{"id":68792,"date":"2016-09-12T12:02:00","date_gmt":"2016-09-12T06:32:00","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=68792"},"modified":"2016-12-29T18:32:37","modified_gmt":"2016-12-29T13:02:37","slug":"taxation-laws-amendment-act-2016","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/09\/12\/taxation-laws-amendment-act-2016\/","title":{"rendered":"Taxation Laws (Amendment) Act, 2016, notified"},"content":{"rendered":"<p style=\"text-align: justify;\">The Taxation Laws (Amendment) Act, 2016 came into force in order to amend the Income Tax Act, 1961 and the Customs Tariff Act, 1975.\u00a0The following provisions are being amended by the Amendment Act, 2016:<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>Amendment of section 2.<\/strong> In the Income Tax Act, 1961 (hereinafter referred to as the principal Act in this Chapter), in Section 2, in clause (19AA), after Explanation 4, the following Explanation shall be inserted, with effect from the 1st day of April, 2017, namely:\u2014<\/li>\n<\/ul>\n<p style=\"padding-left: 60px; text-align: justify;\">&#8220;Explanation 5.\u2014For the purposes of this clause, the reconstruction or splitting up of a company, which ceased to be a public sector company as a result of transfer of its shares by the Central Government, into separate companies, shall be deemed to be a demerger, if such reconstruction or splitting up has been made to give effect to any condition attached to the said transfer of shares and also fulfils such other conditions as may be notified by the Central Government in the Official Gazette.\u201d.<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>Amendment of section 80 JJAA<\/strong>. In the principal Act, in Section 80JJAA, in sub-section (2), in the Explanation, after clause (ii), the following proviso shall be inserted, with effect from the 1st day of April, 2017, namely: \u2014<\/li>\n<\/ul>\n<p style=\"padding-left: 60px; text-align: justify;\">\u2018Provided that in the case of an assessee who is engaged in the business of manufacturing of apparel, the provisions of sub-clause (c) shall have effect as if for the words \u201ctwo hundred and forty days\u201d, the words \u201cone hundred and fifty days\u201d had been substituted.\u2019.<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>Amendment of First Schedule:<\/strong> In the Customs Tariff Act, 1975, in the First Schedule,\u2014<\/li>\n<\/ul>\n<p style=\"padding-left: 60px; text-align: justify;\">(a) in Chapter 25, for the entry \u201c10%\u201d in column (4) occurring against tariff items 2515 11 00, 2515 12 10, 2515 12 20, 2515 12 90, 2516 11 00 and 2516 12 00, the entry \u201c40%\u201d shall respectively be substituted;<\/p>\n<p style=\"padding-left: 60px; text-align: justify;\">(b) in Chapter 68, for the entry \u201c10%\u201d in column (4) occurring against tariff items 6802 10 00, 6802 21 10, 6802 21 20, 6802 21 90, 6802 23 10, 6802 23 90, 6802 29 00, 6802 91 00, 6802 92 00 and 6802 93 00, the entry \u201c40%\u201d shall respectively be substituted.<\/p>\n<p style=\"text-align: right;\"><strong>Ministry of Law and Justice<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Taxation Laws (Amendment) Act, 2016 came into force in order to amend the Income Tax Act, 1961 and the Customs Tariff 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