41. Amendment of section 115T.
In the Explanation occurring after section 115T of the Income-tax Act, for clause (b), the following clause shall be substituted, namely:––
‘(b) “equity oriented fund” means a fund referred to in clause (a) of the Explanation to section 112A and the Unit Scheme, 1964 made by the Unit Trust of India;’.
Notes on Clauses:
Clause 41 of the Bill seeks to amend section 115T of the Income-tax Act relating to Unit Trust of India or Mutual Fund to be an assessee in default.
The said section, inter alia, provides the definition of “equity oriented fund" to mean the Unit Scheme, 1964 made by the Unit Trust of India; and such fund where the investible funds are invested by way of equity shares in domestic companies to the extent of more than sixty-five per cent. of the total proceeds of such fund.
It is proposed to amend the said clause so as to define “equity oriented fund” as a fund referred to in clause (a) of Explanation to section 112A and the Unit Scheme, 1964 made by the Unit Trust of India.
This amendment will take effect from 1st April, 2018.
