TMI BlogAmendment of section 10.X X X X Extracts X X X X X X X X Extracts X X X X ..... under an insurance policy issued on or after the 1st day of April, 2012 in respect of which the premium payable for any of the years during the term of the policy exceeds ten per cent. of the actual capital sum assured: ; (iii) in the first proviso, for the words this sub-clause , the words, brackets and letters sub-clauses (c) and (d) shall be substituted; (iv) in the second proviso, for the words this sub-clause , the word, brackets and letter sub-clause (c) shall be substituted; (v) the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely: Explanation 2. For the purp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ia: 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. . - Clause 5 of the Bill seeks to amend section 10 of the Income-tax Act relating to income not included in total income. The existing provisions of clause (10D) of the aforesaid section provide that any sum received unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ained in clause (23FB) of the aforesaid section provide that any income of a venture capital company or venture capital fund from investment in a venture capital undertaking does not form part of its total income. The definitions of venture capital company , venture capital fund and venture capital undertaking are provided in Explanation 1 to clause (23FB). Venture capital undertaking has been defined in clause (c) of the said Explanation to mean such domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in certain businesses or industries specified in said clause (c). It is proposed to amend clause (c) of Explanation 1 to the aforesaid clause so as to define the venture capit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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