Section 12AB(10) in Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020
(10)Every notification issued under sub-section (8) and sub-section (9) shall, as soon as may be after the notification is issued, be laid before each House of Parliament.";(XIV)in section 115AD, with effect from the 1st day of April, 2021,-(a)in sub-section (1),-(i)in the opening portion, for the words "Foreign Institutional Investor", the words "specified fund or Foreign Institutional Investor" shall be substituted;(ii)for clause (i), the following clause shall be substituted, namely:-"(i) the amount of income-tax calculated on the income in respect of securities referred to in clause (a), if any, included in the total income,-(A)at the rate of twenty per cent. in case of Foreign Institutional Investor;(B)at the rate of ten per cent. in case of specified fund;";(iii)in clause (iv), for the words "Foreign Institutional Investor", the words "specified fund or Foreign Institutional Investor" shall be substituted;(b)after sub-section (1), the following sub-section shall be inserted, namely:-"(1A) Notwithstanding anything contained in sub-section (1), in case of specified fund, the provision of this section shall apply only to the extent of income that is attributable to units held by non-resident (not being a permanent establishment of a non-resident in India) calculated in the prescribed manner.";(c)in sub-section (2), for the words "Foreign Institutional Investor", at both the places where they occur, the words "specified Fund or Foreign Institutional Investor" shall be substituted;(d)in the Explanation, for clause (b), the following clauses shall be substituted, namely:-(b)the expression "permanent establishment" shall have the meaning assigned to it in clause (iiia) of section 92F;(c)the expression "securities" shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956(42 of 1956);(d)the expression "specified fund" shall have the same meaning assigned to it in clause (c) of the Explanation to clause (4D) of section 10.';(XV)in section 115BBDA, in the Explanation, in clause (b), in sub-clause (iii),-(i)for the words, figures and letters "under section 12A or section 12AA or section 12AB", the words, figures and letters "under section 12A or section 12AA" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of June, 2020;(ii)for the words, figures and letters, "under section 12A or section 12AA" the words, figures and letters "under section 12A or section 12AA or section 12AB" shall be substituted with effect from the 1st day of April, 2021;(XVI)in section 115JEE, after sub-section (2), the following sub-section shall be inserted with effect from the 1st day of April, 2021, namely:-
