Finance Bill 2016 - Amendments
THE Finance Bill 2016 as passed by the Lok Sabha yesterday contained several amendments to the Finance Bill presented in February 2016. Changes include:
1. Unlisted shares held for less than 24 months to be treated as short term capital.
2. TCS on sale of motor vehicles to be collected on receipt of consideration.
3. Under-reporting of income liable for punishment with rigorous imprisonment.
4. Immunity from prosecution in certain cases.