{"act":{"id":"finance-act-2015","short_title":"The Finance Act, 2015","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2015-2016.","act_number":"20","act_year":2015,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":165,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2015/"},"unit":"section","section":{"number":"7","heading":"Amendment of section 10","text":"Amendment of section 10. 7. In section 10 of the Income-tax Act,— (I) | after clause (11), the following clause shall be inserted, namely:— \"(11A) | any payment from an account, opened in accordance with the Sukanya Samriddhi Account Rules, 2014 made under the Government Savings Bank Act, 1873 (5 of 1873);\"; (II) | in clause (23C), after sub-clause (iiia), the following sub-clauses shall be inserted, namely:— \"(iiiaa) | the Swachh Bharat Kosh, set up by the Central Government; or (iiiaaa) | the Clean Ganga Fund, set up by the Central Government; or\"; (III) | with effect from the 1st day of April, 2016— (a) | after clause (23ED), the following clause shall be inserted, namely:— '(23EE) | any specified income of such Core Settlement Guarantee Fund, set up by a recognised clearing corporation in accordance with the regulations, as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that where any amount standing to the credit of the Fund and not charged to income-tax during any previous year is shared, either wholly or in part with the specified person, the whole of the amount so shared shall be deemed to be the income of the previous year in which such amount is so shared and shall, accordingly, be chargeable to income-tax. Explanation.—For the purposes of this clause,— (i) | \"recognised clearing corporation\" shall have the same meaning as assigned to it in clause (o) of sub-regulation (1) of regulation 2 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (ii) | \"regulations\" means the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (iii) | \"specified income\" shall mean,— (a) | the income by way of contribution received from specified persons; (b) | the income by way of penalties imposed by the recognised clearing corporation and credited to the Core Settlement Guarantee Fund; or (c) | the income from investment made by the Fund; (iv) | \"specified person\" shall mean,— (a) | any recognised clearing corporation which establishes and maintains the Core Settlement Guarantee Fund; (b) | any recognised stock exchange being a shareholder in such recognised clearing corporation or a contributor to the Core Settlement Guarantee Fund; and (c) | any clearing member contributing to the Core Settlement Guarantee Fund;'; (b) | in clause (23FB), before the Explanation, the following proviso shall be inserted, namely:— \"Provided that nothing contained in this clause shall apply in respect of any income of a venture capital company or venture capital fund, being an investment fund specified in clause (a) of the Explanation 1 to section 115UB, of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2016;\"; (c) | after clause (23FB), the following clauses shall be inserted, namely:— '(23FBA) | any income of an investment fund other than the income chargeable under the head D.—\"Profits and gains of business or profession\"; (23FBB) | any income referred to in section 115UB, accruing or arising to, or received by, a unit holder of an investment fund, being that proportion of income which is of the same nature as income chargeable under the head D.—\"Profits and gains of business or profession\". Explanation.—For the purposes of clauses (23FBA)and (23FBB), the expression \"investment fund\" shall have the meaning assigned to it in clause (a) of the Explanation 1 to section 115UB;'; (d) | after clause (23FC), the following clause shall be inserted, namely:— '(23FCA) | any income of a business trust, being a real estate investment trust, by way of renting or leasing or letting out any real estate asset owned directly by such business trust. Explanation.—For the purposes of this clause, the expression \"real estate asset\" shall have the same meaning as assigned to it in clause (zj)of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);'; (e) | in clause (23FD), after the word, brackets, figures and letters \"clause (23FC)\", the words, brackets, figures and letters \"or clause (23FCA)\" shall be inserted; (f) | in clause (38), the second proviso shall be omitted.","html":"

Amendment of section 10.

7. In section 10 of the Income-tax Act,—

(I)after clause (11), the following clause shall be inserted, namely:—
\"(11A)any payment from an account, opened in accordance with the Sukanya Samriddhi Account Rules, 2014 made under the Government Savings Bank Act, 1873 (5 of 1873);\";
(II)in clause (23C), after sub-clause (iiia), the following sub-clauses shall be inserted, namely:—
\"(iiiaa)the Swachh Bharat Kosh, set up by the Central Government; or
(iiiaaa)the Clean Ganga Fund, set up by the Central Government; or\";
(III)with effect from the 1st day of April, 2016—
(a)after clause (23ED), the following clause shall be inserted, namely:—
'(23EE)any specified income of such Core Settlement Guarantee Fund, set up by a recognised clearing corporation in accordance with the regulations, as the Central Government may, by notification in the Official Gazette, specify in this behalf:
Provided that where any amount standing to the credit of the Fund and not charged to income-tax during any previous year is shared, either wholly or in part with the specified person, the whole of the amount so shared shall be deemed to be the income of the previous year in which such amount is so shared and shall, accordingly, be chargeable to income-tax.
Explanation.—For the purposes of this clause,—
(i)\"recognised clearing corporation\" shall have the same meaning as assigned to it in clause (o) of sub-regulation (1) of regulation 2 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(ii)\"regulations\" means the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956);
(iii)\"specified income\" shall mean,—
(a)the income by way of contribution received from specified persons;
(b)the income by way of penalties imposed by the recognised clearing corporation and credited to the Core Settlement Guarantee Fund; or
(c)the income from investment made by the Fund;
(iv)\"specified person\" shall mean,—
(a)any recognised clearing corporation which establishes and maintains the Core Settlement Guarantee Fund;
(b)any recognised stock exchange being a shareholder in such recognised clearing corporation or a contributor to the Core Settlement Guarantee Fund; and
(c)any clearing member contributing to the Core Settlement Guarantee Fund;';
(b)in clause (23FB), before the Explanation, the following proviso shall be inserted, namely:—
\"Provided that nothing contained in this clause shall apply in respect of any income of a venture capital company or venture capital fund, being an investment fund specified in clause (a) of the Explanation 1 to section 115UB, of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2016;\";
(c)after clause (23FB), the following clauses shall be inserted, namely:—
'(23FBA)any income of an investment fund other than the income chargeable under the head D.—\"Profits and gains of business or profession\";
(23FBB)any income referred to in section 115UB, accruing or arising to, or received by, a unit holder of an investment fund, being that proportion of income which is of the same nature as income chargeable under the head D.—\"Profits and gains of business or profession\".
Explanation.—For the purposes of clauses (23FBA)and (23FBB), the expression \"investment fund\" shall have the meaning assigned to it in clause (a) of the Explanation 1 to section 115UB;';
(d)after clause (23FC), the following clause shall be inserted, namely:—
'(23FCA)any income of a business trust, being a real estate investment trust, by way of renting or leasing or letting out any real estate asset owned directly by such business trust.
Explanation.—For the purposes of this clause, the expression \"real estate asset\" shall have the same meaning as assigned to it in clause (zj)of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992);';
(e)in clause (23FD), after the word, brackets, figures and letters \"clause (23FC)\", the words, brackets, figures and letters \"or clause (23FCA)\" shall be inserted;
(f)in clause (38), the second proviso shall be omitted.
","words":750,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2015/section/7/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}