Amendment of section 13 of Act 58 of 2002
108. In the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, in section 13, in subsection
(1), for the words, figures and letters “the 31st day of March, 2014”, the words, figures and letters “the 31st day of March, 2019” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2014.
Notes on Clauses:
Clause 108 of the Bill seeks to amend section 13 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002.
The existing provisions contained in sub-section (1) of section 13 of the aforesaid Act provide that notwithstanding anything contained in the Income-tax Act, 1961, or any other enactment for the time being in force relating to tax or income, profits or gains, no income-tax or any other tax shall be payable by the Administrator up to the 31st day of March, 2014 in respect of any income, profits or gains derived, or any amount received in relation to the specified undertaking.
It is proposed to amend sub-section (1) of the said section so as to extend the income-tax exemption to the said undertaking from the period beginning on the 1st April, 2014 to 31st March, 2019.
This amendment will take effect retrospectively from 1st April, 2014.
