TaxTMI 
TaxTMI 
Amendment of section 10.
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....019 (50 of 2019.) and satisfies such conditions, as may be prescribed;"; (ii) after clause (15A), the following clause shall be inserted, namely:-- '(15B) any income of a foreign company from lease rentals, by whatever name called, of cruise ships, received from a specified company which operates such ship or ships in India, where such foreign company and the specified company are subsidiaries of the same holding company, and such income is received or accrues or arises in India for any relevant assessment year beginning on or before the 1st day of April, 2030. Explanation.--For the purposes of this clause,― (a) "specified company" means any company, other than a domestic company which operates crui....
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....n (1) of regulation 2 of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019.)"; (B) in clause (ii), after the words, brackets and figures "the Securities Contracts (Regulation) Act, 1956 (42 of 1956.)", the following shall be inserted, namely:-- "or the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019.)"; (ii) in clause (23FB), in the Explanation, in clause (b), in sub-clause (A), in item (II),-- (A) in the opening por....
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....e 1st day of April, 2020 but before the 1st day of August, 2024, and chargeable to equalisation levy under that Chapter.". - Clause 4 of the Bill seeks to amend section 10 of the Income-tax Act relating to incomes not included in total income. Clause (4D) of the said section, inter alia, provides that any income accrued or arisen to, or received by a specified fund, shall not be included in computing the total income of a previous year subject to the conditions mentioned therein. It is proposed to insert a new sub-item in item (I) of sub-clause (i) of clause (c) of the Explanation to said clause (4D) to expand the scope of specified fund so as to include a fund established or incorporated in India in the form o....
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....ucational institutions or hospital or other institutions which may be approved or provisionally approved by the Principal Commissioner or Commissioner. First proviso to clause (23C), inter alia, provides that exemption to the fund or trust or institution or university or other educational institution or hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), under the respective sub-clauses, shall not be available to it unless such fund or trust or institution or university or other educational institution or hospital or other medical institution makes an application in the prescribed form and manner to the Principal Commissioner or Commissioner, for grant of approval....
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....f sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 also within its scope. It is also proposed to amend clause (ii) of the said Explanation to expand the definition of the term "regulations" by including the International Financial Services Centres Authority (Market Infrastructure Institutions) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 also within its scope. Clause (23FB) of the said section, inter alia, provides that any income of a venture capital company or venture capital fund from investment in a ventur....