India - Income Tax Act 2010 - Saarc

S. 10(23F) I.T. ACT, 1961 1.888[(23EB) any income of the Credit Guarantee Fund Trust for Small 9 [***]Industries, being a trust created by the Government of India and theSmall Industries Development Bank of India established under subsection(1) of section 3 of the Small Industries Development Bank ofIndia Act, 1989 (39 of 1989), for five previous years relevant to theassessment years beginning on the 1st day of April, 2002 and endingon the 31st day of March, 2007;]10[(23EC) any income, by way of contributions received from commodityexchanges and the members thereof, of such Investor ProtectionFund set up by commodity exchanges in India, either jointly orseparately, as the Central Government may, by notification in theOfficial Gazette, specify in this behalf:Provided that where any amount standing to the credit of the saidFund and not charged to income-tax during any previous year isshared, either wholly or in part, with a commodity exchange, thewhole of the amount so shared shall be deemed to be the income ofthe previous year in which such amount is so shared and shallaccordingly be chargeable to income-tax.Explanation.—For the purposes of this clause, “commodity exchange”shall mean a “registered association” as defined in clause (jj) ofsection 2 of the Forward Contracts (Regulation) Act, 1952 (74 of1952) 11 ;]12[(23F) any income by way of dividends or long-term capital gains of aventure capital fund or a venture capital company from investmentsmade by way of equity shares in a venture capital undertaking :Provided that such venture capital fund or venture capital companyis approved for the purposes of this clause by the prescribed authority13 in accordance with the rules 14 made in this behalf and satisfiesthe prescribed conditions :Provided further that any approval by the prescribed authority shall,at any one time, have effect for such assessment year or years, notexceeding three assessment years, as may be specified in the order ofapproval :15[Provided also that nothing contained in this clause shall applyin respect of any investment made after the 31st day of March,1999.]8. Inserted by the Finance Act, 2002, w.e.f. 1-4-2002.9. Word “Scale” omitted by the Finance Act, 2003, w.r.e.f. 1-4-2002.10. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008.11. For definition of “Commodity exchange”, see Appendix.12. Inserted by the Finance Act, 1995, w.e.f. 1-4-1996.13. Prescribed authority is Director of Income-tax (Exemptions).14. See rule 2D and Form Nos. 56A, 56B and 56C.15. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000.