Guidelines for approval under clause (23F) of section 10

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mpany who makes application for approval under sub-rule (2). (2) An application for approval shall be made in Form No. 56A by a venture capital fund or a venture capital company to the Director of Income-tax (Exemptions) referred to in sub-rule (1). (3) Every application under sub-rule (2) may be made in any previous year in which any income by way of dividend or long-term capital gains of a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ndia. (5) The Director of Income-tax (Exemptions) shall approve the venture capital fund or the venture capital company, as the case may be, subject to the following conditions, namely : (a) the venture capital fund or the venture capital company, as the case may be, is registered with the Securities and Exchange Board of India established under section 3 of the Securities and Exchange....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....irector of Income-tax (Exemptions) before the due date of filing of the return under sub-section (1) of section 139. (6) The Director of Income-tax (Exemptions) shall pass an order in writing granting approval or refusing approval to the venture capital fund or venture capital company, as the case may be : Provided that the Director of Income-tax (Exemptions) shall not refuse the approval ex....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....es an investment of more than forty per cent in the equity capital in one venture capital undertaking; (iv) fails to maintain books of account and get such accounts audited by an accountant or fails to file the audit report required in clause (f) of sub-rule (5); (v) violates the provisions of the Act or rules made thereunder; (b) if the certificate of registration grant....