{"act":{"id":"finance-act-2022","short_title":"The Finance Act, 2022","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2022-2023.","act_number":"6","act_year":2022,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":134,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2022/"},"unit":"section","section":{"number":"25","heading":"Amendment of section 94","text":"Amendment of section 94. 25.  In section 94 of the Income-tax Act, with effect from the 1st day of April, 2023,— (i) | in sub-section (8), for the word \"units\" wherever it occurs, the words \"securities or units\" shall be substituted; (ii) | in the Explanation,— (a) | for clause (aa), the following clause shall be substituted, namely:— '(aa) \"record date\" means such date as may be fixed by— (i) | a company; (ii) | a Mutual Fund or the Administrator of the specified undertaking or the specified company referred to in the Explanation to clause (35) of section 10; or (iii) | a business trust defined in clause (13A) of section 2; or (iv) | an Alternative Investment Fund defined in clause (b) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), for the purposes of entitlement of the holder of the securities or units, as the case may be, to receive dividend, income, or additional securities or units without any consideration, as the case may be,'; (b) | for clause (d), the following clause shall be substituted, namely:— '(d) \"unit\" shall mean,— (i) | a unit of a business trust defined in clause (13A) of section 2; (ii) | a unit defined in clause (b) of the Explanation to section 115AB; or (iii) | beneficial interest of an investor in an Alternative Investment Fund, defined in clause (b) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), and shall include shares or partnership interests.'.","html":"<p><b>Amendment of section 94.</b></p><p><b>25. </b> In section 94 of the Income-tax Act, with effect from the 1st day of April, 2023,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in sub-section (8), for the word \"units\" wherever it occurs, the words \"securities or units\" shall be substituted;</td></tr><tr><td>(<i>ii</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>for clause (aa), the following clause shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>'(aa) \"record date\" means such date as may be fixed by—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>a company;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>a Mutual Fund or the Administrator of the specified undertaking or the specified company referred to in the <i>Explanation</i> to clause (35) of section 10; or</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>a business trust defined in clause (13A) of section 2; or</td></tr><tr><td>(<i>iv</i>)</td><td></td><td>an Alternative Investment Fund defined in clause (<i>b</i>) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992),</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td>for the purposes of entitlement of the holder of the securities or units, as the case may be, to receive dividend, income, or additional securities or units without any consideration, as the case may be,';</td></tr><tr><td>(<i>b</i>)</td><td></td><td>for clause (<i>d</i>), the following clause shall be substituted, namely:—</td></tr><tr><td></td><td></td><td>'(<i>d</i>) \"unit\" shall mean,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>a unit of a business trust defined in clause (13A) of section 2;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>a unit defined in clause (<i>b</i>) of the <i>Explanation</i> to section 115AB; or</td></tr><tr><td>(<i>iii</i>)</td><td></td><td>beneficial interest of an investor in an Alternative Investment Fund, defined in clause (<i>b</i>) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992), and shall include shares or partnership interests.'.</td></tr></table></div>","words":294,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2022/section/25/","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."}