{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"17","heading":"Amendment of section 47","text":"Amendment of section 47. 17. In section 47 of the Income-tax Act, after clause (viiaa) [as inserted by section 23 of the Finance Act, 2017 (7 of 2017)], the following clause shall be inserted with effect from the 1st day of April, 2019, namely:— '(viiab) | any transfer of a capital asset, being— (a) | bond or Global Depository Receipt referred to in sub-section (1) of section 115AC; or (b) | rupee denominated bond of an Indian company; or (c) | derivative, made by a non-resident 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. Explanation.— For the purposes of this clause,— (a) | \"International Financial Services Centre\" shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); (b) | \"recognised stock exchange\" shall have the meaning assigned to it in clause (ii) of Explanation 1 to clause (5) of section 43; (c) | \"derivative\" shall have the meaning assigned to it in clause (ac) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).'.","html":"<p><b> Amendment of section 47.</b></p><p><b> 17.</b> In section 47 of the Income-tax Act, after clause (<i>viiaa</i>) [as inserted by section 23 of the Finance Act, 2017 (7 of 2017)], the following clause shall be inserted with effect from the 1st day of April, 2019, namely:—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>viiab</i>)</td><td></td><td>any transfer of a capital asset, being<i>—</i></td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>bond or Global Depository Receipt referred to in sub-section (1) of section 115AC; or</td></tr><tr><td>(<i>b</i>)</td><td></td><td>rupee denominated bond of an Indian company; or</td></tr><tr><td>(<i>c</i>)</td><td></td><td>derivative, made by a non-resident 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></td><td></td><td><i>Explanation.—</i> For the purposes of this clause,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>\"International Financial Services Centre\" shall have the meaning 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>b</i>)</td><td></td><td>\"recognised stock exchange\" shall have the meaning assigned to it in clause (<i>ii</i>) of <i>Explanation 1</i> to clause (<i>5</i>) of section 43;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>\"derivative\" shall have the meaning assigned to it in clause (<i>ac</i>) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).'.</td></tr></table></div>","words":198,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/17/","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."}