9911796707
TMI BlogAmendment of section 10.X X X X Extracts X X X X X X X X Extracts X X X X ..... es such conditions, as may be prescribed;"; (ii) after clause (15A), the following clause shall be inserted, namely:-- '(15B) any income of a foreign company from lease rentals, by whatever name called, of cruise ships, received from a specified company which operates such ship or ships in India, where such foreign company and the specified company are subsidiaries of the same holding company, and such income is received or accrues or arises in India for any relevant assessment year beginning on or before the 1st day of April, 2030. Explanation.--For the purposes of this clause,― (a) "specified company" means any company, other than a domestic company which operates cruise ships in India and opts to pay tax in accordance with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons, 2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019.)"; (B) in clause (ii), after the words, brackets and figures "the Securities Contracts (Regulation) Act, 1956 (42 of 1956.)", the following shall be inserted, namely:-- "or the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019.)"; (ii) in clause (23FB), in the Explanation, in clause (b), in sub-clause (A), in item (II),-- (A) in the opening portion, after the words "under the Alternative Investment Funds Regulations", the words, brackets and figures "or as referred to in sub-regulation (2) of r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to incomes not included in total income. Clause (4D) of the said section, inter alia, provides that any income accrued or arisen to, or received by a specified fund, shall not be included in computing the total income of a previous year subject to the conditions mentioned therein. It is proposed to insert a new sub-item in item (I) of sub-clause (i) of clause (c) of the Explanation to said clause (4D) to expand the scope of specified fund so as to include a fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate, which has been granted a certificate as a retail scheme or an Exchange Traded Fund and is regulated under the International Financial Services Centres A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stitution or university or other educational institution or hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), under the respective sub-clauses, shall not be available to it unless such fund or trust or institution or university or other educational institution or hospital or other medical institution makes an application in the prescribed form and manner to the Principal Commissioner or Commissioner, for grant of approval within the time as provided under the said proviso and the said fund or trust or institution or university or other educational institution or hospital or other medical institution is approved under the second proviso. Second proviso to clause (2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amend clause (ii) of the said Explanation to expand the definition of the term "regulations" by including the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 also within its scope. Clause (23FB) of the said section, inter alia, provides that any income of a venture capital company or venture capital fund from investment in a venture capital undertaking, shall not be included in computing the total income of a previous year. It is also proposed to amend item (II) of sub-clause (A) of clause (b) of the Explanation to the said clause (23FB) to expand the scope of venture capital fund to include the venture ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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