Lok Sabha passes Taxation Laws (Amendment) Bill
The Lok Sabha has passed The Taxation Laws (Amendment) Bill, 2016, that, among other things, will pave the way for the textile sector getting tax sops. The bill, which will amend the Income Tax Act, 1961, and The Customs Tariffs Act, 1975, seeks to exempt land banks of erstwhile public sector undertakings from levy of capital gains tax when transferred to the government. The move will allow the government to acquire a large land bank of the erstwhile VSNL, a former public sector undertaking which was privatized in 2002.
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