Clause 29 - Amendment of section 115JB - Finance Bill, 2015

Amendment of section 115JB 29. In section 115JB of the Income-tax Act , in the Explanation 1 below sub-section (2), with effect from the 1st day of April, 2016,- (a) after clause (f), the following clauses shall be inserted, namely:- (fa) the amount or amounts of expenditure relatable to, income, being share of the assessee in the income of an association of persons or body of individuals, on which no income-tax is payable in accordance with the provisions of section 86; (fb) the amount or amounts of expenditure relatable to income from capital gains arising on transactions in securities (other than short term capital gains arising on transactions on which securities transaction tax is not chargeable), accruing or arising to an assessee being a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act,1992 (15 of 1992.); ; (b) after clause (iib), the following clauses shall be inserted, namely:- (iic) the amount of income, being the share of the assessee in the income of an association of persons or body of individuals, on which no income-tax is payable in accordance with the provisions of section 86, if any such amount is credited to the profit and loss account; or (iid) the amount of income from capital gains arising on transactions in securities (other than short term capital gains arising on transactions on which securities transaction tax is not chargeable), accruing or arising to an assessee being a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), if any such amount is credited to the profit and loss account; or ; (c) after Explanation 3, the following Explanation shall be inserted, namely:- Explanation 4.-For the purposes of sub-section (2),- (a) the expression Foreign Institutional Investor shall have the meaning assigned to it in clause (a) of the Explanation to section 115AD; (b) the expression securities shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956). .