Amendment of section 115U.

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....p;  (i) for the words "The person responsible for making", the words "The person responsible for crediting or making" shall be substituted;       (ii) for the words "to the person receiving such income", the words "to the person who is liable to tax in respect of such income" shall be substituted;       (iii) for the 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;   &n....

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....e removal of doubts, it is hereby declared that any income which has been included in total income of the person referred to in sub-section (1) in a previous year, on account of it having accrued or arisen in the said previous year, shall not be included in the total income of such person in the previous year in which such income is actually paid to him by the venture capital company or the venture capital fund.". - Clause 54 of the Bill seeks to amend section 115U of the Income-tax Act relating to tax on income in certain cases. The existing provisions of sub-section (1) of the aforesaid section 115U provide that any income received by a person out of investments made in a venture capital company or venture capital fund shall be char....

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....ement in the prescribed form, giving details of the nature of the income paid or credited during the period, to the person who is liable to tax in respect of such income and to the prescribed income-tax authority. The existing provisions of sub-section (3) of the aforesaid section provide that the income paid by the venture capital company and the venture capital fund shall be deemed to be of the same nature and in the same proportion in the hands of the person receiving such income as it had been received by, or had accrued to, the venture capital company or the venture capital fund, as the case may be, during the previous year. It is proposed to amend the aforesaid sub-section (3) so as to provide that the income paid or credited by....