9911796707
TMI BlogAmendment of section 10.X X X X Extracts X X X X X X X X Extracts X X X X ..... f the years during the term of the policy exceeds ten per cent. of the actual capital sum assured: ; (iii) in the first proviso, for the words this sub-clause , the words, brackets and letters sub-clauses (c) and (d) shall be substituted; (iv) in the second proviso, for the words this sub-clause , the word, brackets and letter sub-clause (c) shall be substituted; (v) the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely: Explanation 2. For the purposes of sub-clause (d), the expression actual capital sum assured shall have the meaning assigned to it in the Explanation to sub-section (3A) of section 80C; ; (B) in clause (23C), after the sixteenth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rangement are notified by the Central Government in this behalf; and (iii) the foreign company is not engaged in any activity, other than receipt of such income, in India. . - Clause 5 of the Bill seeks to amend section 10 of the Income-tax Act relating to income not included in total income. The existing provisions of clause (10D) of the aforesaid section provide that any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy other than any sum received under sub-section (3) of section 80DD or any sum received under a Keyman insurance policy, or any sum received under an insurance policy for which the premium amount exceeds twenty per cent. of the actual capital sum assured, shall be exempt. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal undertaking has been defined in clause (c) of the said Explanation to mean such domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in certain businesses or industries specified in said clause (c). It is proposed to amend clause (c) of Explanation 1 to the aforesaid clause so as to define the venture capital undertaking as the venture capital undertaking referred to in the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 made under the Securities and Exchange Board of India Act, 1992. This amendment will take effect from 1st April, 2013, and will, accordingly, apply in relation to the assessment year 2013-2014 and subsequent assessment years. It is pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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