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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income-tax Act Section 47 Amended: New Definitions for Derivatives and Securities Effective April 1, 2020.</h1> Section 47 of the Income-tax Act has been amended by the Finance (No. 2) Act, 2019, effective April 1, 2020. In clause (viiab), sub-clause (c) is replaced with new sub-clauses: '(c) derivative; or (d) such other securities as may be notified by the Central Government.' Additionally, the Explanation section now includes a new clause defining 'securities' as per clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956.
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