Section 5 - Amendment of section 10 - Finance Act, 2018

Amendment of section 10 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 employee , the word assessee shall be substituted; (ii) in clause (23C), after the twelfth proviso [as inserted by section 6 of the Finance Act, 2017 (7 of 2017)], the following proviso shall be inserted, namely:- Provided also that for the purposes of determining the amount of application under item (a) of the third proviso, the provisions of sub-clause (ia) of clause (a) of section 40 and sub-sections (3) and (3A) of section 40A, shall, mutatis mutandis, apply as they apply in computing the income 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 words (by whatever name called) at both the places where they occur, the words , or a class thereof shall be inserted; (d) in clause (48B) [as inserted by section 6 of the Finance Act, 2017 (7 of 2017)], after the word, brackets, figures and letter clause (48A) , the words or on termination of the said agreement or the arrangement, in accordance with the terms mentioned therein, as the case may be, shall be inserted with effect from the 1st day of April, 2019.