Amendment of section 115UB.
59. In section 115UB of the Income-tax Act, in Explanation 1, in clause (a), after the words and figures “Securities and Exchange Board of India Act, 1992 (15 of 1992) or”, the words, brackets and figures “regulated under the International Financial Services Centres Authority (Fund Management) Regulations, 2022 made” shall be inserted.
Notes on Clauses:
Clause 59 of the Bill seeks to amend section 115UB of the Income-tax Act relating to tax on income of investment fund and its unit holders
It is proposed to amend clause (a) of Explanation 1 to the said section to give reference of the International Financial Services Centres Authority (Fund Management) Regulations, 2022 in the definition of “investment fund”.
This amendment will take effect from 1st April, 2023 and, will, accordingly apply in relation to the assessment year 2023-2024 and subsequent assessment years.