Clause 230 - Amendment of Act 23 of 2004- Chapter VII not to apply in certain cases - Finance Bill, 2016

PART X A MENDMENT TO THE F INANCE ( N O. 2 ) A CT, 2004 Amendment of Act 23 of 2004 230. In the Finance (No.2) Act, 2004 with effect from the 1st day of June, 2016, (a) in section 98, in the Table, against serial number 4, in item (a), under column (3), for the entry 0.017 per cent. , the entry 0.05 per cent. shall be substituted; (b) for section 113A, the following section shall be substituted, namely:- Chapter VII not to apply in certain cases 113A. Notwithstanding anything contained in this Chapter, the provisions of this Chapter shall not apply to taxable securities transactions entered into by, (a) any person for, or on behalf of, the New Pension System Trust referred to in clause (44) of section 10 of the Income-tax Act, 1961 (43 of 1961); or (b) any person on a recognised stock exchange located in an International Financial Services Centre where the consideration for such transaction is paid or payable in foreign currency. Explanation. For the purposes of this section, International Financial Services Centre shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005). .