Section 30 of the Finance Act, 2015 deals with amendment of section 115JB. Amendment of section 115JB. 30. In section 115JB of the Income-tax Act, in the Explanation 1 below sub-section (2), with effect from the 1st day of April, 2016,— (a) | after clause (f), the following clauses shall be inserted, namely:— "(fa) | the amount or amounts of expenditure relatable to, incom
Amendment of section 115JB.
30. In section 115JB of the Income-tax Act, in the Explanation 1 below sub-section (2), with effect from the 1st day of April, 2016,—
(a)
after clause (f), the following clauses shall be inserted, namely:—
"(fa)
the amount or amounts of expenditure relatable to, income, being share of the assessee in the income of an association of persons or body of individuals, on which no income-tax is payable in accordance with the provisions of section 86; or
(fb)
the amount or amounts of expenditure relatable to income accruing or arising to an assessee, being a foreign company, from,—
(A)
the capital gains arising on transactions in securities; or
(B)
the interest, royalty or fees for technical services chargeable to tax at the rate or rates specified in Chapter XII,
if the income-tax payable thereon in accordance with the provisions of this Act, other than the provisions of this Chapter, it is a rate less than the rate specified in sub-section (1); or
(fc)
the amount representing notional loss on transfer of a capital asset, being share or a special purpose vehicle to a business trust in exchange of units allotted by the trust referred to in clause (xvii) of section 47 or the amount representing notional loss resulting from any change in carrying amount of said units or the amount of loss on transfer of units referred to in clause (xvii) of section 47; or;"
(b)
after clause (j), the following clause shall be inserted, namely:—
"(k)
the amount of gain on transfer of units referred to in clause (xvii) of section 47 computed by taking into account the cost of the shares exchanged with units referred to in the said clause or the carrying amount of the shares at the time of exchange where such shares are carried at a value other than the cost through profit or loss account, as the case may be;";
(c)
after clause (iib), the following clauses shall be inserted, namely:—
"(iic)
the amount of income, being the share of the assessee in the income of an association of persons or body of individuals, on which no income-tax is payable in accordance with the provisions of section 86, if any, such amount is credited to the profit and loss account; or
(iid)
the amount of income accruing or arising to assessee, being a foreign company, from,—
(A)
the capital gains arising on transactions in securities; or
(B)
the interest, royalty or fees for technical services chargeable to tax at the rate or rates specified in Chapter XII,
if such income is credited to the profit and loss account and the income-tax payable thereon in accordance with the provisions of this Act, other than the provisions of this Chapter, is at a rate less than the rate specified in sub-section (1); or
(iie)
the amount representing,—
(A)
notional gain on transfer of a capital asset, being share of a special purpose vehicle to a business trust in exchange of units allotted by that trust referred to in clause (xvii) of section 47; or
(B)
notional gain resulting from any change in carrying amount of said units; or
(C)
gain on transfer of units referred to in clause (xvii) of section 47,
if any, credited to the profit and loss account; or
(iif)
the amount of loss on transfer of units referred to in clause (xvii) of section 47 computed by taking into account the cost of the shares exchanged with units referred to in the said clause or the carrying amount of the shares at the time of exchange where such shares are carried at a value other than the cost through profit or loss account, as the case may be; or";
(d)
after Explanation 3, the following Explanation shall be inserted, namely:—
'Explanation 4.—For the purposes of sub-section (2), the expression "securities" shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).'.
Section 30, The Finance Act, 2015 (Act 20 of 2015).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
What does Section 30 of the Finance Act deal with?
Section 30 of the Finance Act is headed "Amendment of section 115JB". Amendment of section 115JB. 30. In section 115JB of the Income-tax Act, in the Explanation 1 below sub-section (2), with effect from the 1st day of April, 2016,— (a) | after clause (f), the following clauses shall be inserted, namely:— "(fa) | the amount or amounts of expenditure relatable to, incom
How do I find court cases under Section 30 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2015 30, section 30 Finance Act 2015, section 30 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 30 of the Finance Act, and has it changed?
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eCourtsIndia. 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. This page is not a substitute for legal advice.
