PART XII
AMENDMENTS TO THE FINANCE (NO.2) ACT, 2004
Commencement of this Part.
154. The provisions of this Part shall come into force and shall be deemed to have come into force on the 1st day of February, 2021.
Notes on Clauses:
Clause 154 and 155 of the Bill seeks to amend section 97 of the Finance Act (No.2) Act, 2004.
Chapter-VII of the said Act provides for Securities Transaction Tax.
It is proposed to amend sub-clause (b) of clause (13) of section 97 of the said Act so as to include sale or surrender or redemption of a unit of an equity oriented fund to the insurance company, on maturity or partial withdrawal, with respect to unit linked insurance policy issued by such insurance company on or after 1st February, 2021, under the definition of “taxable securities transaction”.
It is further proposed to insert clause (13A) to the said section define the expression “unit linked insurance policy”.
These amendments will take effect retrospectively from 1st February, 2021.
