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Amendment of section 10

Clause 5 - Bills - DIRECT TAXES - Income-tax - FINANCE BILL, 2018 - Clause 5 - 5. . In section 10 of the Income-tax Act,- (a) after clause (6C), the following clause shall be inserted, namely:- (6D) any income arising to a non-resident, not being a company, or a foreign company, by way of royalty from, or fees for technical services rendered in or outside India to, the National Technical Research Organisation; ; (b) with effect from the 1st day of April, 2019,- (i) in clause (12A), for the word .....

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come chargeable under the head Profits and gains of business or profession : ; (iii) in clause (38), after the third proviso, the following proviso shall be inserted, namely:- Provided also that nothing contained in this clause shall apply to any income arising from the transfer of long-term capital asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust, made on or after the 1st day of April, 2018. ; (c) in clause (46), after the brackets and .....

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d section 10 of the Income-tax Act relating to incomes not included in total income. The said section provides that in computing the total income of a previous year of any person, certain categories of income shall not be included in total income. It is proposed to insert a new clause (6D) in the said section so as to exempt that any income arising to a non-resident, not being a company, or a foreign company, by way of royalty from or fees for technical services rendered in or outside India to t .....

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e of such closure or his opting out of the scheme shall not be included in his total income. It is proposed to amend the said clause so as to extend the aforesaid exemption to all the assessees who have subscribed to the National Pension System Trust. Third proviso to clause (23C) of the said section provides for exemption in respect of income of the entities referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of said clause in a case where such income is appl .....

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der the head "Profits and gains of business or profession". Clause (38) of section 10, inter alia, provides for exemption from tax on the income arising from the transfer of a long-term capital asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust subject to certain conditions specified in the said clause. It is proposed to amend the said clause so as to provide that the provisions of said clause shall not apply to any income arisi .....

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