TMI BlogIncomes not included in total income [Clause (23D) to Clause (50)]X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980) 69 [ and a bank included in the category 'other public sector banks' by the Reserve Bank of India ] ; (b) the expression public financial institution shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956); ] 5 [ (c) the expression Securities and Exchange Board of India shall have the meaning assigned to it in clause (a) of sub-section (1) of section 2 of the Securities and Exchange Board of India Act, 1992 (15 of 1992); ] 75 [(23DA) any income of a securitisation trust from the activity of securitisation. Explanation.-For the purposes of this clause,- (a) securitisation shall have the same meaning as assigned to it,- (i) in clause (r) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contract ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nding to the credit of the Fund and not charged to income-tax during any previous year is shared, either wholly or in part with a depository, the whole of the amount so shared shall be deemed to be the income of the previous year in which such amount is so shared and shall, accordingly, be chargeable to income-tax. Explanation.-For the purposes of this clause,- (i) depository shall have the same meaning as assigned to it in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996); (ii) regulations means the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Depositories Act, 1996 (22 of 1996) ] 85 [(23EE) any specified income of such Core Settlement Guarantee Fund, set up by a recognised clearing corporation in accordance with the regulations, as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that where any amount standing to the credit of the Fund and not charged to income-tax during any previous year is shared, either wholly or in part with the specified person, the whole of the amount so shared shall be deemed to be the income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of this clause,- (a) venture capital fund means such fund, operating under a trust deed registered under the provisions of the Registration Act, 1908 (16 of 1908), established to raise monies by the trustees for investments mainly by way of acquiring equity shares of a venture capital undertaking in accordance with the prescribed guidelines; (b) venture capital company means such company as has made investments by way of acquiring equity shares of venture capital undertakings in accordance with the prescribed guidelines; 15 [ (c) venture capital undertaking means such domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in the business of generation or generation and distribution of electricity or any other form of power or engaged in the business of providing telecommunication services or in the business of developing, maintaining and operating any infrastructure facility or engaged in the manufacture or production of such articles or things (including computer software) as may be notified by the Central Government in this behalf; and (d) infrastructure facility means a road, highway, bridge, airport, po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itution approved by the Department of Science and Technology ;] 19 [(23FB) any income of a venture capital company or venture capital fund 20 [ set up to raise funds for investment ] in a venture capital undertaking. 86 [Provided that nothing contained in this clause shall apply in respect of any income of a venture capital company or venture capital fund, being an investment fund specified in clause (a) of the Explanation 1 to section 115UB, of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2016;] 77 [Explanation.-For the purposes of this clause,- (a) venture capital company means a company which- (A) has been granted a certificate of registration, before the 21st day of May, 2012, as a Venture Capital Fund and is regulated under the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 (hereinafter referred to as the Venture Capital Funds Regulations) made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); or (B) has been granted a certificate of registration as Venture Capital Fund as a sub-category of Category I Alternative Investment Fund and is regu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regulation 2 of the Alternative Investment Funds Regulations] 87 [(23FBA) any income of an investment fund other than the income chargeable under the head Profits and gains of business or profession ; (23FBB) any income referred to in section 115UB, accruing or arising to, or received by, a unit holder of an investment fund, being that proportion of income which is of the same nature as income chargeable under the head Profits and gains of business or profession . Explanation.-For the purposes of clauses (23FBA) and (23FBB), the expression investment fund shall have the meaning assigned to it in clause (a) of the Explanation 1 to section 115UB; ] 118 [ (23FBC) any income accruing or arising to, or received by, a unit holder from a specified fund or on transfer of units in a specified fund. Explanation.