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of <h1>Finance Bill 2019 amends Section 47 of Income-tax Act: Exemptions for specified funds, non-residents on IFSC exchanges.</h1> Clause 17 of the Finance (No. 2) Bill, 2019 amends section 47 of the Income-tax Act, effective April 1, 2020, concerning transactions not deemed as transfers. It includes derivatives and other securities notified by the Central Government, with transactions made by specified funds or non-residents on recognized stock exchanges in International Financial Services Centres, paid in foreign currency, exempt from being considered transfers. The amendment introduces definitions for 'securities,' 'specified fund,' 'trust,' 'unit,' and 'convertible foreign exchange' to clarify these terms. These changes apply from the assessment year 2020-2021 onwards.
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