Insertion of new Chapter XII-F
Section 57 of the Finance Act, 2000 deals with insertion of new Chapter XII-F. Insertion of new Chapter XII-F. 57. After Chapter XII-E of the Income-tax Act the following Chapter shall be inserted with effect from the 1st day of April, 2001, namely :— ‘CHAPTER XII-F SPECIAL PROVISIONS RELATING TO TAX ON INCOME RECEIVED FROM VENTURE CAPITAL COMPANIES AND VENTURE CAPITAL FUNDS
Insertion of new Chapter XII-F.
57. After Chapter XII-E of the Income-tax Act the following Chapter shall be inserted with effect from the 1st day of April, 2001, namely :—
‘CHAPTER XII-F
SPECIAL PROVISIONS RELATING TO TAX ON INCOME
RECEIVED FROM VENTURE CAPITAL COMPANIES
AND VENTURE CAPITAL FUNDS
115U. Tax on income in certain cases.—(1) Notwithstanding anything contained in any other provisions of this Act, any income received by a person out of investments made in a venture capital company or venture capital fund shall be chargeable to income-tax in the same manner as if it were the income received by such person had he made investments directly in the venture capital undertaking.
(2) The person responsible for making payment of the income on behalf of a venture capital company or a venture capital fund and the venture capital company or venture capital fund shall furnish, within such time as may be prescribed, to the person receiving such income and to the prescribed income-tax authority, a statement in the prescribed form and verified in the prescribed manner, giving details of the nature of the income paid during the previous year and such other relevant details as may be prescribed.
(3) 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.
(4) The provisions of Chapter XII-D or Chapter XII-E or Chapter XVII-B shall not apply to the income paid by a venture capital company or venture capital fund under this Chapter.
Explanation.—For the purposes of this Chapter, "venture capital company", "venture capital fund" and "venture capital undertaking" shall have the meanings respectively assigned to them in clause (23FB) of section 10.’
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Section 57, The Finance Act, 2000.
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Questions about Section 57
What does Section 57 of the Finance Act deal with?
Section 57 of the Finance Act is headed "Insertion of new Chapter XII-F". Insertion of new Chapter XII-F. 57. After Chapter XII-E of the Income-tax Act the following Chapter shall be inserted with effect from the 1st day of April, 2001, namely :— ‘CHAPTER XII-F SPECIAL PROVISIONS RELATING TO TAX ON INCOME RECEIVED FROM VENTURE CAPITAL COMPANIES AND VENTURE CAPITAL FUNDS
How do I find court cases under Section 57 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2000 57, section 57 Finance Act 2000, section 57 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 57 of the Finance Act, and has it changed?
Its own text turns on section 10 (Amendment of section 13), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2000. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule5680 words
- 2. Income-tax2342 words
- 6. Substitution of new section for section 10A1803 words
- 7. Substitution of new section for section 10B1573 words
- 52. Insertion of new section 115JB1090 words
- 5. Amendment of section 10957 words
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