TMI BlogAmendment of Section 10X X X X Extracts X X X X X X X X Extracts X X X X ..... 80DDB, the provisions of this sub-clause shall have effect as if for the words ten per cent. , the words fifteen per cent. had been substituted. ; (ii) in Explanation 1, after the words business of the first-mentioned person occurring at the end, the words and includes such policy which has been assigned to a person, at any time during the term of the policy, with or without any consideration shall be inserted; (II) after clause (23D), the following clause shall be inserted with effect from the 1st day of April, 2014, namely: (23DA) any income of a securitisation trust from the activity of securitisation. Explanation . For the purposes of this clause, (a) se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 1956) (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 1956) (IV) in clause (23FB), for Explanation 1, the following Explanation shall be substituted, namely: 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the provisions of the Registration Act, 1908 (16 of 1908), which (I) has been granted a certificate of registration, before the 21st day of May, 2012, as a Venture Capital Fund and is regulated under the Venture Capital Funds Regulations; or (II) has been granted a certificate of registration as Venture Capital Fund as a sub-category of Category I Alternative Investment Fund under the Alternative Investment Funds Regulations and which fulfils the following conditions, namely: (i) it has invested not less than two-thirds of its investible funds in unlisted equity shares or equity linked instruments of venture capital undertaking; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income referred to in section 115TA received from a securitisation trust by any person being an investor of the said trust. Explanation . For the purposes of this clause, the expressions investor and securitization trust shall have the meanings respectively assigned to them in the Explanation below section 115TC; ; (VII) after clause (48), the following clause shall be inserted, namely: (49) any income of the National Financial Holdings Company Limited, being a company set up by the Central Government, of any previous year relevant to any assessment year commencing on or before the 1st day of April, 2014. . - Clause 4 of the Bill seeks to amend section 10 of the Income tax Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned to a person during its term, with or without consideration, shall continue to be treated as a Keyman insurance policy for the purposes of clause (10D) of section 10. It is further proposed to insert a new clause (23DA) to provide for exemption in respect of any income of a securitisation trust from the activity of securitisation. It is also proposed to insert a new clause (23ED) to provide for exemption in respect of any income, by way of contributions received from a depository, of such Investor Protection Fund set up in accordance with the regulations made under the Securities and Exchange Board of India Act, 1992 and the Depositories Act, 1996 by a depository, as the Central Government may, by notification in the O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gistered before 21st day of May, 2012 under the Venture Capital Funds Regulations or which has been registered as venture capital fund being a sub-category of Category I Alternative Investment Fund under the Alternative Investment Funds Regulations. The trust has to satisfy the conditions mentioned in clause (b). Clause (c) of the proposed Explanation defines the venture capital undertaking as is defined under the Venture Capital Funds Regulations or under the Alternative Investment Funds Regulations. This amendment will take effect retrospectively from 1st April, 2013 and will, accordingly, apply in relation to the assessment year 2013-14 and subsequent assessment years. It is further proposed to insert a new clau ..... X X X X Extracts X X X X X X X X Extracts X X X X
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