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of <h1>Amendments to Section 94 of Income-tax Act Expand Applicability to Securities, Update 'Record Date' and 'Unit' Definitions</h1> Clause 25 of the Finance Bill, 2022, proposes amendments to section 94 of the Income-tax Act, effective April 1, 2023. The amendments extend the applicability of sub-section (8) to include securities, not just units. The definition of 'record date' is updated to include dates set by companies, mutual funds, business trusts, and alternative investment funds, determining entitlement to dividends or additional securities. The term 'unit' is redefined to encompass units of business trusts, certain defined units, and beneficial interests in alternative investment funds, including shares or partnership interests. These changes apply from the assessment year 2023-2024 onwards.
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