TMI BlogTHE TAXATION LAWS (AMENDMENT) ACT, 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... THE TAXATION LAWS (AMENDMENT) ACT, 2016 - News and Press Release Dated:- 12-9-2016 - News - MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 8th September, 2016/Bhadra 17, 1938 (Saka) The following Act of Parliament received the assent of the President on the 8th September, 2016, and is hereby published for general information:- THE TAXATION LAWS (AMENDMENT) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ACT, 2016 (NO. 47 OF 2016) [8th September, 2016.] An Act 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 1. Short title and commencement. (1) This Act may be called the Taxation Laws (Amendment) Act, 2016. (2) Save ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as otherwise provided in this Act, it shall come into force at once. CHAPTER II DIRECT TAX Income-tax Amendment of section 2. 2. In the Income-tax Act, 1961 (43 of 1961.) (hereinafter referred to as the principal Act in this Chapter), in section 2, in clause (19AA), after Explanation 4, the following Explanation shall be inserted, with effect from the 1st day of April, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 017, namely: - Explanation 5.- For the purposes of this clause, the reconstruction or splitting up of a company, which ceased to be a public sector company as a result of transfer of 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 1st day of April, 2017, namely:- Provided that in the case of an assessee who is engaged in the business of manufacturing of apparel, the provisions of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ub-clause (c) shall have effect as if for the words two hundred and forty days , the words one hundred and fifty days had been substituted. . CHAPTER III INDIRECT TAX Customs tariff Amendment of First Schedule. 4. In the Customs Tariff Act, 1975, (51 of 1975.) in the First Schedule ,- (a) in Chapter 25 , for the entry 10% in column (4) occurring against tariff i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tems 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 r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espectively be substituted. DR. G. NARAYANA RAJU, Secretary to the Govt. of India. CORRIGENDA In the ENFORCEMENT OF SECURITY INTEREST AND RECOVERY OF DEBTS LAWS AND MISCELLANEOUS PROVISIONS (AMENDMENT) ACT, 2016 (44 of 2016) as published in the Gazette of India, Extraordinary, Part II, Section 1, Issue No. 51, dated the 16th August, 2016,- Page No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Line(s) No. For Read 2 35 35 51 of 1993. 51 of 1993. (in the marginal heading) 7 38 further also 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 sub-sections sub-section 9 8 the words the words, figures and letters 20 42 sections section - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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