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The Central Government notifies specific securities for the purposes of sub-clause (d) of clause (viiab) of section 47 of the Income-tax Act, 1961. The notified securities include foreign currency denominated bonds, units of a Mutual Fund, units of a business trust, foreign currency denominated equity shares of a company, and units of an Alternative Investment Fund. These securities must be listed on a recognised stock exchange located in any International Financial Services Centre in accordance with the regulations made by the Securities and Exchange Board of India or the International Financial Services Centres Authority. The notification comes into force on the 1st day of April, 2020.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 5th March, 2020 INCOME-TAX
S.O. 986(E).—In exercise of the powers conferred by sub-clause (d) of clause (viiab) of section 47 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies the following securities for the purposes of the said sub-clause, namely:-
Explanation.- For the purposes of this notification,─
[Notification No. 16/2020, F.No.370142/22/2019-TPL] GUDRUN NEHAR, Director (Tax Policy & Legislation)
