Amendment of section 115UA.
58. In section 115UA of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 2024, namely:––
“(3A) The provisions of sub- sections (1), (2) and (3) shall not apply in respect of any sum referred to in clause (xii) of sub-section (2) of section 56, received by a unit holder from a business trust.”.
Notes on Clauses:
Clause 58 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 insert sub-section (3A) in the said section to provide that the provisions of sub- sections (1), (2) and (3) of the said section shall not apply in respect of any sum, referred to in clause (xii) of sub-section (2) of section 56, received by a unit holder from a business trust.
This amendment will take effect from 1st April, 2024 and will, accordingly, apply in relation to the assessment year 2024-2025 and subsequent assessment years.