-For the purposes of this clause, the expressions- (a) specified fund shall have the same meaning as assigned to it in clause (c) of the Explanation to clause (4D); (b) unit means beneficial interest of an investor in the fund and shall include shares or partnership interests. ] 82 [(23FC) any income of a business trust 93 [by way of- (a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y-I or Category-II Alternative Investment Fund regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992,(15 of 1992.) having 122 [ not less than fifty per cent. ] investment in one or more of the company or enterprise or entity referred to in item (b) 123 [ or item (d) or item (e) or in an Infrastructure Investment Trust referred to in sub-clause (i) of clause (13A) of section 2; or ] : 124 [ (d) a domestic company, set up and registered on or after the 1st day of April, 2021, having minimum seventy-five per cent. investments in one or more of the companies or enterprises or entities referred to in item (b); or (e) a non-banking financial company registered as an Infrastructure Finance Company as referred to in notification number RBI/2009-10/316 issued by the Reserve Bank of India or in an Infrastructure Debt Fund, a non-banking finance company, as referred to in the Infrastructure Debt Fund-Non-Banking Financial Companies (Reserve Bank) Directions, 2011, issued by the Reserve Bank of India, having minimum ninety per cent. lending to one or more of the com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also that in case a non-banking finance company registered as an Infrastructure Finance Company or Infrastructure Debt Fund, referred to in item (e) of sub-clause (iii), has lending of less than one hundred per cent. in one or more of the companies or enterprises or entities referred to in item (b) of the said sub-clause, income accrued or arisen or received or attributable to such lending, directly or indirectly, which is exempt under this clause shall be calculated proportionately to the lending made in one or more of the companies or enterprises or entities referred to in item (b) of the said sub-clause, in such manner as may be prescribed: Provided also that in case a sovereign wealth fund or pension fund has loans or borrowings, directly or indirectly, for the purposes of making investment in India, such fund shall be deemed to be not eligible for exemption under this clause. ] 126 [Explanation 1] .-For the purposes of this clause, specified person means (a) a wholly owned subsidiary of the Abu Dhabi Investment Authority which (i) is a resident of the United Arab Emirates; and (ii) makes investment, directly or indirectly, out of the fund owned by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a business trust, or a company, or an enterprise, or an entity, or a Category I or Category II Alternative Investment Fund, or an Infrastructure Investment Trust or a domestic company, or an Infrastructure Finance Company or an Infrastructure Debt Fund referred to in item (e) of sub-clause (iii), in which the sovereign wealth fund or the pension fund, as the case may be, has made the investment, directly or indirectly, under the provisions of this clause; (ii) loan and borrowing means- (a) any loan taken or borrowing by a sovereign wealth fund from, or any deposit or investment made in a sovereign wealth fund by, any person other than the Government of the country in which the sovereign wealth fund is set up; (b) any loan taken or borrowing by a pension fund from or any deposit or investment made in a pension fund by, any person but shall not include the deposit or investment which represents statutory obligations and defined contributions of one or more funds or plans established for providing retirement, social security, employment, disability, death benefits or any similar compensation to the participants or beneficiaries of such funds or plans, as the case may be. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s constituted under the Coal Mines Provident Funds and Miscellaneous Provisions Act, 1948 (46 of 1948), on behalf of the Deposit-linked Insurance Fund established under section 3G of that Act; or (b) by the Board of Trustees constituted under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 (19 of 1952), on behalf of the Deposit-linked Insurance Fund established under section 6C of that Act; ] 29 [(25A) any income of the Employees' State Insurance Fund set up under the provisions of the Employees' State Insurance Act, 1948 (34 of 1948); ] 30 [(26) in the case of a member of a Scheduled Tribe as defined in clause (25) of article 366 of the Constitution, residing in any area specified in Part I or Part II of the Table appended to paragraph 20 of the Sixth Schedule to the Constitution or in the 31 [ States of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Tripura ] or in the areas covered by notification No. TAD/R/35/50/109, dated the 23rd February, 1951, issued by the Governor of Assam under the proviso to sub-paragraph (3) of the said paragraph 20 [ as it stood immediately before the commencement of the North-Eastern Areas (R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... blished or formed for promoting the interests of the 41 [ members of the Scheduled Castes or the Scheduled Tribes or backward classes or of any two or all of them ]. 42 [Explanation. -For the purposes of this clause,- (a) Scheduled Castes and Scheduled Tribes shall have the meanings respectively assigned to them in clauses (24) and (25) of article 366 of the Constitution; (b) backward classes means such classes of citizens, other than the Scheduled Castes and the Scheduled Tribes, as may be notified- (i) by the Central Government; or (ii) by any State Government, as the case may be, from time to time; ] 43 [(26BB) any income of a corporation established by the Central Government or any State Government for promoting the interests of the members of a minority community. Explanation .-For the purposes of this clause, minority community means a community notified as such by the Central Government in the Official Gazette in this behalf ;] 44 [(26BBB) any income of a corporation established by a Central, State or Provincial Act for the welfare and economic upliftment of ex-servicemen being the citizens of India. Explanation .