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of <h1>Amendments to Section 2 of Income-tax Act: New Definitions for Business Trusts and Capital Assets Effective 2014-2015.</h1> Clause 3 of the Finance (No. 2) Bill, 2014 proposes amendments to section 2 of the Income-tax Act. It introduces the definition of 'business trust' as an Infrastructure Investment Trust or Real Estate Investment Trust listed on a recognized stock exchange, effective from October 1, 2014. The definition of 'capital asset' is expanded to include securities held by Foreign Institutional Investors, effective April 1, 2015. Definitions for various income-tax authorities are updated, effective retrospectively from June 1, 2013. The term 'income' is expanded to include certain sums, and changes to the definition of short-term capital assets are proposed, effective April 1, 2015.
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