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Section3
The Finance Act, 2016

Amendment of section 2

In force As on 09 Oct 2026

Ministry Finance Enacted 27 Jun 2016 Cited by 5 provisions

Section 3 of the Finance Act, 2016 deals with amendment of section 2. CHAPTER III DIRECT TAXES Income-tax Amendment of section 2. The Act was enacted on 27 Jun 2016.

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'.

Section 3, The Finance Act, 2016.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 2 Income-tax
  2. s. 43 Amendment of section 80-IB
  3. Income-tax Act s. 2 Definitions

Referred to by 5

  1. s. 224 Amendment of Act 74 of 1956
  2. s. 226 Amendment of Act 13 of 1976
  3. s. Second Schedule Second Schedule
  4. s. Fifteenth Schedule Fifteenth Schedule
  5. Finance Act s. 3 Amendment of section 2

Questions about Section 3

What does Section 3 of the Finance Act deal with?

Section 3 of the Finance Act is headed "Amendment of section 2". CHAPTER III DIRECT TAXES Income-tax Amendment of section 2.

How do I find court cases under Section 3 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2016 3, section 3 Finance Act 2016, section 3 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 3 of the Finance Act, and has it changed?

Its own text turns on section 2 (Income-tax), section 43 (Amendment of section 80-IB), Income-tax Act 2 (Definitions), so none of them can safely be read on its own. 5 other provisions in this corpus refer back to it.

When was Section 3 of the Finance Act enacted?

Section 3 of the Finance Act, cited as Finance Act 2016 3, was enacted on 27 Jun 2016. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.