AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
Amendment of section 10.
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....020,-- (a) in clause (12A), for the words "forty per cent.", the words "sixty per cent." shall be substituted; (b) in clause (15), after sub-clause (viii), the following sub-clause shall be inserted, namely:- '(ix) any income by way of interest payable to a non-resident by a unit located in an International Financial Services Centre in respect of monies borrowed by it on or after the 1st day of September, 2019. Explanation.-For the purposes of this sub-clause,- (a) "International Financial Services Centre" shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); (b) "unit" shall have the meaning assigned to it in clause (zc) of section 2 of the Speci....
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....change Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); (c) "Specified Fund" means a fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate, -- (i) which has been granted a certificate of registration as a Category III Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992.); (ii) which is located in any International Financial Services Centre; (iii) of which all the units are....
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....nstitution or trust or any university or other educational institution or any hospital or other medical institution- (A) are not genuine; or (B) are not being carried out in accordance with all or any of the conditions subject to which it was notified or approved; or (iii) such fund or institution or trust or any university or other educational institution or any hospital or other medical institution has not complied with the requirement of any other law for the time being in force, and the order, direction or decree, by whatever name called, holding that such non-compliance has occurred, has either not been disputed or has attained finality,". (9) Thus, the amended provision will be: &n....
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....d the rules made thereunder; (b) "manager" shall have the meaning assigned to it in clause (q) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); (c) "Specified Fund" means a fund established or incorporated in India in the form of a trust or a company or a limited liability partnership or a body corporate, -- (i) which has been granted a certificate of registration as a Category III Alternative Investment Fund and is regulated under the Securities and Exchange Board of India (Alternative Investment Fund) Regulations, 2012, made under the Securities and Exc....
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.... (b) "unit" shall have the meaning assigned to it in clause (zc) of section 2 of the Special Economic Zones Act, 2005(28 of 2005);'; (IIA) in clause (23C), with effect from the 1st day of September, 2019,-- (a) In the second proviso, for the words "and the prescribed authority", the words "and the compliance of such requirements under any other law for the time being in force by such fund or trust or institution or any university or other educational institution or any hospital or other medical institution, as the case may be, as are material for the purpose of achieving its objects and the prescribed authority," shall be substituted; (b) In the fifteenth proviso, for the portion beginning with "(ii) the activities of ....
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....f sub-section (2) of section 194LC issued during the period commencing from the 17th September, 2018 and ending on 31st March, 2019. This amendment will take effect retrospectively from 1st April, 2019 and will, accordingly, apply in relation to the assessment year 2019-2020 and subsequent assessment years. Further, clause (12A) of the said section provides that any payment from the National Pension System Trust to an employee on closure of his account or on his opting out of the pension scheme referred to in section 80CCD, to the extent it does not exceed forty per cent. of the total amount payable to him at the time of such closure or his opting out of the scheme, shall be exempt from tax. It is proposed to amend the said section....