Amendment of section 139
47. In section 139 of the Income-tax Act, with effect from the 1st day of April, 2015,––
(a) in sub-section (4C),––
(i) after clause (e), the following clauses shall be inserted, namely:––
“(ea) Mutual Fund referred to in clause (23D) of section 10;
(eb) securitisation trust referred to in clause (23DA) of section 10;
(ec) venture capital company or venture capital fund referred to in clause (23FB) of section 10;”;
(ii) after the words “or infrastructure debt fund”, the words “or Mutual Fund or securitisation trust or venture capital company or venture capital fund” shall be inserted;
(b) after sub-section (4D), the following sub-section shall be inserted, namely:––
“(4E) Every business trust, which is not required to furnish return of income or loss under any other provisions of this section, shall furnish the return of its income in respect of its income or loss in every previous year and all the provisions of this Act shall, so far as may be, apply if it were a return required to be furnished under sub-section (1).”.
Notes on Clauses:
Clause 47 of the Bill seeks to amend section 139 of the Income-tax Act relating to return of income.
The existing provisions contained in sub-section (4C) of section 139, inter alia, provide for filing return of income by certain entities whose income is exempt under section 10 of the Act.
It is proposed to amend sub-section (4C) of section 139 so as to provide that Mutual Fund referred to in clause (23D) of section 10 and securitisation trust referred to in clause (23DA) of section 10 and Venture Capital Company or Venture Capital Fund referred to in clause (23FB) of section 10 shall, if the total income in respect of which such fund, trust or company is assessable, without giving effect to the provisions of section 10, exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed and all the provisions of the Act, so far as may be, apply as if it were a return required to be furnished under sub-section (1) of the said section 139.
It is also proposed to insert a new sub-section (4E) in section 139 so as to provide for filing of return of income by business trust which is not required to furnish return of income or loss under any other provision of the section.
These amendments will take effect from 1st April, 2015.
