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of <h1>Finance Act 2016: Tax Exemptions for NPS Withdrawals, Gold Monetisation, and Income from Specified Services Updated</h1> The Finance Act, 2016 amends Section 10 of the Income-tax Act, effective April 1, 2017, introducing several changes. It includes tax exemptions for payments from the National Pension System Trust up to 40% upon account closure or withdrawal. Amendments also cover transfers to pension schemes under Section 80CCD, inclusion of Gold Monetisation Scheme, and changes in clauses related to securitization and dividends. New provisions address income from crude oil storage by foreign companies and income from specified services subject to equalisation levy. These amendments aim to clarify and expand tax exemptions and conditions under the Income-tax Act.
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