Income-tax amendments expand exemptions, add securitisation trust and investor protection fund income, and address buyback and venture capital definitions. Finance Act, 2013 amends section 10 to: increase the clause (10D) insurance threshold from ten to fifteen per cent for policies covering persons with disability or specified diseases and to include assigned policies; insert clause (23DA) exempting income of a securitisation trust (with regulatory definitions); insert clause (23ED) exempting specified Investor Protection Fund contributions from depositories while deeming shared uncharged amounts taxable; replace clause (23FB) explanations to define venture capital company/fund/undertaking; and add clauses exempting buyback income on unlisted shares, distributed securitisation trust income, broaden clause (48) activities, and exempt National Financial Holdings Company Limited income for certain earlier years.
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Income-tax amendments expand exemptions, add securitisation trust and investor protection fund income, and address buyback and venture capital definitions.
Finance Act, 2013 amends section 10 to: increase the clause (10D) insurance threshold from ten to fifteen per cent for policies covering persons with disability or specified diseases and to include assigned policies; insert clause (23DA) exempting income of a securitisation trust (with regulatory definitions); insert clause (23ED) exempting specified Investor Protection Fund contributions from depositories while deeming shared uncharged amounts taxable; replace clause (23FB) explanations to define venture capital company/fund/undertaking; and add clauses exempting buyback income on unlisted shares, distributed securitisation trust income, broaden clause (48) activities, and exempt National Financial Holdings Company Limited income for certain earlier years.
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