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of <h1>Section 115U enables pass-through taxation for venture capital investments, taxing investors as direct participants</h1> Section 115U of the Income Tax Act establishes pass-through taxation for venture capital investments. Income received by investors from venture capital companies or funds is taxed as if the investor directly invested in the underlying venture capital undertaking. The provision requires venture capital entities to furnish statements detailing income nature and distribution. Income retains its original character when passed to investors. Undistributed income is deemed credited to investors on the last day of the previous year. The section excludes application of other specified chapters and clarifies that income already taxed on accrual basis won't be taxed again upon actual receipt.
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