No TDS on income of securitisation Trust from securitisation

By | June 23, 2016
(Last Updated On: June 23, 2016)

THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)]

MINSTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION

New Delhi, the 17th June, 2016

No. 46 /2016

INCOME-TAX

S.O. 2142(E).—In exercise of the powers conferred by sub-section (1F) of section 197A of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said ‘Act’), the Central Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified in clause (23DA) of section 10 of the said Act received by any securitisation trust as defined in clause (d) of the Explanation to section 115TC of the said Act.

2. This notification shall come into force from the date of its publication in the Official Gazette.

[Notification No. 46 /2016/F. No. 275/16/2016-IT(B)]

SANDEEP SINGH,

Under Secy.


Section 10(23DA)  Inserted by the Finance Act, 2013, w.e.f. 1-4-2014.

any income of a securitisation trust from the activity of securitisation.

Explanation.—For the purposes of this clause,—
(a)“securitisation” shall have the same meaning as assigned to it,—
(i)in clause (r) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956); or
The following sub-clause (ia) shall be inserted after sub-clause (i) of clause (a) ofExplanation to clause (23DA) of section 10 by the Finance Act, 2016, w.e.f. 1-4-2017 :
(ia)in clause (z) of sub-section (1) of section 2  of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); or
(ii)under the guidelines on securitisation of standard assets issued by the Reserve Bank of India;
(b)“securitisation trust” shall have the meaning assigned to it in the Explanation below [section 115TC];]

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