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of <h1>Finance Bill 2024: Amendments Redefine Dividends, Shorten Capital Asset Holding Period Under Income-tax and Companies Acts</h1> Clause 3 of the Finance (No. 2) Bill, 2024, proposes amendments to section 2 of the Income-tax Act. In clause (22), it includes payments by a company for purchasing its own shares as dividends under section 68 of the Companies Act, 2013, effective from October 1, 2024. Clause (42A) redefines 'short-term capital asset' by reducing the holding period from thirty-six to twenty-four months, effective retroactively from July 23, 2024. The amendments also adjust related provisos to align with these changes, omitting certain provisions and updating references to the Finance (No. 2) Act, 2024.
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