# The Finance Act, 2015, Section 4: Amendment of section 6

- Act: The Finance Act, 2015 (Act 20 of 2015)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2015/section/4/

## Text

Amendment of section 6. 4. In section 6 of the Income-tax Act,— (i) | in clause (1), the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely:— "Explanation 2.—For the purposes of this clause, in the case of an individual, being a citizen of India and a member of the crew of a foreign bound ship leaving India, the period or periods of stay in India shall, in respect of such voyage, be determined in the manner and subject to such conditions as may be prescribed."; (ii) | for clause (3), the following clause shall be substituted with effect from the 1st day of April, 2016, namely:— '(3) A company is said to be resident in India in any previous year, if— (i) | it is an Indian company; or (ii) | its place of effective management, in that year, is in India. Explanation.—For the purposes of this clause "place of effective management" means a place where key management and commercial decisions that are necessary for the conduct of the business of an entity as a whole, are in substance made.'.

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