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of <h1>Finance Act 2016: Changes to Income-Tax Act Clauses on Gold Deposits, Electronic Hearings, Asset Costs, and Share Holding Periods.</h1> The Finance Act, 2016 amends section 2 of the Income-tax Act, introducing changes to various clauses. Clause (14) now includes deposit certificates under the Gold Monetisation Scheme, 2015. Clause (23C) defines 'hearing' to include electronic communication. Clause (24) is modified to exclude certain subsidies or grants from asset cost determination, effective April 1, 2017. Clause (37A) adds references to sections 194LBB and 194LBC, effective June 1, 2016. Clause (42A) changes the holding period for unlisted company shares from thirty-six to twenty-four months, effective April 1, 2017.
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