TMI BlogAmendment of section 10.X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate, (I) which has been granted a certificate of registration as a Category III Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992.) or International Financial Services Centres Authority Act, 2019 (50 of 2019.); (II) which is located in any International Financial Services Centre; and (III) of which all the units other than unit held by a sponsor or manager are held by non-residents; or (ii) investment division of an offshore banking unit, which has been (I) granted a certificate of registration as a Category-I foreign portfolio investor under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992.) and which has commenced its operations on or before the 31st day of March, 2024; and (II) fulfils such conditions including maintenance of separate accounts for its investment division, as may be prescribed; ; (ii) after clause (4D), the following clauses shall be inserted, namely: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of February, 2021, the provisions of this clause shall apply only with respect to those unit linked insurance policies, where the aggregate amount of premium does not exceed the amount referred to in fourth proviso in any of the previous year during the term of any of those policies: Provided also that the provisions of the fourth and fifth provisos shall not apply to any sum received on the death of a person: Provided also that if any difficulty arises in giving effect to the provisions of this clause, the Board may, with the previous approval of the Central Government, issue guidelines for the purpose of removing the difficulty and every guideline issued by the Board under this proviso shall be laid before each House of Parliament, and shall be binding on the income-tax authorities and the assessee. ; (ii) after Explanation 2, the following Explanation shall be inserted, namely: Explanation 3.-For the purposes of this clause, unit linked insurance policy means a life insurance policy which has components of both investment and insurance and is linked to a unit as defined in clause (ee) of regulation 3 of the Insurance Regulatory and Development Authority of Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed the amount of annual receipts as may be prescribed; or , the words receipts of the person from such hospital or hospitals or institution or institutions do not exceed five crore rupees. shall be substituted; (B) after sub-clause (iiiae), the following Explanation shall be inserted, namely: Explanation . For the purposes of sub-clauses (iiiad) and (iiiae), it is hereby clarified that if the person has receipts from university or universities or educational institution or institutions as referred to in sub-clause (iiiad), as well as from hospital or hospitals or institution or institutions as referred to in subclause (iiiae), the exemptions under these clauses shall not apply, if the aggregate of annual receipts of the person from such university or universities or educational institution or institutions or hospital or hospitals or institution or institutions, exceed five crore rupees; or ; (III) in the third proviso, (A) the Explanation shall be numbered as Explanation 1 thereof and in Explanation 1 as so numbered, after the words medical institution: occurring at the end, the words, brackets and figures subject to the condition that such voluntary contrib ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (e) or in an Infrastructure Investment Trust referred to in sub-clause (i) of clause (13A) of section 2; or shall be inserted; (ii) after item (c), the following items shall be inserted, namely: (d) a domestic company, set up and registered on or after the 1st day of April, 2021, having minimum seventy-five per cent. investments in one or more of the companies or enterprises or entities referred to in item (b); or (e) a non-banking financial company registered as an Infrastructure Finance Company as referred to in notification number RBI/2009-10/316 issued by the Reserve Bank of India or in an Infrastructure Debt Fund, a non-banking finance company, as referred to in the Infrastructure Debt Fund-Non-Banking Financial Companies (Reserve Bank) Directions, 2011, issued by the Reserve Bank of India, having minimum ninety per cent. lending to one or more of the companies or enterprises or entities referred to in item (b): ; (B) after the third proviso, the following provisos shall be inserted, namely: Provided also that in case a Category-I or Category-II Alternative Investment Fund referred to in item (c) of sub-clause (iii) has investment of less than one hundred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the provisions of sub-clauses (iii) and (iv) shall not apply to any payment made to creditors or depositors for loan taken or borrowing for the purposes other than for making investment in India; ; (II) in sub-clause (v), for the words undertake any commercial activity whether within or outside India , the words participate in the day to day operations of investee but the monitoring mechanism to protect the investment with the investee including the right to appoint directors or executive director shall not be considered as participation in the day to day operations of the investee shall be substituted; (ii) in clause (c), (I) in sub-clause (ii), after the word country , the words or if liable to tax, exemption from taxation for all its income has been provided by such foreign country shall be inserted; (II) in sub-clause (iii), for the words prescribed; and , the word prescribed; , shall be substituted; (III) after sub-clause (iii), the following sub-clause shall be inserted, namely: (iiia) it does not participate in the day to day operations of investee but the monitoring mechanism to protect the investment with the investee including the right to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned special purpose vehicle, to the resultant fund in relocation, and where capital gains on such shares were not chargeable to tax if that relocation had not taken place. Explanation . For the purposes of this clause,- (a) the expressions original fund , relocation and resultant fund shall have the meanings respectively assigned to them in the Explanation to clause (viiac) and clause (viiad) of section 47; (b) the expression specified fund shall have the meaning assigned to it in clause (c) of the Explanation to clause (4D) of section 10; ; (g) after clause (48C), the following clauses shall be inserted with effect from the 1st day of April, 2022, namely:- (48D) any income accruing or arising to an institution established for financing the infrastructure and development, set up under an Act of Parliament and notified by the Central Government for the purposes of this clause, for a period of ten consecutive assessment years beginning from the assessment year relevant to the previous year in which such institution is set up; (48E) any income accruing or arising to a developmental financing institution, licensed by the Reserve Bank of India under an Act of ..... 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