Amendment of section 94

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..... shall be substituted, namely: (aa) record date means such date as may be fixed by- (i) a company; (ii) a Mutual Fund or the Administrator of the specified undertaking or the specified company referred to in the Explanation to clause (35) of section 10; or (iii) a business trust defined in clause (13A) of section 2; or (iv) an Alternative Investment Fund defined in clause (b) of sub-regulation (1) .....

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..... ard of India (Alternative Investment Funds) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), and shall include shares or partnership interests. . - Clause 25 seeks to amend section 94 of the Income-tax Act relating to avoidance of tax by certain transactions in securities. It is proposed to amend sub-section (8) of said section so as to provide that .....

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..... f the securities or units, as the case may be, to receive dividend, income, or additional securities or unit without any consideration, as the case may be. It is also proposed to amend clause (d) of the aforesaid, Explanation to amend the definition of the term unit . These amendments will take effect from the 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-202 .....

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