Amendment of section 115TA
42. In section 115TA of the Income-tax Act, sub-section (3) shall be omitted with effect from the 1st day of April, 2015.
Notes on Clauses:
Clause 42 of the Bill seeks to amend section 115TA of the Income-tax Act relating to tax on distributed income to investors.
The existing provisions contained in sub-section (3) of section 115TA provides that the person responsible for making payment of the income distributed by the securitisation trust shall, on or before the 15th September in each year, furnish to the prescribed income-tax authority, a statement in the prescribed form and verified in the prescribed manner, giving the details of the amount of income distributed to investors during the previous year, the tax paid thereon and such other relevant details as may be prescribed.
It is proposed to omit sub-section (3) of the aforesaid section 115TA.
This amendment will take effect from 1st April, 2015.
