Definition of Global Depository Receipts refined to require underlying listed shares or foreign currency convertible bonds, altering tax scope. The amendment revises the Explanation to section 115ACA to define Global Depository Receipts as instruments created by an Overseas Depository Bank and issued to investors against (i) ordinary shares of the issuing company that is listed on a recognised stock exchange in India, or (ii) foreign currency convertible bonds of the issuing company; the amendment is effective from 1st April, 2016 and applies to the relevant assessment years.
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Provisions expressly mentioned in the judgment/order text.
Definition of Global Depository Receipts refined to require underlying listed shares or foreign currency convertible bonds, altering tax scope.
The amendment revises the Explanation to section 115ACA to define Global Depository Receipts as instruments created by an Overseas Depository Bank and issued to investors against (i) ordinary shares of the issuing company that is listed on a recognised stock exchange in India, or (ii) foreign currency convertible bonds of the issuing company; the amendment is effective from 1st April, 2016 and applies to the relevant assessment years.
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