-For the purp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstituted, whichever is later; (e) the Marine Products Export Development Authority established under section 4 of the Marine Products Export Development Authority Act, 1972 (13 of 1972) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1972 or the previous year in which such Authority was constituted, whichever is later; (f) the Agricultural and Processed Food Products Export Development Authority established under section 4 of the Agricultural and Processed Food Products Export Development Act, 1985 (2 of 1986) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1985 or the previous year in which such Authority was constituted, whichever is later; (g) the Spices Board constituted under sub-section (1) of section 3 of the Spices Board Act, 1986 (10 of 1986) in any previous year relevant to any assessment year commencing on or after the 1st day of April, 1986 or the previous year in which such Board was constituted, whichever is later; ] 65 [(h) the Coir Board established under section 4 of the Coir Industry Act, 1953 (45 of 1953);] 49 [(30) in the case of an assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Central Government may, by notification in the Official Gazette, specify in this behalf ;] 54 [(32) in the case of an assessee referred to in sub-section (1A) of section 64, any income includible in his total income under that sub-section, to the extent such income does not exceed one thousand five hundred rupees in respect of each minor child whose income is so includible ;] 55 [(33) any income arising from the transfer of a capital asset, being a unit of the Unit Scheme, 1964 referred to in Schedule I to the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 (58 of 2002)and where the transfer of such asset takes place on or after the 1st day of April, 2002 ;] 56 [(34) any income by way of dividends referred to in section 115-O. 95 [ Provided that nothing in this clause shall apply to any income by way of dividend chargeable to tax in accordance with the provisions of section 115BBDA; ] 113 [Provided further that nothing contained in this clause shall apply to any income by way of dividend received on or after the 1st day of April, 2020 other than the dividend on which tax under section 115-O and section 115BBDA, wherever applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any income arising from the transfer of a long-term capital asset, being an eligible equity share in a company purchased on or after the 1st day of March, 2003 and before the 1st day of March, 2004 and held for a period of twelve months or more. Explanation .-For the purposes of this clause, eligible equity share means,- (i) any equity share in a company being a constituent of BSE-500 Index of the Stock Exchange, Mumbai as on the 1st day of March, 2003 and the transactions of purchase and sale of such equity share are entered into on a recognised stock exchange in India; (ii) any equity share in a company allotted through a public issue on or after the 1st day of March, 2003 and listed in a recognised stock exchange in India before the 1st day of March, 2004 and the transaction of sale of such share is entered into on a recognised stock exchange in India ;] 58 [(37) in the case of an assessee, being an individual or a Hindu undivided family, any income chargeable under the head Capital gains arising from the transfer of agricultural land, where- (i) such land is situate in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re- (a) the transaction of sale of such equity share or unit is entered into on or after the date on which Chapter VII of the Finance (No. 2) Act, 2004 comes into force; and (b) such transaction is chargeable to securities transaction tax under that Chapter : 59 [Provided that the income by way of long-term capital gain of a company shall be taken into account in computing the book profit and income-tax payable under section 115JB .] 90 [***] 98 [Provided also that nothing contained in sub-clause (b) shall apply to a transaction undertaken on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreign currency ] 103 [Provided also that nothing contained in this clause shall apply to any income arising from the transfer of a long-term capital asset, being an equity share in a company, if the transaction of acquisition, other than the acquisition notified by the Central Government in this behalf, of such equity share is entered into on or after the 1st day of October, 2004 and such transaction is not chargeable to securities transaction tax under Cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting business of power generation is by way of transfer of such business to the Indian company notified under sub-clause (a) of clause (v) of sub-section (4) of section 80-IA; 142 [ **** ] 62 [(42) any specified income arising to a body or authority which- (a) has been established or constituted or appointed under a treaty or an agreement entered into by the Central Government with two or more countries or a convention signed by the Central Government; (b) is established or constituted or appointed not for the purposes of profit; (c) is notified by the Central Government in the Official Gazette for the purposes of this clause. Explanation .-For the purposes of this clause, specified income means the income, of the nature and to the extent, arising to the body or authority referred to in this clause, which the Central Government may notify in this behalf .] 66 [ (43) any amount received by an individual as a loan, either in lump sum or in instalment, in a transaction of reverse mortgage referred to in clause (xvi) of section 47.] 70 [(44) any income received by any person for, or on behalf of, the New Pension System Trust established on the 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prises, being a trust created by the Government of India and the Small Industries Development Bank of India established under sub-section (1) of section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989.); ] (47) any income of an infrastructure debt fund, set up in accordance with the guidelines as may be prescribed, which is notified by the Central Government in the Official Gazette for the purposes of this clause.] 