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Amendment of section 10.

Clause 7 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 7 - 7. In section 10 of the Income-tax Act,- (A) with effect from the 1st day of April, 2017,- (i) in clause (12), the following shall be inserted, namely:- Provided that nothing contained in this clause shall apply in respect of any amount of accumulated balance, attributable to any contributions made on or after the 1st day of April, 2016 by an employee other than an excluded employee, exceeding forty per cent. of such accumulated b .....

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0CCD, 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 contributions made on or after the 1st day of April, 2016, where it exceeds forty per cent. of the annui .....

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figures or deposit certificates issued under the Gold Monetisation Scheme, 2015 shall be inserted; (C) with effect from the 1st day of April, 2017,- (I) in clause (23DA), in the Explanation,- (1) in clause (a), after sub-clause (i), the following sub-clause shall be inserted, namely:- (ia) in clause (z) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); or ; (2) in clause (b), for the word, fi .....

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, 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 d .....

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inancial Services Centre and where the consideration for such transaction is paid or payable in foreign currency. ; (ii) for the Explanation, the following Explanation shall be substituted, namely:- Explanation.-For the purposes of this clause,- (a) equity oriented fund means a fund- (i) where the investible funds are invested by way of equity shares in domestic companies to the extent of more than sixty-five per cent. of the total proceeds of such fund; and (ii) which has been set up under a sc .....

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tion 1 to sub-section (5) of 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 .....

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rposes of this clause, specified service shall have the meaning assigned to it in clause (i) of section 161 of Chapter VIII of the Finance Act, 2016. . Clause 7 of the Bill seeks to amend section 10 of the Income tax Act relating to incomes not included in total income. Sub-clause (A) of the said clause seeks to amend clause (12) of the aforesaid section. The said clause provides that the accumulated balance due and becoming payable to an employee participating in a recognised provident fund, is .....

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ns of rule 8 of Part A of the Fourth Schedule. It is further proposed to insert a new clause (12A) in the said section so as to provide that any payment from the National Pension System Trust to an employee on closure of account or 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 closure or his opting out of the scheme, shall be exempt from tax. It is also proposed to amend clause .....

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amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to assessment year 2017-2018 and subsequent years. Sub-clause (B) of the said clause seeks to amend clause (15) of the said section so as to provide that the interest on deposit certificates issued under the Gold Monetisation Scheme, 2015 notified by the Central Government shall also be exempted from income-tax. This amendment will take effect retrospectively from 1st April, 2016 and will, accordingly, appl .....

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e said section so as to provide that any income of a business trust by way of interest received or receivable from a special purpose vehicle or the dividend referred to in sub-section (7) of section 115-O shall also not be included in total income of such business trust. It is also proposed to amend clause (23FD) of the said section so as to provide that any distributed income from a business trust received by a unit holder which is of the same nature as dividend referred to in sub-section (7) o .....

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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 arising from transaction undertaken on a recognised stock exchange located in the International Financial Services Centre and the consideration for such transaction is paid or payable in foreign currency. It is also proposed to define the expressions International Financial Services Centre and recognised .....

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