TMI BlogAmendment of section 2X X X X Extracts X X X X X X X X Extracts X X X X ..... lause (14), with effect from the 1st day of April, 2015, (A) for the words in the opening portion capital asset means property of any kind held by an assessee, whether or not connected with his business or profession, but does not include (i) any stock-in-trade , the following shall be substituted, namely: capital asset means (a) property of any kind held by an assessee, whether or not connected with his business or profession; Amendment of section 2. 15 of 1992. (b) any securities held by a Foreign Institutional Investor which has invested in such securities in accordance with the regulations made under the Securities and Exchange Board of India A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 117; ; (V) for clause (21), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of June, 2013, (21) Director General or Director means a person appointed to be a Director General of Income-tax or a Principal Director General of Income-tax or, as the case may be, a Director of Income-tax or a Principal Director of Income-tax, under sub-section (1) of section 117, and includes a person appointed under that sub-section to be an Additional Director of Income-tax or a Joint Director of Income-tax or an Assistant Director or Deputy Director of Income-tax; ; (VI) in clause (24), after sub-clause (xvi), the following sub-clause shall be inser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... words a unit of an equity oriented fund shall be substituted; (B) in the Explanation 1, in clause (i), after sub-clause (hb), the following sub-clause shall be inserted with effect from the 1st day of October, 2014, namely: (hc) in the case of a capital asset, being a unit of a business trust, allotted pursuant to transfer of share or shares as referred to in clause (xvii) of section 47, there shall be included the period for which the share or shares were held by the assessee; ; (C) after Explanation 3, the following Explanation shall be inserted with effect from the 1st day of April, 2015, namely: Explanation 4. For the purposes of this clause, the expression equity oriented ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is also proposed to amend section 2 so as to substitute the definitions of clause (15A), clause (16) and clause (21) relating to Chief Commissioner , Commissioner and Director General or Director . It is further proposed to insert clauses (34A), (34B), (34C) and (34D) so as to define the terms Principal Chief Commissioner of Income-tax , Principal Commissioner of Income-tax , Principal Director General of Income-tax and Principal Director of Income-tax to mean a person appointed to be an income-tax authority under section 117 of the Act. These amendments will take effect retrospectively from 1 st June, 2013. The existing provisions contained in clause (24) of section 2 defines the term ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be limited to a unit of an equity oriented fund. It is further proposed to insert an Explanation to define the expression equity oriented fund . This amendment will take effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent years. It is also proposed to provide in clause (42A) of section 2 that in the case of capital asset being units of a business trust, allotted pursuant to transfer of share or shares as referred to in clause (xvii) of section 47, there shall be included the period for which such share or shares were held by the assessee. This amendment will take effect from 1st October, 2014. - statute, statutory provis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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