Section 33 - Amendment of section 115ACA. - Finance Act, 2021

Amendment of section 115ACA. 33. In section 115ACA of the Income-tax Act, in the Explanation, with effect from the 1st day of April, 2022- (i) in clause (a),- (a) in the opening portion, after the words the Overseas Depository Bank outside India , the words or in an International Financial Services Centre shall be inserted; (b) after sub-clause (ii), the following sub-clause shall be inserted, namely:- (iii) ordinary shares of issuing company, being a company incorporated outside India, if such depository receipt or certificate is listed and traded on any International Financial Services Centre; ; (ii) after clause (c), the following clause shall be inserted, namely:- (ca) International Financial Services Centre shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic 1 [ Zones ] Act, 2005 (28 of 2005.). . ************ NOTES:- 1. Corrected vide CORRIGENDA dated 06-04-2021 before it was read as Zone