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of <h1>Finance Bill 2017 amends Section 47 to include preference share conversions as non-transfers for tax purposes from April 2018.</h1> The Finance Bill, 2017 proposes an amendment to section 47 of the Income-tax Act, which pertains to transactions not considered as transfers for tax purposes. Currently, the conversion of bonds, debentures, or deposit certificates into shares or debentures of the same company is not regarded as a transfer. The amendment introduces a new clause to include the conversion of preference shares into equity shares of the same company as a non-transfer. This change is effective from April 1, 2018, applicable to the assessment year 2018-2019 and subsequent years.
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