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TMI BlogMutual Funds, Securitisation Trusts and Venture Capital Companies or Venture Capital Funds to file return of income - THE FINANCE (No. 2) BILL, 2014X X X X Extracts X X X X X X X X Extracts X X X X ..... Mutual Funds, Securitisation Trusts and Venture Capital Companies or Venture Capital Funds to file return of income - THE FINANCE (No. 2) BILL, 2014 - News and Press Release Dated:- 13-7-2014 - News - Mutual Funds, Securitisation Trusts and Venture Capital Companies or Venture Capital Funds to file return of income The existing provisions contained in section 139 of the Act provide tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t every person being a company or a firm or being a person, other than a company or firm, if his total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeds the maximum amount which is not chargeable to income-tax, shall furnish a return of his income or the income of such other person during the previous year, in the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... escribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed. Apart from the above, certain other entities, who are not chargeable to income-tax in accordance with the provisions of section 10, are obligated to file their return of income if their total income without giving effect to the provisions of section 10, exceeds the maximum amount whic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h is not chargeable to income-tax. Clause (23D) of section 10 exempts the income of a Mutual Fund, clause (23DA) of section 10 exempts the income of a securitisation trust from the activity of securitisation and clause (23FB) of section 10 exempts the income of a venture capital company (VCC) or venture capital fund (VCF) from investment in a venture capital undertaking. The Mutual Fund or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... securitization trust or VCC or VCF are not obligated to furnish their return of income under section 139 of the Act. Instead they are required to furnish a statement giving details of the nature of the income paid or credited during the previous year and such other relevant details as may be prescribed. It is proposed to amend sub-section (4C) of section 139 so as to provide that Mutual F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... und referred to in clause (23D) of section 10, securitization trust referred to in clause (23DA) of section 10 and Venture Capital Company or Venture Capital Fund referred to in clause (23FB) of section 10 shall, if the total income in respect of which such fund, trust or company is assessable, without giving effect to the provisions of section 10, exceeds the maximum amount which is not chargeabl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to income-tax, furnish a return of such income of the previous year in the prescribed forms and verified in the prescribed manner and setting forth such other particulars as may be prescribed and all the provisions of the Act, so far as may be, apply as if it were a return required to be furnished under sub-section (1) of section 139. Further, in the case of the Mutual Funds and securiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sation trusts referred to above, the requirement of filing of statements before an income-tax authority is proposed to be dispensed with by omitting sub-section (3A) of section 115R and sub-section (3) of section 115TA. These amendments will take effect from 1st April, 2015. [Clauses 41, 42 47] - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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