9911796707
TMI BlogAmendment of section 115TDX X X X Extracts X X X X X X X X Extracts X X X X ..... r to it and registered under section 12AA or section 12AB or approved under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10; or (c) failed to transfer upon dissolution all its assets to any other specified person within a period of twelve months from the end of the month in which the dissolution takes place, then, in addition to the income-tax chargeable in respect of the total income of such specified person, the accreted income of the specified person as on the specified date shall be charged to tax and such specified person shall be liable to pay additional income-tax (herein referred to as tax on accreted income) at the maximum marginal rate on the accreted income. (2) The accreted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n respect of any previous year or years beginning prior to the date from which the registration under section 12AA or section 12AB or approval under clause (23C) of section 10 is effective, then, for the purposes of clause (ii) of the first proviso, the registration or approval shall be deemed to have become effective from the first day of the earliest previous year: Provided also that while computing the accreted income in respect of a case referred to in clause (c) of sub-section (1), assets and liabilities, if any, related to such asset, which have been transferred to any other specified person within the period specified in the said clause, shall be ignored. (3) For the purposes of sub-section (1), a specified person shall be deemed to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lause (via) of clause (23C) of section 10 shall be substituted; (II) after clause (ii), the following clause shall be inserted, namely: (iia) specified person means (a) any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10; or (b) a trust or institution registered under section 12AA or section 12AB; . - Clause 31 seeks to amend section 115TD of the Income-tax Act relating to tax on accreted income. The said section, inter-alia, provides that where in any previous year, a trust or institution registered under section 12AA or section 12AB has converted ..... X X X X Extracts X X X X X X X X Extracts X X X X
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