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of <h1>Finance Bill 2012 amends section 115U, redefining venture capital income taxation and reporting obligations from April 2013.</h1> Clause 54 of the Finance Bill, 2012 proposes amendments to section 115U of the Income-tax Act, effective from April 1, 2013. The amendments redefine taxable income from venture capital investments, changing 'income received' to 'income accruing or arising to or received.' They require entities responsible for income distribution to report income details to tax authorities and clarify that income not paid or credited by year-end is deemed credited. An additional explanation, effective July 1, 2012, ensures income previously taxed is not taxed again when actually paid. These changes apply from the 2013-2014 assessment year onwards.
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