74 [(48) any income received in India in Indian currency by a foreign company on account of 80 [sale of crude oil, any other goods or rendering of services, as may be notified by the Central Government in this behalf, to any person] in India: Provided that- (i) receipt of such income in India by the foreign company is pursuant to an agreement or an arrangement entered into by the Central Government or approved by the Central Government; (ii) having regard to the national interest, the foreign company and the agreement or arrangement are notified by the Central Government in this behalf; and (iii) the foreign company is not engaged in any activity, other than receipt of such income, in India. ] 100 [(48A) any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r in which the developmental financing institution is set up: Provided that the Central Government may, by issuing notification under this clause, extend the period of exemption under this clause for a further period, not exceeding five more consecutive assessment years, subject to fulfilment of such conditions as may be specified in the said notification; ] 145 [ **** ] 101 [(50) any income arising from any specified service provided on or after the date on which the provisions of Chapter VIII of the Finance Act, 2016 117 [ comes into force or arising from any e-commerce supply or services made or provided or facilitated on or after the 1st day of April, 135 [ 2020 ]] and chargeable to equalisation levy under that Chapter. 136 [ Explanation 1. For the removal of doubts it is hereby clarified that the income referred to in this clause shall not include and shall be deemed never to have been included any income which is chargeable to tax as royalty or fees for technical services in India under this Act read with the agreement notified by the Central Government under section 90 or section 90A. Explanation 2.-For the purposes of this clause, (i) e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 4A of the Companies Act, 1956 (1 of 1956);' 7. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001. 8. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007. 9. Inserted by the Finance Act, 2002, w.e.f. 1-4-2002. 10. Word Scale omitted by the Finance Act, 2003, w.r.e.f. 1-4-2002. 11. Inserted by the Finance Act, 1995, w.e.f. 1-4-1996. 12. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000. 13. Third and fourth provisos omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. Prior to their omission, the third and fourth provisos, as inserted by the Finance Act, 1995, w.e.f. 1-4-1996, read as under : Provided also that if the aforesaid equity shares are transferred (other than in the event of the said shares being listed in a recognised stock exchange in India) by a venture capital fund or a venture capital company to any person at any time within a period of three years from the date of their acquisition, the aggregate amount of income by way of dividends on such equity shares which has not been included in the total income of the previous year or years preceding the previous year in which such transfer has taken place shall be deeme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Finance Act, 2000, w.e.f. 1-4-2001. 20. Words from investment shall be substituted for set up to raise funds for investment by the Finance Act, 2007, w.e.f. 1-4-2008. 21. Explanation numbered as Explanation 1 by the Finance Act, 2001, w.e.f. 1-4-2001. 22. Substituted by the Finance Act, 2001, w.e.f. 1-4-2001. Prior to its substitution, sub-clause (i) read as under : (i) operating under a trust deed registered under the provisions of the Registration Act, 1908 (16 of 1908); 23. Substituted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. Prior to its substitution, clause (c) of Explanation 1 read as under : '(c) venture capital undertaking means a domestic company- (i) whose shares are not listed in a recognised stock exchange in India; (ii) which is engaged in the business for providing services, production or manufacture of an article or thing but does not include such activities or sectors which are specified, with the approval of the Central Government, by the Securities and Exchange Board of India, by notification in the Official Gazette, in this behalf.' 24. Omitted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s or providing long term finance to an enterprise wholly engaged in the business referred to in this clause; (b) infrastructure capital fund means such fund operating under a trust deed registered under the provisions of the Registration Act, 1908 (16 of 1908) established to raise monies by the trustees for investment by way of acquiring shares or providing long-term finance to an enterprise wholly engaged in the business referred to in this clause; (c) [ *** ] (d) long-term finance shall have the meaning assigned to it in clause (viii) of sub-section (1) of section 36; (e) co-operative bank shall have the meaning assigned to it in clause (dd) of section 2 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961); (f) interest includes any fee or commission received by a financial institution for giving any guarantee to, or enhancing credit in respect of, an enterprise which has been approved by the Central Government for the purposes of this clause; (g) hotel project means a project for constructing a hotel of not less than three-star category as classified by the Central Government; (h) hospital project means ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for 1986 by the Finance Act, 1985, w.e.f. 1-4-1985. Earlier 1986 was substituted for 1983 by the Finance Act, 1983, w.e.f. 1-4-1983, 1983 was substituted for 1980 by the Finance Act, 1980, w.e.f. 1-4-1980, 1980 was substituted for 1975 by the Finance (No. 2) Act, 1977, with retrospective effect from 1-4-1975 and 1975 was substituted for 1970 by the Finance (No. 2) Act, 1971, w.r.e.f. 1-4-1970. 37. Existing Explanation renumbered as Explanation 1 by the Finance Act, 1983, w.r.e.f. 1-4-1980. 38. Inserted by the Finance Act, 1983, w.r.e.f. 1-4-1980. 