{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"49","heading":"Amendment of section 111A","text":"Amendment of section 111A. 49. In section 111A of the Income-tax Act with effect from the lst day of April, 2017,— '(i) | in sub-section (1), after the proviso the following proviso shall be inserted, namely:— \"Provided further that nothing contained in clause (b) shall apply to a transaction undertaken on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreign currency.\"; (ii) | for the Explanation below sub-section (3), the following shall be substituted, namely:— Explanation.—For the purposes of this section,— (a) | \"equity oriented fund\" shall, have the meaning assigned to it in the Explanation to clause (38) of section 10; (b) | \"International Financial Services Centre\" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); (c) | \"recognised stock exchange\" shall have the meaning assigned to it in clause (ii) of the Explanation 1 to sub-section (5) of section 43.'.","html":"<p><b>Amendment of section 111A.</b></p><p><b>49.</b> In section 111A of the Income-tax Act with effect from the lst day of April, 2017,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>i</i>)</td><td></td><td>in sub-section (1), after the proviso the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided further </b>that nothing contained in clause (<i>b</i>) shall apply to a transaction undertaken on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreign currency.\";</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>for the <i>Explanation</i> below sub-section (3), the following shall be substituted, namely:—</td></tr><tr><td></td><td></td><td><i>Explanation.</i>—For the purposes of this section,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>\"equity oriented fund\" shall, have the meaning assigned to it in the <i>Explanation</i> to clause <i>(38)</i> of section 10;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>\"International Financial Services Centre\" shall have the same meaning as assigned to it in clause <i>(q)</i> of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);</td></tr><tr><td>(<i>c</i>)</td><td></td><td>\"recognised stock exchange\" shall have the meaning assigned to it in clause (<i>ii</i>) of the <i>Explanation 1</i> to sub-section (5) of section 43.'.</td></tr></table></div>","words":173,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/49/","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."}