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of <h1>Finance Act, 2001 amends Section 47: Changes in ESOPs, Global Depository Receipts, and asset transfers in stock exchange corporatisation.</h1> Section 47 of the Income-tax Act has been amended by the Finance Act, 2001. The amendment includes changes to clause (iii), replacing 'the Employees' Stock Option Plan or Scheme' with 'any Employees' Stock Option Plan or Scheme of the Company' as per Central Government guidelines. Clause (viia) substitutes 'shares' with 'Global Depository Receipts' effective April 1, 2002. Clause (xiii) is revised to address the transfer of capital or intangible assets from a firm to a company due to succession or corporatisation of a recognized stock exchange, with additional provisions for liabilities and SEBI-approved corporatisation schemes.
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