Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

THE TAXATION LAWS (AMENDMENT) BILL, 2016

News and Press Release - Dated:- 10-8-2016 - As Intorduced in the Loksabha as on 10-8-2016 Bill no. 215 of 2016 A BILL further to amend the Income-tax Act, 1961 and the Customs Tariff Act, 1975. BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows:- CHAPTER I PRELIMINARY Short title and commencement. 1. (1) This Act may be called the Taxation Laws (Amendment) Act, 2016. (2) Save as otherwise provided in this Act, it shall come into force at once. CHAPTER II D .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ernment, into separate companies, shall be deemed to be a demerger, if such reconstruction or splitting up has been made to give effect to any condition attached to the said transfer of shares and also fulfils such other conditions as may be notified by the central Government in the Official Gazette. . Amendment of section 80 JJAA. 3. In the principal Act, in section 80JJAA, in sub-section (2), in the Explanation, after clause (ii), the following proviso shall be inserted, with effect from the 1 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

nst tariff items 2515 11 00, 2515 12 10, 2515 12 20, 2515 12 90, 2516 11 00 and 2516 12 00, the entry 40% shall respectively be substituted; (b) in Chapter 68, for the entry 10% in column (4) occurring against tariff items 6802 10 00, 6802 21 10, 6802 21 20, 6802 21 90, 6802 23 10, 6802 23 90, 6802 29 00, 6802 91 00, 6802 92 00 and 6802 93 00, the entry 40% shall respectively be substituted. STATEMENT OF OBJECTS AND REASONS The existing provisions of the Income-tax Act, 1961 provide for tax neut .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

n has been made to give effect to the conditions attached to the said transfer of shares by the Government. 2. With a view to facilitate the splitting up or the reconstruction of erstwhile public sector companies and to give effect to the conditions attached to the transfer of shares by the Government, there is a need to bring these types of splitting up or the reconstruction within the scope of definition of the term demerger . 3. Section 80JJAA of the Income-tax Act, 1961, was substituted by t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ring the previous year. In view of the seasonal nature of the business of manufacturing of apparel, there is a need to reduce the period of employment of an employee who is employed in this business from two hundred and forty days to one hundred and fifty days during the previous year. 4. Presently, imports of marble blocks/slabs and granite blocks/slabs are subject to a combination of non-tariff measures, namely, Quantitative Restriction (QR) and Minimum Import Price (MIP) and tariff measure, t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d rate of 40% on all goods falling under specified tariff items including goods, namely, rough marble and travertine blocks/slabs and granite blocks/slabs. 6. The enactment of the proposed Bill will enable the Government to fix appropriate effective rate of customs duty on marble and travertine blocks/slabs and granite blocks/ slabs. 7. The Bill seeks to achieve the above objectives. ARUN JAITLEY NEW DELHI; The 8th August, 2016 PRESIDENT S RECOMMENDATION UNDER ARTICLE 117 AND 274 OF THE CONSTITU .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

efinitions 2. In this Act, unless the context otherwise requires,- * * * * * * 19AA demerger , in relation to companies, means the transfer, pursuant to a scheme of arrangement under sections, 391 to 394 of the Companies Act, 1956 (1 of 1956), by a demerged company of its one or more undertakings to any resulting company in such a manner that- * * * * * * Explanation 4.-For the purposes of this clause, the splitting up or the reconstruction of any authority or a body constituted or established u .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the reconstruction, of an existing business: Provided that nothing contained in this clause shall apply in respect of a business which is formed as a result of re-establishment, reconstruction or revival by the assessee of the business in the circumstances and within the period specified in section 33B; (b) if the business is acquired by the assessee by way of transfer from any other person or as a result of any business reorganisation; (c) unless the assessee furnishes along with the return of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

oyees employed as on the last day of the preceding year; (b) emoluments are paid otherwise than by an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account: Provided furhter that in the first year of a new business, emoluments paid or payable to employees employed during that previous year shall be deemed to be the additional employee cost; (ii) additional employee means an employee who has been employed during the previous year and whose .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

r (c) an employee employed for a period of less than two hundred and forty days during the previous year; or (d) an employee who does not participate in the recognised provident fund; * * * * * * EXTRACTS FROM THE CUSTOMS TARIFF ACT, 1975 (51 OF 1975) * * * * * * THE FIRST SCHEDULE-IMPORT TARIFF (See section 2) * * * * * * SECTION V MINERAL PRODUCTS CHAPTER 25 Salt; Sulphur; earths and stone; plastering materials, lime and cement * * * * * * Tariff Item Description of goods Unit Rate of duty Sta .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version