Amendment of section 115AD.

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..... in clause (b), in sub-clause (i), in item (B), after the words of specified fund , the words or investment division of an offshore banking unit shall be inserted; (ii) after sub-section (1A), the following sub-section shall be inserted, namely: (1B) Notwithstanding anything contained in sub-section (1), in case of investment division of an offshore banking unit, the provisions of this section shal .....

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..... have the meaning assigned to it in clause (aa) of the Explanation to clause (4D) of section 10; . - Clause 30 of the Bill seeks to amend section 115AD of the Income-tax Act relating to tax on income of Specified Fund or Foreign Institutional Investors from securities or capital gains arising from their transfer. It is proposed to amend the said section so as to provide that income of investment di .....

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..... ed manner. It is also proposed to define the expression investment division of an offshore banking unit . These amendments will take effect from 1st April, 2022 and will, accordingly, apply in relation to the assessment year 2022-2023 and subsequent assessment years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanageme .....

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