superannuation fund by way of transfer to the account of the employee under a pension scheme referred to in section 80CCD notified by the Central Government shall be exe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dividend referred to in sub-section (7) of section 115-O shall not be included in the total income of such unit holder. It is also proposed to amend clause (34) of the said section so as to provide that any income by way of dividend in excess of ten lakh rupees shall not be exempt from tax in the case of an individual, Hindu undivided family or a firm. It is also proposed to amend clause (35A) of the said section so as to provide that nothing contained in the clause shall apply to any income by way of distributed income referred to in section 115TA received on or after the 1st day of June, 2016. It is also proposed to amend clause (38) of the said section so as to provide for exemption from capital gains tax in case of income arisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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