{"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":"60","heading":"Amendment of section 115TC","text":"Amendment of section 115TC. 60. In section 115TC of the Income-tax Act, in the Explanation, with effect from the 1st day of June, 2016,— (A) | in clause (a), after the words \"or securities\", the words \"or security receipt\" shall be inserted; (B) | in clause (d),— (I) | in sub-clause (ii), after the words \"Reserve Bank of India,\", the word \";or\" shall be inserted; (II) | after sub-clause (ii) and before the long line, the following sub-clause shall be inserted, namely:— \"(iii) | trust set-up by a securitisation company or a reconstruction company formed, for the purposes of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), or in pursuance of any guidelines or directions issued for the said purposes by the Reserve Bank of India,\"; (C) | after clause (d), the following clause shall be inserted, namely:— '(e) | \"security receipt\" shall have the same meaning as assigned to it in clause (zg) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002)'.","html":"<p><b>Amendment of section 115TC.</b></p><p><b>60.</b> In section 115TC of the Income-tax Act, 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>a</i>), after the words \"or securities\", the words \"or security receipt\" shall be inserted;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>in clause (<i>d</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>in sub-clause (<i>ii</i>), after the words \"Reserve Bank of India,\", the word \";or\" shall be inserted;</td></tr><tr><td>(<i>II</i>)</td><td></td><td>after sub-clause (<i>ii</i>) and before the long line, the following sub-clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>iii</i>)</td><td></td><td>trust set-up by a securitisation company or a reconstruction company formed, for the purposes of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), or in pursuance of any guidelines or directions issued for the said purposes by the Reserve Bank of India,\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>C</i>)</td><td></td><td>after clause (<i>d</i>), the following clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>e</i>)</td><td></td><td>\"security receipt\" shall have the same meaning as assigned to it in clause (<i>zg</i>) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002)'.</td></tr></table></div>","words":187,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/60/","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."}