Retrospective taxation of long-term capital gains expands tax to earlier years; amendment also removes deemed accrual provision. The Bill substitutes the effective date in section 50 of the Finance Act, 2016 so that the chargeability of long-term capital gains on transfers of shares of closely held companies is deemed effective from 1 April 2013, making that charge retrospective to assessment year 2013-2014; it also omits clause (c) of section 197, removing the provision that deemed undeclared income or assets to have accrued in the year a notice under specified assessment provisions was issued, with the omission deemed effective from 1 June 2016.