{"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":"58","heading":"Amendment of section 115QA","text":"Amendment of section 115QA. 58. In section 115QA of the Income-tax Act, in sub-section (1), in the Explanation, with effect from the 1st day of June, 2016,— (a) | in clause (i), for the words, figures and letter \"section 77A of the Companies Act, 1956\", the words \"any law for the time being in force relating to companies\" shall be substituted; (b) | in clause (ii), for the words \"the amount which was received by the company for issue of such shares\", the words \"the amount, which was received by the company for issue of such shares, determined in the manner as may be prescribed\" shall be substituted.","html":"<p><b>Amendment of section 115QA.</b></p><p><b>58.</b> In section 115QA of the Income-tax Act, in sub-section (1), in the <i>Explanation,</i> with effect from the 1st day of June, 2016,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in clause (<i>i</i>), for the words, figures and letter \"section 77A of the Companies Act, 1956\", the words \"any law for the time being in force relating to companies\" shall be substituted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in clause (<i>ii</i>), for the words \"the amount which was received by the company for issue of such shares\", the words \"the amount, which was received by the company for issue of such shares, determined in the manner as may be prescribed\" shall be substituted.</td></tr></table></div>","words":108,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/58/","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."}