Clause 56 - Amendment of section 115QA. - Finance Bill, 2016

Amendment of section 115QA. 56. 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.