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of <h1>Amendment to Section 47: Rupee Bonds of Indian Companies Transferred Between Non-Residents Not Taxed as Transfers.</h1> The Finance Bill, 2017 proposes an amendment to section 47 of the Income-tax Act, which concerns transactions not regarded as transfers. The amendment introduces a new clause (viiaa), stating that the transfer of a rupee-denominated bond of an Indian company, issued outside India, between non-residents, will not be considered a transfer for tax purposes. This change aligns with existing provisions where conversions of bonds or debentures into shares or debentures are not regarded as transfers. The amendment is effective from April 1, 2018, applicable from the assessment year 2018-2019 onwards.
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