TMI BlogAmendment of section 2.X X X X Extracts X X X X X X X X Extracts X X X X ..... (19AA), after Explanation 5, the following Explanation shall be inserted, namely: Explanation 6. For the purposes of this clause, the reconstruction or splitting up of a public sector company into separate companies shall be deemed to be a demerger, if such reconstruction or splitting up has been made to transfer any asset of the demerged company to the resulting company and the resulting company (i) is a public sector company on the appointed day indicated in such scheme, as may be approved by the Central Government or any other body authorised under the provisions of the Companies Act, 2013 (18 of 2013) or any other law for the time being in force governing such public sector companies in this behalf; and (ii ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of this clause, the expression infrastructure debt fund shall mean the infrastructure debt fund notified by the Central Government in the Official Gazette under clause (47) of section 10. . - Clause 3 of the Bill seeks to amend section 2 of the Income-tax Act relating to definitions. Clause (11) of the said section, inter alia, defines block of assets to mean a group of assets falling within a class of assets comprising tangible assets, being buildings, machinery, plant or furniture and intangible assets, being know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature. It is proposed to amend the said clause so as to exclude goodwill of a business or professi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be notified by the Central Government in the Official Gazette in this behalf. It is also proposed to insert a new clause (29A) in the said section so as to define the expression liable to tax , in relation to a person, means that there is a liability of tax on such person under any law for the time being in force in any country, and shall include a case where subsequent to imposition of tax liability, an exemption has been provided. It is also proposed to amend clause (42C) of the said section which defines the expression slump sale as the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities in such sales. It is proposed ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
