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of <h1>Finance Act 1999: Key Income-Tax Act Amendments Include Gold Deposit Bonds, Demerger Definitions, and Expanded 'Resident' Definition.</h1> The Finance Act, 1999 amends section 2 of the Income-tax Act, effective April 1, 2000. Key changes include replacing 'nine-tenths' with 'three-fourths' in clause (1B), sub-clause (iii), and introducing Gold Deposit Bonds under clause (14). New clauses define 'demerger,' detailing the transfer of undertakings between companies, and 'slump sale,' referring to the transfer of undertakings for a lump sum without asset value assignment. Additional clauses address payments for share repurchases and share distributions in demergers, and expand the definition of 'resident' for certain sections. The term 'resulting company' is also defined.
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