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118. Amendment of section 13 of Act 58 of 2002. |
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—In the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, in section 13, in sub-section (1), for the words "for a period of five years computed from the appointed day", the words, figures and letters "for the period beginning on the appointed day and ending on the 31st day of March, 2009" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of February, 2008.
Clause 118 seeks to amend section 13 of the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002.
Sub-section (1) of section 13 provides that notwithstanding anything contained in the Income-tax Act, 1961 or any other enactment for the time being in force relating to tax or income, profits and gains, no income tax or any other tax shall be payable by the Administrator in relation to the specified undertaking for a period of five years computed from 1st February, 2003 in respect of any income, profits or gains derived, or any amount received in relation to the specified undertaking.
It is proposed to amend sub-section (1) to allow the exemption for the period beginning on 1st February, 2003 and ending on 31st March, 2009.
This amendment will take effect retrospectively from 1st February, 2008.
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