Clause 3 - Amendment of section 2 - Finance Bill, 2015

CHAPTER III DIRECT TAXES Income-tax Amendment of section 2 3. In section 2 of the Income-tax Act, with effect from the 1st day of April, 2016,- (a) for clause (13A), the following clause shall be substituted, namely:- (13A) business trust means a trust registered as,- (i) an Infrastructure Investment Trust under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992; ( 15 of 1992) or (ii) a Real Estate Investment Trust under the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992,( 15 of 1992) and the units of which are required to be listed on recognised stock exchange in accordance with the aforesaid regulations; ; (b) in clause (15),- (i) after the word education, , the word yoga, shall be inserted; (ii) for the first and the second provisos, the following proviso shall be substituted, namely:- Provided that the advancement of any other object of general public utility shall not be a charitable purpose, if it involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, for a cess or fee or any other consideration, irrespective of the nature of use or application, or retention, of the income from such activity, unless- (i) such activity is undertaken in the course of actual carrying out of such advancement of any other object of general public utility; and (ii) the aggregate receipts from such activity or activities during the previous year, do not exceed twenty per cent. of the total receipts, of the trust or institution undertaking such activity or activities, of that previous year; ; (c) in clause (37A), in sub-clause (iii), after the words for the purposes of deduction of tax under , the words, figures and letters section 194LBA or shall be inserted; (d) in clause (42A), in the Explanation 1, in clause (i), after sub-clause (hc), the following sub-clause shall be inserted, namely:- (hd) in the case of a capital asset, being a unit or units, which becomes the property of the assessee in consideration of a transfer referred to in clause (xviii) of section 47, there shall be included the period for which the unit or units in the consolidating scheme of the mutual fund were held by the assesse; .