Lok Sabha passes Taxation Laws (Amendment) Bill, 2016


Posted on:11 Aug 2016 18:17:40

Lok Sabha passes Taxation Laws (Amendment) Bill, 2016
11 August 2016 Current Affairs: The Lok Sabha has passed the Taxation Laws (Amendment) Bill 2016 to pave the way for employers in the textile sector to avail of the income tax benefit. The Bill seeks to amends the Income Tax Act (IT), 1961 and the Customs Tariff Act, 1975.  These changes are explained below. It will provide income tax benefit to employers in the textile sector on additional employment provided the employee has worked for 150 days and not 240 days as mandated earlier.

Amendments to IT Act, 1961 Demerger of public sector companies : In case a public sector company demerges (split) into multiple companies under The Companies Act, 1956 the resultant company will be no longer a public sector company. Deduction in respect of employment of new employees: The limit of employing employee for minimum of 240 days in the previous year to obtain a deduction on taxable income has been reduced to 150 days for businesses which manufacture apparel.

Amendments Customs Tariff Act, 1975 Customs duty on marble and granite blocks and slabs: Proposes to increase in customs duty on imports of granite and marble to 40% from earlier 10%.


Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs June 2017

22 JUNE
NEWS
21 JUNE
NEWS
20 JUNE
NEWS
19 JUNE
NEWS

Current Affairs May 2017

31 MAY
NEWS
30 MAY
NEWS
29 MAY
NEWS
27 MAY
NEWS

Current Affairs April 2017

29 APRIL
NEWS
28 APRIL
NEWS
27 APRIL
NEWS
26 APRIL
NEWS