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        Bills

        Extension of tax concession to The Special Undertaking of the Unit Trust of India (SUUTI)

        5 July, 2019

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        Extension of tax concession to The Special Undertaking of the Unit Trust of India (SUUTI)

        The Special Undertaking of the Unit Trust of India (SUUTI) was created vide the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002. SUUTI is the successor of UTI. The mandate of SUUTI is to liquidate Government liabilities on account of the erstwhile UTI. SUUTI is exempt from income-tax or any other tax or any income, profits or gains derived, or any amount received in relation to the specified undertaking uptil 31st March, 2019.  It is proposed to extend the exemption for a further period of two years till 31st March 2021.

        This amendment will take effect retrospectively from 1st April 2019.

        [Clause 186]  

         

         

         

        Tax exemption extension for SUUTI preserves income-tax immunity retrospectively, extending the concession for an additional two-year period. The Finance Bill (Clause 186) proposes to extend SUUTI's income-tax and related tax exemption for an additional two-year period, maintaining its immunity in relation to income, profits, gains or amounts from the specified undertaking, and to give the amendment retrospective effect from the start of the relevant fiscal year.
                        Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                          Provisions expressly mentioned in the judgment/order text.

                              Tax exemption extension for SUUTI preserves income-tax immunity retrospectively, extending the concession for an additional two-year period.

                              The Finance Bill (Clause 186) proposes to extend SUUTI's income-tax and related tax exemption for an additional two-year period, maintaining its immunity in relation to income, profits, gains or amounts from the specified undertaking, and to give the amendment retrospective effect from the start of the relevant fiscal year.


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