9911796707
TMI BlogAmendment of section 10.X X X X Extracts X X X X X X X X Extracts X X X X ..... nthly salary does not exceed such amount, as may be prescribed; ; (ii) after clause (12), the following clause shall be inserted, namely:- (12A) any payment from the National Pension System Trust to an employee on closure of his account or on his opting out of the pension scheme referred to in section 80CCD, to the extent it does not exceed forty per cent. of the total amount payable to him at the time of such closure or his opting out of the scheme; ; (iii) in clause (13),- (I) in sub-clause (ii),- (a) the word or occurring at the end shall be omitted; (b) the following proviso shall be inserted, namely:- Provided that any payment in lieu of or in commutation of an annuity purchased out of contributions made on or after the 1st day of Apri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kets, figures and letters in clause (23FC) , the words, brackets, letters and figures in sub-clause (a) of clause (23FC) shall be substituted; (IV) in clause (34), the following proviso shall be inserted, namely:- Provided that nothing in this clause shall apply to any income by way of dividend chargeable to tax in accordance with the provisions of section 115BBDA; ; (V) in clause (35A),- (a) before the Explanation, the following proviso shall be inserted, namely:- Provided that nothing contained in this clause shall apply to any income by way of distributed income referred to in the said section, received on or after the 1st day of June, 2016. ; (b) in the Explanation, for the word, figures and letters section 115TC , the word, figures and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f crude oil in a facility in India and sale of crude oil therefrom to any person resident in India: Provided that - (i) the storage and sale by the foreign company is pursuant to an agreement or an arrangement entered into by the Central Government or approved by the Central Government; and (ii) having regard to the national interest, the foreign company and the agreement or arrangement are notified by the Central Government in this behalf; ; (E) after clause (49), the following clause shall be inserted with effect from the 1st day of June, 2016, namely:- (50) any income arising from any specified service provided on or after the date on which the provisions of Chapter VIII of the Finance Act, 2016 comes into force and chargeable to equalis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be exempt from tax. It is also proposed to amend clause (13) of the said section so as to provide that any payment in commutation of an annuity purchased out of contributions made on or after the 1st day of April, 2016, which exceeds forty per cent. of the annuity, shall be chargeable to tax. The said clause also seeks to provide that any payment from an approved superannuation fund by way of transfer to the account of the employee under a pension scheme referred to in section 80CCD notified by the Central Government shall be exempt from tax. These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to assessment year 2017-2018 and subsequent years. Sub-clause (B) of the said clause seeks to amend clau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... excess of ten lakh rupees shall not be exempt from tax in the case of an individual, Hindu undivided family or a firm. It is also proposed to amend clause (35A) of the said section so as to provide that nothing contained in the clause shall apply to any income by way of distributed income referred to in section 115TA received on or after the 1st day of June, 2016. It is also proposed to amend clause (38) of the said section so as to provide for exemption from capital gains tax in case of income arising from transaction undertaken on a recognised stock exchange located in the International Financial Services Centre and the consideration for such transaction is paid or payable in foreign currency. It is also proposed to define the expression ..... X X X X Extracts X X X X X X X X Extracts X X X X
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