Section 34 - Amendment of section 115AD. - Finance Act, 2021

Amendment of section 115AD. 34. In section 115AD of the Income-tax Act, with effect from the 1st day of April, 2022, (i) after sub-section (1A), the following sub-section shall be inserted, namely: (1B) Notwithstanding anything contained in sub-section (1), where the specified fund is investment division of an offshore banking unit, the provisions of this section shall apply to the extent of income that is attributable to the investment division of such banking units, referred to in sub-clause (ii) of clause (c) to the Explanation to clause (4D) of section 10, as a Category-I portfolio investor under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992.), calculated in such manner as may be prescribed. ; (ii) in the Explanation, after clause (a), the following clause shall be inserted, namely: (aa) the expression investment division of offshore banking unit shall have the meaning assigned to it in clause (aa) of the Explanation to clause (4D) of section 10; .