{"act":{"id":"finance-act-2021","short_title":"The Finance Act, 2021","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2021-2022.","act_number":null,"act_year":2021,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":180,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2021/"},"unit":"section","section":{"number":"34","heading":"Amendment of section 115AD","text":"Amendment of section 115AD. 34. In section 115AD of the Income-tax Act, with effect from the 1st day of April, 2022,— (i) | after sub-section (1A), the following sub-section shall be inserted, namely:— \"(1B) Notwithstanding anything contained in sub-section (1), where the specified fund is investment division of an offshore banking unit, the provisions of this section shall apply to the extent of income that is attributable to the investment division of such banking units, referred to in sub-clause (ii) of clause (c) to the Explanation to clause (4D) of section 10, as a Category-I portfolio investor under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), calculated in such manner as may be prescribed.\"; (ii) | in the Explanation, after clause (a), the following clause shall be inserted, namely:— \"(aa) the expression \"investment division of offshore banking unit\" shall have the meaning assigned to it in clause (aa) of the Explanation to clause (4D) of section 10;\".","html":"<p><b>Amendment of section 115AD.</b></p><p><b>34.</b> In section 115AD of the Income-tax Act, with effect from the 1st day of April, 2022,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>after sub-section (1A), the following sub-section shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(1B) Notwithstanding anything contained in sub-section (1), where the specified fund is investment division of an offshore banking unit, the provisions of this section shall apply to the extent of income that is attributable to the investment division of such banking units, referred to in sub-clause (<i>ii</i>) of clause (<i>c</i>) to the <i>Explanation</i> to clause (<i>4D</i>) of section 10, as a Category-I portfolio investor under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), calculated in such manner as may be prescribed.\";</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in the <i>Explanation</i>, after clause (<i>a</i>), the following clause shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>aa</i>) the expression \"investment division of offshore banking unit\" shall have the meaning assigned to it in clause (<i>aa</i>) of the <i>Explanation</i> to clause (<i>4D</i>) of section 10;\".</td></tr></table></div>","words":175,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2021/section/34/","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."}