{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"233","heading":"Amendment of Act 23 of 2004","text":"CHAPTER XII MISCELLANEOUS PART X AMENDMENT TO THE FINANCE (NO. 2) ACT, 2004 Amendment of Act 23 of 2004. 233. In the Finance (No. 2) Act, 2004 with effect from the 1st day of June, 2016,— (a) | in section 98, in the Table, against serial number 4, in item (a), under column (3), for the entry \"0.017 per cent\", the entry \"0.05 per cent\" shall be substituted; (b) | for section 113A, the following section shall be substituted, namely:— '113A. Chapter VII not to apply in certain cases.—Notwithstanding anything contained in this Chapter, the provisions of this Chapter shall not apply to taxable securities transactions entered into by,— (a) | any person for, or on behalf of, the New Pension System Trust referred to in clause (44) of section 10 of the Income-tax Act, 1961 (43 of 1961); or (b) | any person on a recognised stock exchange located in an International Financial Services Centre where the consideration for such transaction is paid or payable in foreign currency. Explanation.—For the purposes of this section, \"International Financial Services Centre\" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).'. ** | ** | **","html":"

CHAPTER XII

MISCELLANEOUS

PART X

AMENDMENT TO THE FINANCE (NO. 2) ACT, 2004

Amendment of Act 23 of 2004.

233. In the Finance (No. 2) Act, 2004 with effect from the 1st day of June, 2016,—

(a)in section 98, in the Table, against serial number 4, in item (a), under column (3), for the entry \"0.017 per cent\", the entry \"0.05 per cent\" shall be substituted;
(b)for section 113A, the following section shall be substituted, namely:—
'113A. Chapter VII not to apply in certain cases.—Notwithstanding anything contained in this Chapter, the provisions of this Chapter shall not apply to taxable securities transactions entered into by,—
(a)any person for, or on behalf of, the New Pension System Trust referred to in clause (44) of section 10 of the Income-tax Act, 1961 (43 of 1961); or
(b)any person on a recognised stock exchange located in an International Financial Services Centre where the consideration for such transaction is paid or payable in foreign currency.
Explanation.—For the purposes of this section, \"International Financial Services Centre\" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).'.
******
","words":209,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/233/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}