{"act":{"id":"finance-act-2015","short_title":"The Finance Act, 2015","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2015-2016.","act_number":"20","act_year":2015,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":165,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2015/"},"unit":"section","section":{"number":"4","heading":"Amendment of section 6","text":"Amendment of section 6. 4. In section 6 of the Income-tax Act,— (i) | in clause (1), the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely:— \"Explanation 2.—For the purposes of this clause, in the case of an individual, being a citizen of India and a member of the crew of a foreign bound ship leaving India, the period or periods of stay in India shall, in respect of such voyage, be determined in the manner and subject to such conditions as may be prescribed.\"; (ii) | for clause (3), the following clause shall be substituted with effect from the 1st day of April, 2016, namely:— '(3) A company is said to be resident in India in any previous year, if— (i) | it is an Indian company; or (ii) | its place of effective management, in that year, is in India. Explanation.—For the purposes of this clause \"place of effective management\" means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole, are in substance made.'.","html":"<p><b>Amendment of section 6.</b></p><p><b>4.</b> In section 6 of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clause (<i>1</i>), the <i>Explanation</i> shall be numbered as <i>Explanation 1</i> thereof and after <i>Explanation 1</i> as so numbered, the following <i>Explanation</i> shall be inserted, namely:—</td></tr><tr><td></td><td></td><td><i>\"Explanation 2.—</i>For the purposes of this clause, in the case of an individual, being a citizen of India and a member of the crew of a foreign bound ship leaving India, the period or periods of stay in India shall, in respect of such voyage, be determined in the manner and subject to such conditions as may be prescribed.\";</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>for clause (<i>3</i>), the following clause shall be substituted with effect from the 1st day of April, 2016, namely:—</td></tr><tr><td></td><td></td><td>'(<i>3</i>) A company is said to be resident in India in any previous year, if—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>it is an Indian company; or</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>its place of effective management, in that year, is in India.</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td><i>Explanation.</i>—For the purposes of this clause \"place of effective management\" means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole, are in substance made.'.</td></tr></table></div>","words":194,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2015/section/4/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}