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of <h1>Finance Bill 2016: Removal of Sections 194K and 194L to Streamline Tax Provisions Effective June 1, 2016.</h1> Clause 78 of the Finance Bill, 2016, proposes the removal of sections 194K and 194L from the Income-tax Act, effective June 1, 2016. Section 194K pertains to income from units, while section 194L addresses compensation payments for the acquisition of capital assets. This legislative change aims to streamline the tax provisions by eliminating these specific sections.
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