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Amendments to the Finance Bill 2016 as moved by the Hon ble Finance Minister Mr. Arun Jaitly - Loksabha Passed the Finance Bill 2016 as on 05-05-2016

Amendments to the Finance Bill, 2016 as moved by the Hon ble Finance Minister Mr. Arun Jaitly - Loksabha Passed the Finance Bill, 2016 as on 05-05-2016 - News and Press Release - Dated:- 5-5-2016 - Finance Act, 2016 [Clause wise] [As passed by Lok Sabha dated 05-05-2016] LOK SABHA FINANCE BILL , 2016 [As introduced in Lok Sabha] Notice of Amendment Sl. No. Name of Member and text of Amendment Clause No. SHRI ARUN JAITLEY: 1 Page 6, after line 9, insert- '(e) in clause (42A), after the second .....

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insert- (3) Where, in a previous year any deduction has been claimed and granted to the assessee under sub-section (1). and subsequently there is failure to comply with any of the provisions of this section, them- (a) the deduction shall be deemed to have been wrongly allowed; (b) the Assessing Officer may. notwithstanding anything contained in this Act, re-compute the total income of the assessee for the said previous year and make the necessary rectification; (c) the provisions of section 154 .....

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lowing proviso shall be inserted with effect from the 1st day of April, 2017, namely: - 'Provided that for the assessment year beginning on or after the 1st day of April, 2021, the provisions of this sub-section shall have effect as if for the words a sum equal to one and one-halftimes of , the words a sum equal to had been substituted.'.'. 19 7 Page 13, after line 14, insert- 'Amendment of section 49. 29A. In section 49 of the Income-tax Act, after sub-section (4), the following .....

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to account for the purposes of the said Scheme. .'. 29A(New) 8. Page 16, line 18, after company , insert or a limited liability partnership . 41 9. Page 16, after line 26, insert- '(iii) limited liability partnership means a partnership referred to in clause (n) of sub-section (1) of section (2) of the Limited Liability Partnership Act, 2008. ; (6 of 2009) 41 10. Page 16, line 44, omit . in accordance with such guidelines as may be prescribed . 43 11. Page 16. line 49. for on which the p .....

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) the project is the only housing project on the plot of land as specified in clause (d); (e) the built-up area of the residential unit comprised in the housing project does not exceed- (i) thirty square metres, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the distance, measured aerially, of twenty-five kilometres from the municipal limits of these cities; or (ii) sixty square metres, where the project is located in any other place; . 43 13. Page .....

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r dwelling , substitute residential . 43 19. Page 17, line 45, for specify , substitute approve . 43 20. Page 19, line 3, for clause (vii:) , substitute clause (x) . 46 21. Page 19 after line 21, insert- Amendment of Section 111A 47A. In section 111A of the Income-tax Act with effect from the 1st day of April 2017 (i) in sub-section (1), after the proviso, the following proviso shall be inserted, namely:- Provided further that nothing contained in clause (b) shall apply to a transaction undertak .....

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ave the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act. 2005; (28 of 2005 ); (c) recognised stock exchange shall have the meaning assigned to it in clause (ii) of the Explanation 1 to sub-section (5) of section 43. . 47A(New) 22. Page I9, for lines 35 and 36, substitute- (b) the company is not engaged in any business other than the business of manufacture or production of any article or thing and research in relation to, or distribution of, such artic .....

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t be subsequently withdrawn for the same or any other previous year. . 49 24 Page 20, for lines 5 to 7, substitute,- income in aggregate exceeding ten lakh rupess, by way of dividends declared, distributed or paid by a domestic company or companies, the income-tax payable shall be the aggregate of (a) the amount of income-tax calculated on the income by way of such dividends in aggregate exceeding ten lakh rupees, at the rate of 50 25. Page 20, after line 29, insert,- (3) The eligible assessee m .....

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ordance with the provisions of this section and the assessee offers the income for taxation for any of the five assessment years relevant to the previous year succeeding the previous year not in accordance with the provisions of sub-section (1). then. the assessee shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the previous year in which such income has not been offered to tax in accordance with .....

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s of sub-section (1), namely:- (i) any asset which is established to have been directly acquired by the trust or institution out of its income of the nature referred to in clause(l) of section 10; (ii) any asset acquired by the trust or institution during the period beginning from the date of its creation or establishment and ending on the date from which the registration under section 12AA became effective, if the trust or institution has not been allowed any benefit of sections 11 and 12 durin .....

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ge 24, line 31, for Provided that . substitute Provided also that 60 30. page 24, for lines 51 and 52, substitute- (i) the date on which,- (a) the period for filing appeal under section 253 against the order cancelling the registration expires and no appeal has been filed by the trust or the institution; or (b) the order in any appeal, confirming the cancellation of the registration, is received by the trust or institution. in a case referred to in clause (i) of sub-section (3); . 60 31. Page 25 .....

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shall include any registration obtained under section 12A as it stood before its amendment by the Finance (No. 2) Act, 1996 (33 of 1996) . 60 33. Page 26, for lines 41 to 43, substitute- '(II) for sub-section (ID), the following sub-section shall be substituted. namely :- (1D) Nothwithstanding anything contained in sub-section (1), the processing of a return shall not be necessary before the expiry of the period specified in the second proviso to sub-section (1), where a notice has been issu .....

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a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceediong ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent. of the sale consideration as income-tax. . 86 37. Page 32, for lines 42 and 43, substitute,- '(iv) after sub-section (II), in the Explanation,- (A) in clause (aa), in sub-clause (ii), after the world, brackets, figure and letter sub-section (ID) , the worlds, brackets, figure .....

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e may be, is greater than the deemed total income assessed or reasessed immediately before such reassessment; (g) the income assessed or reassessed has the effect of reducing the loss or converting such loss into income. . . 96 40 Page 36, line 48, for Commissioner or the Commissioner (Appeals) , substitute Commissioner (Appeals) or the Commissioner or the Principle Commissioner . 96 41 Page 37, for lines 25 to 28, subsitute - (10) The tax payable in respect of the under-reported income shall be .....

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