TMI BlogAmendment of section 115U.X X X X Extracts X X X X X X X X Extracts X X X X ..... who is liable to tax in respect of such income shall be substituted; (iii) for the words income paid , the words income paid or credited shall be substituted; (c) in sub-section (3), (i) for the words income paid , the words income paid or credited shall be substituted; (ii) for the words the person receiving such income as it had been , the words, brackets and figure the person referred to in sub-section (1) as it had been shall be substituted; (iii) for the words had accrued , the words had accrued or arisen shall be substituted; (d) for sub-section (4), the following sub-section shall be substituted, namely: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll be chargeable to income-tax in the same manner as if it were the income received by such person had he made investments directly in the venture capital undertaking. It is proposed to amend the aforesaid sub-section (1) to substitute the words income received with the words income accruing or arising to or received so as to provide that any income accruing or arising to or received by a person out of investment made in a venture capital company or a venture capital fund shall be taxed as if it were income accrued, arisen to or received by such person from investment directly in the venture capital undertaking. The existing provisions of sub-section (2) of the aforesaid section provide that the person responsible for making payme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... redited by the venture capital company and the venture capital fund shall be deemed to be of the same nature and in the same proportion in the hands of the person referred to in sub-section (1) as it had been received by, or had accrued or arisen to, the venture capital company or the venture capital fund, as the case may be, during the previous year. The existing provisions of sub-section (4) of the aforesaid section provide that the provisions of Chapter XII-D or Chapter XII-E or Chapter XVII-B shall not apply to the income paid by a venture capital company or venture capital fund under the Chapter Special Provisions Relating to Tax on Income Received from venture capital companies and venture capital funds . It is proposed to subs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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