39. Omitted by the Finance Act, 1997, w.e.f. 1-4-1998. Prior to its omission, clause (26AA), as inserted by the Finance Act, 1989, w.e.f. 1-4-1990, read as under : (26AA) any income of a person by way of winnings from any lottery, the draw of which is held in pursuance of any agreement entered into on or before the 28th day of February, 1989 between the State Government of Sikkim and the organising agents of such lottery, where such person is resident in the State of Sikkim in any previous year. Explanation .-For the purposes of this clause, a person shall be deemed to be resident in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0. Inserted by the Finance Act, 1984, w.e.f. 1-4-1985. 51. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 52. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 53. Inserted by the Finance Act, 1988, w.e.f. 1-4-1989. 54. Inserted by the Finance Act, 1992, w.e.f. 1-4-1993. 55. Inserted by the Finance Act, 2003, w.e.f. 1-4-2003. Earlier clause (33) was inserted by the Finance Act, 1997, w.e.f. 1-4-1998, substituted by the Finance Act, 1999, w.e.f. 1-4-2000, amended by the Finance Act, 2001, w.r.e.f. 1-4-2000 and later on omitted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to omission, clause (33) read as under : (33) any income by way of- (i) dividends referred to in section 115-O; or (ii) income received in respect of units from the Unit Trust of India established under the Unit Trust of India Act, 1963 (52 of 1963); or (iii) income received in respect of the units of a mutual fund specified under clause (23D) : Provided that this clause shall not apply to any income arising from transfer of units of the Unit Trust of India or of a mutual fund, as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance (No. 2) Act, 2009 w.e.f. 1st day of April, 2009. 71. Omitted vide Finance Act, 2011, w.e.f. 1.6.2011, before it was read as, 57 [ Explanation. - For the removal of doubts, it is hereby declared that the dividend referred to in section 115-O shall not be included in the total income of the assessee, being a Developer or entrepreneur ;] 72. Inserted vide Finance Act, 2011, w.e.f. 1.6.2011 w.e.f. 1.4.2008 73. Inserted vide Finance Act, 2011, w.e.f. 1.6.2011 w.e.f. 1.6.2011 74. Inserted vide Finance Act, 2012, (w.e.f. 01-04-2013), 75. Inserted vide Finance Act, 2013, w.e.f. 1st day of April, 2014 76. Inserted vide Finance Act, 2013, w.e.f. 1st day of April, 2014 77. Substituted vide Finance Act, 2013, w.e.f. 1st day of April, 2014 , before it was read as Explanation 21 [ 1 ] . -For the purposes of this clause,- ( a ) venture capital company means such company- ( i ) which has been granted a certificate of registration under the Securities and Exchange Board of India Act, 1992 (15 of 1992), and regulations made thereunder; ( ii ) which fulfils the conditions as may be specified, with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... units of a business trust which were acquired in consideration of a transfer referred to in clause (xvii) of section 47. ] 91. Inserted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 92. Substituted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, section 115TC 93. Substituted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, by way of interest received or receivable from a special purpose vehicle 94. Substituted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, in clause (23FC) 95. Inserted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 96. Inserted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 97. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, section 115TC 98. Inserted vide T HE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017 99. Substituted vide THE FINANCE ACT, 2016 w.e.f. 1st day of April, 2017, before it was read as, Explanation . -For the purposes of this clause, equity oriented fund means a fund- ( i ) where ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 117. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 before it was read as comes into force 118. Inserted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 119. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 United Arab Emirates 120. Inserted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 121. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 for this purpose 122. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 before it was read as hundred per cent. 123. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 124. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 125. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2021 126. Numbered vide THE FINANCE ACT, 2021 dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Provided that this clause shall not apply in the case of any such person unless he was resident in that district in the previous year relevant to the assessment year commencing on the 1st day of April, 1962. 37 [Explanation 1].- For the purposes of this clause, a person shall be deemed to be resident in the district of Ladakh if he fulfils the requirements of sub-section (1) or sub-section (2) or sub-section (3) or sub-section (4) of section 6, as the case may be, subject to the modifications that- (i) references in those sub-sections to India shall be construed as references to the said district; and (ii) in clause (i) of sub-section (3), reference to Indian company shall be construed as reference to a company formed and registered under any law for the time being in force in the State of Jammu and Kashmir and having its registered office in that district in that year .] 38 [Explanation 2.- In this clause, references to the district of Ladakh shall be construed as references to the areas comprised in the said district on the 30th day of June, 1979; ] 140. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-1990 before it was read as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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