India - Income Tax Act 2010 - Saarc

1.579 CH. XII-F - SPECIAL PROVISIONS TO TAX ON INCOME S. 115U(c) “Unit Trust of India” means the Unit Trust of India established underthe Unit Trust of India Act, 1963 (52 of 1963);]37[(d) “money market mutual fund” means a money market mutual fund asdefined in sub-clause (p) of clause (2) of the Securities and ExchangeBoard of India (Mutual Funds) Regulations 38 , 1996;(e) “liquid fund” means a scheme or plan of a mutual fund which isclassified by the Securities and Exchange Board of India as a liquidfund in accordance with the guidelines issued by it in this behalfunder the Securities and Exchange Board of India Act, 1992 (15 of1992) or regulations made thereunder.]39[CHAPTER XII-FSPECIAL PROVISIONS RELATING TO TAX ON INCOME RECEIVEDFROM VENTURE CAPITAL COMPANIES ANDVENTURE CAPITAL FUNDSTax on income in certain cases.115U. (1) Notwithstanding anything contained in any other provisions of this Act,any income received by a person out of investments made in a venturecapital company or venture capital fund shall be chargeable to income-tax in thesame manner as if it were the income received by such person had he madeinvestments directly in the venture capital undertaking.(2) The person responsible for making payment of the income on behalf of aventure capital company or a venture capital fund and the venture capitalcompany or venture capital fund shall furnish, within such time as may beprescribed, to the person receiving such income and to the prescribed incometaxauthority 40 , a statement in the prescribed form 40 and verified in the prescribedmanner, giving details of the nature of the income paid during the previous yearand such other relevant details as may be prescribed.(3) The income paid by the venture capital company and the venture capital fundshall be deemed to be of the same nature and in the same proportion in the handsof the person receiving such income as it had been received by, or had accruedto, the venture capital company or the venture capital fund, as the case may be,during the previous year.(4) The provisions of Chapter XII-D or Chapter XII-E or Chapter XVII-B shall notapply to the income paid by a venture capital company or venture capital fundunder this Chapter.Explanation.—For the purposes of this Chapter, “venture capital company”,“venture capital fund” and “venture capital undertaking” shall have the meaningsrespectively assigned to them in clause (23FB) of section 10.]37. Inserted by the Finance Act, 2007, w.e.f. 1-4-2007.38. For the meaning of the term “money market mutual fund”, see Appendix.39. Inserted by the Finance Act, 2000, w.e.f. 1-4-2001.40. See rule 12C and Form No. 64.