Amendment of section 115UA.
61. In section 115UA of the Income-tax Act, in sub-section (3), for the words, brackets, figures and letters “in clause (23FC)”, the words, brackets, letters and figures “in sub-clause (a) of clause (23FC)” shall be substituted with effect from the 1st day of April, 2017.
Notes on Clauses:
Clause 61 of the Bill seeks to amend section 115UA of the Income-tax Act relating to tax on income of unit holder and business trust.
It is proposed to amend sub-section (3) of the said section to provide that any distributed income from a business trust received by a unit holder which is of the same nature as dividend referred to in sub-section (7) of section 115-O shall not be included in the total income of such unit holder.
This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years.
