Amendment of Chapter XII-BA.
47. In Chapter XII-BA of the Income-tax Act, in the heading, for the words “LIMITED LIABILITY PARTNERSHIPS”, the words “PERSONS OTHER THAN A COMPANY” shall be substituted with effect from the 1st day of April, 2013.
Notes on Clauses:
Clause 47 of the Bill seeks to amend the heading of Chapter XII-BA of the Income-tax Act relating to special provisions relating to certain limited liability partnerships.
The existing heading of the aforesaid Chapter XII-BA provides for special provisions relating to certain limited liability partnerships.
It is proposed to substitute the words “PERSONS OTHER THAN A COMPANY” in place of the words “LIMITED LIABILITY PARTNERSHIPS” so as to make the special provisions under the said Chapter relating to certain persons other than a company.
This amendment will take effect from 1st April, 2013 and will, accordingly, apply in relation to the assessment year 2013-2014 and subsequent assessment years.
