{"act":{"id":"finance-act-2019-no-2","short_title":"The Finance Act, 2019 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2019-2020.","act_number":null,"act_year":2019,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":217,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/"},"unit":"section","section":{"number":"37","heading":"Amendment of section 115R","text":"Amendment of section 115R 37. In section 115R of the Income-tax Act, in sub-section (2), with effect from the 1st day of September, 2019,— (A) | after the second proviso, before the Explanation, the following proviso shall be inserted, namely:— \"Provided also that no additional income-tax shall be chargeable in respect of any amount of income distributed on or after the 1st day of September, 2019 by a specified Mutual Fund, out of its income derived from transactions made on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in convertible foreign exchange:\"; (B) | in the Explanation,— (a) | after clause (i), the following clause shall be inserted, namely:— '(ia) | \"convertible foreign exchange\" means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999) and the rules made thereunder;'; (b) | after clause (ii), the following clauses shall be inserted, namely:— '(iii) | \"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); (iv) | \"recognised stock exchange\" shall have the meaning assigned to it in clause (ii) of Explanation 1 to clause (5) of section 43; (v) | \"specified Mutual Fund\" means a Mutual Fund specified under clause (23D) of section 10— (a) | located in any International Financial Services Centre; (b) | of which all the units are held by non-residents; (vi) | \"unit\" means beneficial interest of an investor in the fund;'.","html":"<p><b><b>Amendment of section 115R</b></b></p><p><b><b>37</b>. </b>In section 115R of the Income-tax Act, in sub-section (2), with effect from the 1st day of September, 2019,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>after the second proviso, before the <i>Explanation</i>, the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided also</b> that no additional income-tax shall be chargeable in respect of any amount of income distributed on or after the 1st day of September, 2019 by a specified Mutual Fund, out of its income derived from transactions made on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in convertible foreign exchange:\";</td></tr><tr><td>(<i>B</i>)</td><td></td><td>in the <i>Explanation</i>,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>after clause (<i>i</i>), the following clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>ia</i>)</td><td></td><td>\"convertible foreign exchange\" means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999) and the rules made thereunder;';</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>after clause (<i>ii</i>), the following clauses shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>iii</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>iv</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>v</i>)</td><td></td><td>\"specified Mutual Fund\" means a Mutual Fund specified under clause (<i>23D</i>) of section 10—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>located in any International Financial Services Centre;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>of which all the units are held by non-residents;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>vi</i>)</td><td></td><td>\"unit\" means beneficial interest of an investor in the fund;'.</td></tr></table></div>","words":279,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2019-no-2/section/37/","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."}