{"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":"87","heading":"Amendment of section 206AA","text":"Amendment of section 206AA. 87. In section 206AA of the Income-tax Act, for sub-section (7), the following sub-section shall be substituted with effect from the 1st day of June, 2016, namely:— \"(7) The provisions of this section shall not apply to a non-resident, not being a company, or to a foreign company, in respect of— (i) | payment of interest on long-term bonds as referred to in section 194LC; and (ii) | any other payment subject to such conditions as may be prescribed.\".","html":"<p><b> Amendment of section 206AA.</b></p><p><b> 87.</b> In section 206AA of the Income-tax Act, for sub-section (7), the following sub-section shall be substituted with effect from the 1st day of June, 2016, namely:—</p><p>\"(7) The provisions of this section shall not apply to a non-resident, not being a company, or to a foreign company, in respect of—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>payment of interest on long-term bonds as referred to in section 194LC; and</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>any other payment subject to such conditions as may be prescribed.\".</td></tr></table></div>","words":83,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/87/","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."}