PART VII
AMENDMENTS TO THE UNIT TRUST OF INDIA (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2002
Amendment of Act 58 of 2002.
154. In the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, with effect from the 1st day of April, 2023,––
(a) in section 8, in sub-section (1), for the words “investors, shall”, the words “investors or from such date as may be notified by the Central Government in the Official Gazette, whichever is earlier,” shall be substituted;
(b) in section 13, in sub-section (1), for the figures, letters and words “31st day of March, 2023”, the figures, letters and words “30th day of September, 2023” shall be substituted.
Declaration under the Provisional Collection of Taxes Act, 1931
It is hereby declared that it is expedient in the public interest that the provisions of sub-clause (a) of clause 126 and clause 153 of this Bill shall have immediate effect under the Provisional Collection of Taxes Act, 1931 (16 of 1931).
Notes on Clauses:
Clause 154 seeks to amend the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002.
Section 8 of the said provides for Administrator to vacate office.
Sub-section (1) of the said section, inter alia, provides that the Administrator shall, immediately on redemption of all the schemes of the specified undertaking and the payment of entire amount to investors shall vacate his office.
It is proposed to amend the said sub-section so as to provide that the Administrator shall, immediately on redemption of all the schemes of the specified undertaking and the payment of entire amount to investors or from such date as may be notified by the Central Government in the Official Gazette, whichever is earlier, vacate his office.
Section 13 of the Act pertains to tax exemption or benefit to continue to have effect.
Sub-section (1) of the said section provides that notwithstanding anything contained in the Income-tax Act 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 in relation to the specified undertaking for the period beginning on the appointed day and ending on 31st March, 2023, in respect of any income, profits or gains derived, or any amount received in relation to the specified undertaking.
It is proposed to amend the said sub-section (1) so as to extend tax exemption to specified undertaking from 31st March, 2023 to 30th September, 2023.
These amendments will take effect from the 1st April, 2023.
