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Amendment of section 115AD.

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Full Text of the Document

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.... (b) in clause (b), in sub-clause (i), in item (B), after the words "of specified fund", the words "or investment division of an offshore banking unit" shall be inserted; (ii) after sub-section (1A), the following sub-section shall be inserted, namely:-- "(1B) Notwithstanding anything contained in sub-section (1), in case of investment division of an offshore banking unit, the provisions of th....

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Full Text of the Document

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....offshore banking unit" shall have the meaning assigned to it in clause (aa) of the Explanation to clause (4D) of section 10;". - Clause 30 of the Bill seeks to amend section 115AD of the Income-tax Act relating to tax on income of Specified Fund or Foreign Institutional Investors from securities or capital gains arising from their transfer. It is proposed to amend the said section so as to pro....

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