रजिस्ट्री सं० डी-(डी) -72
REGISTERED No. D-(D -72
भारत का राजपत्र
The Gazette of India
असाधारण
EXTRAORDINARY
भाग II- खण्ड 1
PART II Section 1
प्राधिकार से प्रकाशित
PUBLISHED BY AUTHORITY
सं० 7]
नई दिल्ली, शनिवार , जनवर 24 , 1976/माघ 4. 1897
No. 7]
NEW DELHI , SATURDAY, JANUARY 24, 1976 /MAGHA 4, 1897
इस भाग में भिन्न पृष्ठ संख्या वी आती है जिससे कि यह अलग संकलन के रूप में रखा जा सके । 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 24th January , 1976 / Magha 4 , 1897 ( Saka)
The following Act of Parliament received the assent of the President on the 24th January , 1976 , and is hereby published for general information: --
THE UNIT TRUST OF INDIA (AMENDMENT)
ACT, 1976
No. 3 OF 1976
[24th January , 1976 ]
An Act further to amend the Unit Trust of India Act, 1963 .
BE it enacted by Parliament in the Twenty- sixth Year of the Republic of India as follows:-
Short title.
1. This Act may be called the Unit Trust of India (Amendment) Act, 1976.
52of 1965 .
2. In section 32 of the Unit Trust of India Act, 1963 (hereinafter referred to as the principal Act ) ,-
Amend ment of section32.
(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 ,
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,
(37) [PART 11-
THE GAZETTE OF INDIA EXTRAORDINARY
38
46 of 1973 .
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 1.--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;
(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 ),-
(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 ;
43 of 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. ' ;
THE GAZETTE OF INDIA EXTRAORDINARY
SEC. 1 ]
39
(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 of1973 .
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 ." .
18 of 1975 ,
Repeal and saving.
3. ( 1 ) The Unit Trust of India (Amendment) Ordinance , 1975 , is hereby repealed .
(2) Notwithstanding such repeal, anything done or any action taken under the principal Act, as amended by the said Ordinance , shall be deemed to have been done or taken under the corresponding provi- sions of the principal Act as amended by this Act , as if this Act had come into force on the 31st day of October , 1975 .
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 , 1976