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TMI BlogAmendment of section 10.X X X X Extracts X X X X X X X X Extracts X X X X ..... be substituted with effect from the 1st day of April, 2024, namely: '(4G) any income received by a non-resident from, (i) portfolio of securities or financial products or funds, managed or administered by any portfolio manager on behalf of such non-resident; or (ii) such activity carried out by such person, as may be notified by the Central Government in the Official Gazette, in an account maintained with an Offshore Banking Unit in any International Financial Services Centre, as referred to in sub-section (IA) of section 80LA, to the extent such income accrues or arises outside India and is not deemed to accrue or arise in India. Explanation. For the purposes of this clause, portfolio manager shall have the same meaning as assigned to it in clause (z) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021, made under the International Financial Services Centres Authority Act, 2019 (50 of 2019.); (4H) any income of a non-resident or a Unit of an International Financial Services Centre, as referred to in sub-section (1A) of section 80LA, engaged primarily in the busin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (e) after clause (12B), the following shall be inserted, namely: '(12C) any payment from the Agniveer Corpus Fund to a person enrolled under the Agnipath Scheme, or to his nominee. Explanation. For the purposes of this clause Agniveer Corpus Fund and Agnipath Scheme shall have the meanings respectively assigned to them in section 80CCH;'; (f) in clause (22B), after the third proviso, the following proviso shall be inserted with effect from the 1st day of April, 2024, namely: Provided also that nothing contained in this clause shall apply to any income of the news agency of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2024; ; (g) clause (23BBF) shall be omitted; (h) in clause (23C), (I) with effect from the 1st day of October, 2023, (i) in the first proviso, for clause (iv), the following clause shall be substituted, namely: (iv) in any other case, where activities of the fund or trust or institution or university or other educational institution or hospital or other medical institution have (A) not commenced, at least one month prior to the commencement of the previous year relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also that the amount invested or deposited back shall not be treated as application for charitable or religious purposes under the first proviso unless such investment or deposit is made within a period of five years from the end of the previous year in which such application was made from the corpus: Provided also that nothing contained in the first proviso shall apply where the application from the corpus is made on or before the 31st day of March, 2021; ; (b) in clause (ii), after the proviso, the following provisos shall be inserted, namely: Provided further that the provisions of the first proviso shall apply only if there was no violation of the conditions specified in the twelfth, thirteenth and twenty-first provisos, and those specified in Explanation 2 and Explanation 3, of this clause at the time the application was made from loan or borrowing: Provided also that the amount repaid shall not be treated as application for charitable or religious purposes under the first proviso unless such repayment is made within a period of five years from the end of the previous year in which such application was made from loan or borrowing: Provided also that nothing co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clause (xii) of sub-section (2) of section 56 shall be substituted with effect from the 1st day of April, 2024; (k) clause (26A) shall be omitted; (l) for clause (26AAA), the following clause shall be substituted and shall be deemed to have been 2 [ substituted ] with effect from the 1st day of april, 1990, namely: (26AAA) in case of an individual, being a Sikkimese, any income which accrues or arises to him (a) from any source in the state of Sikkim; or (b) by way of dividend or interest on securities. Explanation. For the purposes of this clause Sikkimese shall mean (i) an individual, whose name is recorded in the register maintained under the Sikkim Subjects Regulation, 1961 read with the Sikkim Subject Rules, 1961 (hereinafter referred to as the Register of Sikkim Subjects ), immediately before the 26th day of April, 1975; or (ii) an individual, whose name is included in the Register of Sikkim Subjects by virtue of the Government of India Order No. 26030/36/90- I.C.I., dated the 7th August, 1990 and Order of even number dated the 8th April, 1991; or (iii) any other individual, whose name does not appear in the Register of Sikkim Subjects, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ified by the Central Government in the Official Gazette for the purposes of this clause; (46B) any income accruing or arising to, (i) National Credit Guarantee Trustee Company Limited, being a company established and wholly financed by the Central Government for the purposes of operating credit guarantee funds established and wholly financed by the Central Government; or (ii) a credit guarantee fund established and wholly financed by the Central Government and managed by the National Credit Guarantee Trustee Company Limited; or (iii) Credit Guarantee Fund Trust for Micro and Small enterprises, being a trust created by the Government of India and the Small Industries Development Bank of India established under sub-section (1) of section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989.); ; (q) clause (49) shall be omitted. ************** NOTES:- 1. Corrected vide CORRIGENDA dated 12-04-2023 before it was read as, lease 2. Corrected vide CORRIGENDA dated 12-04-2023 before it was read as, substitued - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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