Finance Bill 2023 amendments as introduced in Lok Sabha,

sections 2 to 122 shall come into force on the 1st day of April, 2023;

sections 123 to 14413 shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.”.

Provided further that where the total income of a person, being a specified fund referred to in clause (c) of the Explanation to clause (4E3) of section 10 of the Income-tax Act, includes any income under clause (a) of sub-section (1) of section 115A./D of the Income-tax Act, the advance tax computed on that part of income shall not be increased by any surcharge;”.

Provided also that- in the case of a specified fund, referred to in clause (c) of the Explanation to clause (413) of section 10 of the Income-tax Act, whose income is chargeable to tax under sub-section (1A.) of section 1 1513A-C and where such income includes any income under clause (a) of sub-section (1) of section 115AD of the*Inearnert,ax Act;,-the adifa’llice tax. eo3fiputed on that part of income shall non- increased by any surcharge:”.

Provided further that nothing contained in this sub-section shall apply in respect of income-tax as specified in sub-section (9), calculated on income, referred to in clause (a) of sub-section (1) of section 115AD of the Income-tax Act, of specified hind referred to in clause (c) of the Explanation to clause (4D) of section 10 of-the Income-tax Act.”.

The President has in pursuance of clauses (1) and (3) of article 117 and clause (1) of article 274 of the Constitution recommended to L.olc Sabha the moving of the arnencnents.

(4G) any income received by a non-resident from,-

(1) portfolio of securities or financial products c”- funds, managed or administered by any portroli. manager on behalf of such non-resident; or

(ii) such activity carried out by such person, us may be notified by the Central Government in the Official Gazette,

in an account maintained with an Offshore Banking Unit in any International Financial Services Centre, as referred to in sub-section (1 A) of section 80I,A, to the extent such income accrues or arises outside India and is not deemed to accrue or arise in India.

Explexpletticm. -For the purposes of this clause, “portfolio manager” shall have the same meaning as assigned to it in clause (z.) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021, made under the so of 2019 International Financial Services Centres Authority Act, 2019;

(4H) any income of a non-resident or a Unit of an international Financial Services Centre as referred to in sub-section (LA) of section BOLA. engaged primarily in the business of leasing of an aircraft, by way of capital gains arising from the transfer of equity shares of domestic company, being a Unit of an International Financial Services Centre as referred to in sub-section (1A.) of section BOLA, engaged primarily in the business of lease of an aircraft which has commenced operations on or before the 31st day of March, 2026:

Provided that the provisions of this clause shall apply for capital gains arising from the transfer of equity shares of such domestic company in a previous year relevant to ..ri assessment year falling within the-

a) period of ten assessment years beginning with the assessment year relevant to the previous year in which the domestic company has commenced operations; or

(5) period of ten assessment years beginning with the assessment year commencing on the 1st day of 2024, where the period referred to in clause (a) ends before the 1st day of Apri I, 2034.