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of <h1>Amendment to Section 115-O: Income Tax Act Now Includes Accumulated Income for International Financial Services Centre Units. Effective Sept 1, 2019.</h1> Section 115-O of the Income-tax Act has been amended by the Finance (No. 2) Act, 2019. In sub-section (8), the phrase 'out of its current income' is replaced with 'out of its current income or income accumulated as a unit of International Financial Services Centre after the 1st day of April, 2017.' This amendment is effective from September 1, 2019, allowing income distributions from both current income and specified accumulated income.
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