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of <h1>Finance Bill 2016: Amends Income-tax Act, Updates Capital Asset Definition, Tax Deductions, and Hearing Clause</h1> Clause 3 of the Finance Bill, 2016, amends section 2 of the Income-tax Act. It updates the definition of 'capital asset' to exclude deposit certificates from the Gold Monetisation Scheme, 2015, effective from April 1, 2016. A new clause defines 'hearing' to include electronic communication, effective June 1, 2016. The definition of income is amended to exclude certain government subsidies or grants for trusts or institutions from April 1, 2017. Additionally, it updates tax deduction provisions under sections 194LBB and 194LBC, effective June 1, 2016, aligning them with specified rates in the Finance Act or international agreements.
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