# The Finance Act, 2016, Section 49: Amendment of section 111A

- Act: The Finance Act, 2016
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2016/section/49/

## Text

Amendment of section 111A. 49. In section 111A of the Income-tax Act with effect from the lst day of April, 2017,— '(i) | in sub-section (1), after the proviso the following proviso shall be inserted, namely:— "Provided further that nothing contained in clause (b) shall apply to a transaction undertaken on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreign currency."; (ii) | for the Explanation below sub-section (3), the following shall be substituted, namely:— Explanation.—For the purposes of this section,— (a) | "equity oriented fund" shall, have the meaning assigned to it in the Explanation to clause (38) of section 10; (b) | "International Financial Services Centre" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); (c) | "recognised stock exchange" shall have the meaning assigned to it in clause (ii) of the Explanation 1 to sub-section (5) of section 43.'.

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