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of <h1>New Sub-section 94(7) Introduced: Limits Tax Loss Deductions on Certain Securities Transactions Around Dividend Record Dates.</h1> Section 94 of the Income-tax Act is amended, effective April 1, 2002, to include a new sub-section (7). This sub-section addresses scenarios where a person buys securities or units within three months before the record date and sells them within three months after, with the dividend or income being exempt. In such cases, any loss from these transactions, up to the amount of the exempt income, is disregarded for tax computation. Additionally, the term 'record date' is defined as the date set by a company or fund for dividend entitlement, and 'unit' is defined as per section 115AB.
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