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Home Acts & Rules Bill Bills FINANCE BILL, 2020 Chapters List Chapter III DIRECT TAXES - Income-tax This
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Clause 55 - Amendment of section 115C. - FINANCE BILL, 2020

FINANCE BILL, 2020
Chapter III
DIRECT TAXES - Income-tax
  • Contents
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Amendment of section 115C.

55. In section 115C of the Income-tax Act, in clause (c), the words, figures and letter “other than dividends referred to in section 115-O” shall be omitted with effect from the 1st day of April, 2021.

 



 

Notes on Clauses:

Clause 55 of the Bill seeks to amend section 115C of the Income-tax Act relating to definitions.

Clause (c) of the said section defines the expression “investment income” for the purposes of Chapter XII-A to mean any income derived other than dividends referred to in section 115-O from a foreign exchange asset.

It is proposed to amend the said clause to omit the reference of dividend referred to in section 115-O so as to define “investment income” to mean any income derived from a foreign exchange asset.

This amendment will take effect from 1st April, 2021 and will, accordingly, apply in relation to the assessment year 2021-2022 and subsequent assessment years.

 
 
 
 
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