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of <h1>Finance Bill 2017 amends Income-tax Act: Non-taxable transfers include rupee bonds abroad and preference to equity share conversion.</h1> Clause 23 of the Finance Bill, 2017 amends section 47 of the Income-tax Act, effective from April 1, 2018. It introduces clause (viiaa), stating that any transfer outside India of a rupee-denominated bond of an Indian company by a non-resident to another non-resident is not considered a taxable transfer. Additionally, clause (xb) is added, specifying that converting preference shares into equity shares within the same company is also not regarded as a taxable transfer. These amendments apply to the assessment year 2018-2019 and subsequent years.
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