TaxTMI 
TaxTMI 
Amendment of section 115U.
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....e words "income paid", the words "income paid or credited" shall be substituted; (c) in sub-section (3),-- (i) for the words "income paid", the words "income paid or credited" shall be substituted; (ii) for the words "the person receiving such income as it had been", the words, brackets and figure "the person referred to in sub-section (1) as it had been" shall be substituted; (iii) for the words "had accrued", the words "had accrued or arisen" shall be substituted; (d) for sub-section (4), the following sub-section shall be substituted, namely:-- "(4) The income accruing or arising to or received by the venture capital company or venture capital fund, during a previous year, from investments made in venture capital undertaking ....
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....to substitute the words "income received" with the words "income accruing or arising to or received" so as to provide that any income accruing or arising to or received by a person out of investment made in a venture capital company or a venture capital fund shall be taxed as if it were income accrued, arisen to or received by such person from investment directly in the venture capital undertaking. The existing provisions of sub-section (2) of the aforesaid section provide that the person responsible for making payment of the income on behalf of a venture capital company or a venture capital fund and the venture capital company or venture capital fund shall furnish, within such time as may be prescribed, to the person receiving such income....
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....ued or arisen to, the venture capital company or the venture capital fund, as the case may be, during the previous year. The existing provisions of sub-section (4) of the aforesaid section provide that the provisions of Chapter XII-D or Chapter XII-E or Chapter XVII-B shall not apply to the income paid by a venture capital company or venture capital fund under the Chapter "Special Provisions Relating to Tax on Income Received from venture capital companies and venture capital funds". It is proposed to substitute the aforesaid sub-section so as provide that the income accruing or arising to or received by the venture capital company or venture capital fund, during a previous year, from investments made in venture capital undertaking if not....