Section 31 - Amendment of section 115U - Finance Act, 2015

Amendment of section 115U 31. In section 115U of the Income-tax Act, after sub-section (5), before the Explanation 1, the following sub-section shall be inserted with effect from the 1st day of April, 2016, namely:- (6) Nothing contained in this Chapter shall apply in respect of any income, of a previous year relevant to the assessment year beginning on or after the 1st day of April, 2016, accruing or arising to, or received by, a person from investments made in a venture capital company or venture capital fund, being an investment fund specified in clause (a) of the Explanation 1 to section 115UB. .