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of <h1>Amendment to Section 79: Exemption for Shareholding Changes in Indian Subsidiaries Due to Foreign Company Mergers or Demergers.</h1> Section 79 of the Income-tax Act is amended to include a new proviso effective from April 1, 2000. This proviso states that the section does not apply to changes in the shareholding of an Indian company, which is a subsidiary of a foreign company, if the change results from the amalgamation or demerger of the foreign company. This exemption is conditional upon at least fifty-one percent of the shareholders of the original foreign company remaining shareholders in the new or resulting foreign company.
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