REGISTERED No. D-(D) -72
रजिस्ट्री सं ० डी-(डी) -72
भारत का राजपत्र The Gazette of India
असाधारण
EXTRAORDINARY
भाग 1-सण्ड 1
PART II-Section 1 .
प्राधिकार से प्रकाशित
PUBLISHED BY AUTHORITY
से० 73]
मई विल्ली, शुक्रवार , अक्तूबर 31 , 1975/ कार्तिक 9, 1897
No. 73]
NEW DELHI , FRIDAY, OCTOBER 31 , 1975 / KARTIKA 9, 1897
इस भाग में भिन्न पृष्ठ संख्या बी जाती है जिससे कि यह अलग संकलन के रूप में रखा आ रुके ।
Separate paging is given to this Part in order that it may be filed as a separate compilation.
MINISTRY OF LAW , JUSTICE AND COMPANY AFFAIRS
(Legislative Department )
New Delhi , the 31st October , 1975 / Kartika 9, 1897 ( Saka )
THE UNIT TRUST OF INDIA ( AMENDMENT)
ORDINANCE , 1975
No. 18 OF 1975
Promulgated by the President in the Twenty- sixth Year of the Republic of India.
AnOrdinance to amend the Unit Trust of India Act, 1963 .
WHEREAS Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action;
NOW, THEREFORE, in exercise of the powers conferred by clause ( 1 ) of article 123 of the Constitution , the President is pleased to promulgate the following Ordinance: -
1. ( 1 ) This Ordinance may be called the Unit Trust of India ( Amend- ment) Ordinance , 1975 .
Short title and commen- cement .
(2) It shall come into force at once .
(693) [PART 11-
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694
52 of 1963 .
2. In section 32 of the Unit Trust of India Act , 1963 ,-
Amend. ment of section 32 .
(A) in sub- section ( 1 ) ,-
(i) after clause ( a) , the following clause shall be inserted , namely:-
'(aa) in the case of an assessee who is not resident in India , being,-
(i) an individual who is an Indian or a person of Indian origin, or
(ii) a Hindu undivided family ,
43 of 1961 .
46 of 1973 .
there shall not be included in the total income of such assessee, for the purposes of the Income- tax Act , 1961 , any income received by such assessee in the previous year in respect of units acquired by such assessee from the Trust , out of funds in a Non - resident ( External) Account main- tained with any bank in India or by the remittance of funds in foreign exchange , in accordance , in either case , with the provisions of the Foreign Exchange Regulation Act , 1973 , or any rules or orders made thereunder; ' ;
(ii ) the Explanation to clause ( b ) shall be omitted;
(iii) in clause ( ba) , after the words " assets in the form of units" , the brackets and words " [not being assets referred to in clause ( bb ) ] " shall be inserted;
( iv) the Explanation to clause ( ba) shall be omitted;
(v) after clause ( ba) the following clause shall be inserted, namely: ---
27 of 1957 .
46 of 1973 .
"(bb) in the case of an assessee who is not resident in India, being , an individual who is an Indian or a person of Indian origin, or a Hindu undivided family , wealth - tax shall not be payable by the assessee in respect of, and there shall not be included in , the net wealth of the assessee com- puted under the Wealth - tax Act , 1957 , the value of the assets in the form of units acquired from the Trust , out of funds in a Non - resident ( External ) Account maintained with any bank in India or by the remittance of funds in foreign exchange, in accordance, in either case , with the provisions of the Foreign Exchange Regulation Act, 1973, or any rules or orders made thereunder; " ;
(vi) after clause ( c) , the following Explanations shall be inserted , namely : -
'Explanation I. In this sub - section,-
43 of 1961.
(a) in clauses ( aa ) and ( b ) , the expressions "pre- vious year " and " total income " shall have the mean- ings , respectively , assigned to them in the Income - tax Act, 1961;
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SEC. 1 ]
695
(b) in clauses ( ba) and ( bb) , the expressions "assessee" and " net wealth" shall have the meanings , respectively , assigned to them in the Wealth - tax Act , 1957 .
27 of 1957 .
Explanation II For the purposes of sub - sections ( 1 ) and ( 2) ,-
43 of 1961 .
( a) an assessee shall be deemed to be " not resident in India" if he is a non -resident within the meaning of clause ( 30) of section 2 of the Income- tax Act, 1961 ;
(b) a person shall be deemed to be a person of Indian origin if he or either of his parents or any of his grand parents howsoever high in degree of ascent , whether on the paternal side or on the maternal side , was born in India, as defined in the Government of India Act, 1935, as originally enacted.' ;
(B) in sub - section (2 ) , to clause ( c) , the following proviso shall be added , namely : -
"Provided that no deduction of income - tax shall be made by the Trust , where the units in respect of which income is distributed to
( i) an individual who is an Indian or a person of Indian origin, or
(ii) a Hindu undivided family ,
46 of 1973.
not resident in India, have been acquired from the Trust, out of funds in a Non- resident ( External) Account maintained with any bank in India or by the remittance of funds in foreign exchange, in accordance, in either case , with the provisions of the Foreign Exchange Regulation Act, 1973 , or any rules or orders made thereunder ." .
FAKHRUDDIN ALI AHMED ,
President .
K. K. SUNDARAM, Secy. to the Govt . of India .
PRINTED BY THE GENERAL MANAGER, GOVERNMENT OF INDIA PRESS , MINTO ROAD , NEW DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS , DELHI, 1975