{"act":{"id":"finance-act-2017","short_title":"The Finance Act, 2017","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2017-2018.","act_number":null,"act_year":2017,"enact_date":"2017-04-17","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":198,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2017/"},"unit":"section","section":{"number":"23","heading":"Amendment of section 47","text":"Amendment of section 47. 23. In section 47 of the Income-tax Act, with effect from the 1st day of April, 2018,— (a) | after clause (viia), the following clause shall be inserted, namely:— \"(viiaa) | any transfer, made outside India, of a capital asset being rupee denominated bond of an Indian company issued outside India, by a non-resident to another non-resident;\"; (b) | after clause (xa), the following clause shall be inserted, namely:— \"(xb) | any transfer by way of conversion of preference shares of a company into equity shares of that company;\".","html":"<p><b> Amendment of section 47.</b></p><p><b> 23. </b>In section 47 of the Income-tax Act, with effect from the 1st day of April, 2018,<i>—</i></p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>after clause (<i>viia</i>), the following clause shall be inserted, namely:<i>—</i></td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>viiaa</i>)</td><td></td><td>any transfer, made outside India, of a capital asset being rupee denominated bond of an Indian company issued outside India, by a non-resident to another non-resident;\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>after clause (<i>xa</i>), the following clause shall be inserted, namely:<i>—</i></td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>\"(<i>xb</i>)</td><td></td><td>any transfer by way of conversion of preference shares of a company into equity shares of that company;\".</td></tr></table></div>","words":93,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2017/section/23/","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."}