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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Income-tax Act: Changes to Section 94 Impact Securities and Unit Transactions, Updates 'Record Date' Definition.</h1> The Finance (No. 2) Act, 2004, amends Section 94 of the Income-tax Act effective April 1, 2005. The amendment revises sub-section (7) to address the sale or transfer of securities within three months and units within nine months. A new sub-section (8) is added, stipulating that losses from buying and selling units within specified periods are disregarded for tax purposes, and such losses are deemed the cost of additional units held. The definition of 'record date' is updated to specify dates for dividend or income entitlement by companies or mutual funds.
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