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Amendment of section 139

Section 35 - Act - DIRECT TAXES - Income-tax - Finance Act - Section 35 - 35. In section 139 of the Income-tax Act, with effect from the 1st day of April, 2016,- (I). in sub-section (1),- (A) for fourth proviso, the following provisos shall be substi .....

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vious year,- (a) holds, as a beneficial owner or otherwise, any asset (including any financial interest in any entity) located outside India or has signing authority in any account located outside India; or (b) is a beneficiary of any asset (includin .....

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as may be prescribed: Provided also that nothing contained in the fourth proviso shall apply to an individual, being a beneficiary of any asset (including any financial interest in any entity) located outside India where, income, if any, arising fro .....

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purposes of this section beneficial owner in respect of an asset means an individual who has provided, directly or indirectly, consideration for the asset for the immediate or future benefit, direct or indirect, of himself or any other person. Expla .....

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iciary. ; (II) in sub-section (4C), in clause (e),- . (a) after the words other educational institution referred to in , the words, brackets, figures and letters sub-clause (iiiab) or shall be inserted; (b) after the words other medical institution r .....

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