Section 49 - Amendment of section 111A. - Finance Act, 2016

Amendment of section 111A. 49. In section 111A of the Income-tax Act with effect from the 1st day of April, 2017,- (i) in sub-section (1) , after the proviso, the following proviso shall be inserted, namely:- Provided further that nothing contained in clause (b) shall apply to a transaction undertaken 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. . (ii) for the Explanation below sub-section (3), the following shall be substituted, namely:- Explanation .-For the purposes of this section,- (a) equity oriented fund shall have the meaning assigned to it in the Explanation to clause (38) of section 10; (b) 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.) (c) recognised stock exchange shall have the meaning assigned to it in clause (ii) of Explanation 1 to sub-section (5) of section 43. .