9911796707
TMI BlogAmendment of Section 10X X X X Extracts X X X X X X X X Extracts X X X X ..... ds fifteen per cent. had been substituted. ; (ii) in Explanation 1, after the words business of the first-mentioned person occurring at the end, the words and includes such policy which has been assigned to a person, at any time during the term of the policy, with or without any consideration shall be inserted; (II) after clause (23D), the following clause shall be inserted with effect from the 1st day of April, 2014, namely: (23DA) any income of a securitisation trust from the activity of securitisation. Explanation . For the purposes of this clause, (a) securitisation shall have the same meaning as assigned to it, (i) in clause (r) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Public Offer and Listin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lause (23FB), for Explanation 1, the following Explanation shall be substituted, namely: Explanation. For the purposes of this clause, (a) venture capital company means a company which (A) has been granted a certificate of registration, before the 21st day of May, 2012, as a Venture Capital Fund and is regulated under the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 (hereinafter referred to as the Venture Capital Funds Regulations) made under the Securities and Exchange Board of India Act, 1992; (15 of 1992) or (B) has been granted a certificate of registration as Venture Capital Fund as a sub-category of Category I Alternative Investment Fund and is regulated under the Securities and Exchange Board of In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ares or equity linked instruments of venture capital undertaking; (ii) it has not invested in any venture capital undertaking in which its trustee or the settler holds, either individually or collectively, equity shares in excess of fifteen per cent. of the paid-up equity share capital of such venture capital undertaking; and (iii) the units, if any, issued by it are not listed in any recognised stock exchange; or (B) operating as a venture capital scheme made by the Unit Trust of India established under the Unit Trust of India Act, 1963;(52 of 1963) (c) venture capital undertaking means (i) a venture capital undertaking as defined in clause (n) of regulation 2 of the Venture Capital Funds Regulations; or (ii) a venture capital undertaking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... licy, is exempt, subject to the condition that the premium paid for such policy does not exceed ten per cent. of the actual capital sum assured. It is proposed to insert a new proviso in sub-clause (d) of the aforesaid clause (10D), so as to provide a higher limit of fifteen per cent. where the policy referred to in sub-clause (d) is for insurance on the life of any person who is,-- (i) a person with disability or a person with severe disability as referred to in section 80U; or (ii) suffering from disease or ailment as specified in the rules made under section 80DDB. This proviso shall apply in respect of an insurance policy, issued on or after 1st day of April, 2013. Clause (10D) of the said section, inter alia, exempts any sum received u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ure capital company or venture capital fund set up to raise funds for investment in a venture capital undertaking does not form part of total income. The definitions of venture capital company , venture capital fund and venture capital undertaking are provided in Explanation 1. It is proposed to substitute Explanation 1 of clause (23FB) so as to provide the new definitions of venture capital company , venture capital fund and venture capital undertaking . Clause (a) of the proposed Explanation defines the venture capital company as a company which has been registered before 21st day of May, 2012 under the Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 (Venture Capital Funds Regulations) or which has been re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by way of distributed income referred to in section 115TA received from a securitisation trust by any person being an investor of the said trust. An Explanation has been inserted to define the expressions investor and securitisation trust occurring in the proposed amendment. These amendments will take effect from 1st April, 2014 and will, accordingly, apply in relation to the assessment year 2014-15 and subsequent assessment years. Government, of any previous year relevant to any assessment year commencing on or before 1st April, 2014. This amendment will take effect retrospectively from 1st April, 2013 and will, accordingly, apply in relation to the assessment year 2013-14 and the assessment year 2014-15. - statute, statutory provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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