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Amendment of section 10.

Section 7 - Act - DIRECT TAXES - Finance Act - Section 7 - 7. In section 10 of the Income-tax Act,- (A) with effect from the 1st day of April, 2017,- (i) 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 clo .....

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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, figures and .....

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s, 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 distribute .....

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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 scheme of a .....

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