Amendment of section 47.

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..... an Indian company issued outside India, by a non-resident to another non-resident; ; (b) after clause (xa), the following clause shall be inserted, namely:- (xb) any transfer by way of conversion of preference shares of a company into equity shares of that company; . - Clause 23 of the Bill seeks to amend section 47 of the Income-tax Act relating to transactions not regarded as transfer .....

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..... ce shares of a company into equity shares of that company shall also not be regarded as transfer. These amendments will take effect from 1st April, 2018 and will, accordingly, apply in relation to the assessment year 2018-2019 and subsequent years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxma .....

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