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Amendment of section 10.

Clause 7 - DIRECT TAXES - Bill - 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 balance due and payable .....

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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 annuity, shall be taken int .....

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rtificates 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, figures and letters sect .....

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d 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 refe .....

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re 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 scheme of a Mutual Fund .....

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