{"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":"3","heading":"Amendment of section 2","text":"CHAPTER III DIRECT TAXES Income-tax Amendment of section 2. 3. In section 2 of the Income-tax Act,— (a) | in clause (14), in item (vi), after the words and figures \"Gold Deposit Scheme, 1999\", the words and figures \"or deposit certificates issued under the Gold Monetisation Scheme, 2015\" shall be inserted; (b) | after clause (23B), the following clause shall be inserted with effect from the 1st day of June, 2016, namely:— '(23C) | \"hearing\" includes communication of data and documents through electronic mode;'; (c) | in clause (24), in sub-clause (xviii), for the words, figures and brackets \"other than the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset in accordance with the provisions of Explanation 10 to clause (1) of section 43\", the following shall be substituted with effect from the 1st day of April, 2017, namely:— \"other than,— (a) | the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset in accordance with the provisions of Explanation 10 to clause (1) of section 43; or (b) | the subsidy or grant by the Central Government for the purpose of the corpus of a trust or institution established by the Central Government or a State Government, as the case may be;\"; (d) | in clause (37A), in sub-clause (iii), after the words, figures and letters \"section 194LBA or\", the words, figures and letters \"section 194LBB or section 194LBC or\" shall be inserted with effect from the 1st day of June, 2016. (e) | in clause (42A), after the second proviso and before Explanation 1, the following proviso shall be inserted with effect from the 1st day of April, 2017, namely:— 'Provided also that in the case of a share of a company (not being a share listed in a recognised stock exchange in India), the provisions of this clause shall have effect as if for the words \"thirty-six months\", the words \"twenty-four months\" had been substituted'.","html":"

CHAPTER III

DIRECT TAXES

Income-tax

Amendment of section 2.

3. In section 2 of the Income-tax Act,—

(a)in clause (14), in item (vi), after the words and figures \"Gold Deposit Scheme, 1999\", the words and figures \"or deposit certificates issued under the Gold Monetisation Scheme, 2015\" shall be inserted;
(b)after clause (23B), the following clause shall be inserted with effect from the 1st day of June, 2016, namely:—
'(23C)\"hearing\" includes communication of data and documents through electronic mode;';
(c)in clause (24), in sub-clause (xviii), for the words, figures and brackets \"other than the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset in accordance with the provisions of Explanation 10 to clause (1) of section 43\", the following shall be substituted with effect from the 1st day of April, 2017, namely:—
\"other than,—
(a)the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset in accordance with the provisions of Explanation 10 to clause (1) of section 43; or
(b)the subsidy or grant by the Central Government for the purpose of the corpus of a trust or institution established by the Central Government or a State Government, as the case may be;\";
(d)in clause (37A), in sub-clause (iii), after the words, figures and letters \"section 194LBA or\", the words, figures and letters \"section 194LBB or section 194LBC or\" shall be inserted with effect from the 1st day of June, 2016.
(e)in clause (42A), after the second proviso and before Explanation 1, the following proviso shall be inserted with effect from the 1st day of April, 2017, namely:—

'Provided also that in the case of a share of a company (not being a share listed in a recognised stock exchange in India), the provisions of this clause shall have effect as if for the words \"thirty-six months\", the words \"twenty-four months\" had been substituted'.

","words":338,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/3/","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."}