Section 17 of Finance Act 2018 : Amendment of section 47 Income Tax Act

By | April 1, 2018
Print Friendly, PDF & Email
(Last Updated On: April 14, 2018)

Section 17 of Finance Act 2018

[Section 17 of Finance Act 2018 deals with Amendment of section 47. and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 47.

17. In section 47 of the Income-tax Act, after clause (viiaa) [as inserted by section 23 of the Finance Act, 2017 (7 of 2017)], the following clause shall be inserted with effect from the 1st day of April, 2019, namely:—

‘(viiab)any transfer of a capital asset, being
(a)bond or Global Depository Receipt referred to in sub-section (1) of section 115AC; or
(b)rupee denominated bond of an Indian company; or
(c)derivative, made by a non-resident on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreign currency.
Explanation.— For the purposes of this clause,—
(a)“International Financial Services Centre” shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);
(b)“recognised stock exchange” shall have the meaning assigned to it in clause (ii) of Explanation 1 to clause (5) of section 43;
(c)“derivative” shall have the meaning assigned to it in clause (ac) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).’.

Finance Act 2018 : Assented by President : Download Print Notification

Direct Taxes Ready Reckoner
Service Tax Ready Reckoner
Company Law Ready Reckoner
tax deduction at source

Leave a Reply

Your email address will not be published. Required fields are marked *