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Section34
The Finance Act, 2021

Amendment of section 115AD

In force As on 07 Oct 2026

Ministry Finance

Section 34 of the Finance Act, 2021 deals with amendment of section 115AD. 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 investmen

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;".
Section 34, The Finance Act, 2021.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 10 Amendment of section 43
  2. Income-tax Act s. 115AD Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer

Questions about Section 34

What does Section 34 of the Finance Act deal with?

Section 34 of the Finance Act is headed "Amendment of section 115AD". 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 investmen

How do I find court cases under Section 34 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 2021 34, section 34 Finance Act 2021, section 34 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 34 of the Finance Act, and has it changed?

Its own text turns on section 10 (Amendment of section 43), Income-tax Act 115AD (Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2021. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by 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.