Notification No. 41/2015 -15th day of April, 2015

GOVERNMENT OF INDIA

MINISTRY OF FINANCE DEPARTMENT OF REVENUE [CENTRAL BOARD OF DIRECT TAXES]

NOTIFICATION New Delhi, the 15th day of April, 2015 Income-tax S.O.

1014 (E).? In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1.

(1) These rules may be called the Income-tax (Seventh Amendment) Rules, 2015.

(2) They shall be deemed to have come into force with effect from the 1st day of April, 2015.

2. In the Income-tax Rules, 1962,? (1) in rule 12,? (a) in sub-rule (1),- (A) after the words, brackets, figure and letter “sub-section (4D)” the words, brackets, figure and letter “or sub-section (4E)” shall be inserted; (B) for the figures “2014”, the figures “2015” shall be substituted; (C) in clause (a), in the proviso, in clause (I), for sub-clause (ii), the following subclauses shall be substituted, namely:- “(ii) signing authority in any account located outside India; or (iii) income from any source outside India;”; (D) in clause (ca), in the proviso, in clause (I), for sub-clause (ii) the following subclauses shall be substituted, namely:- “(ii) signing authority in any account located outside India; or (iii) income from any source outside India;”; (E) in clause (g), after the words, brackets, figure and letter “sub-section (4D)” the words, brackets, figure and letter “or sub-section (4E)” shall be inserted; (b) for sub-rule(3), the following sub-rule shall be substituted, namely:- ‘(3) The return of income referred to in sub-rule (1) shall be furnished by a person mentioned in column (ii) of the Table below to whom the conditions specified in column (iii) apply, in the manner specified in column (iv) thereof:-

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The clarification follows doubts being raised by tax experts over an amendment in Finance Bill, 2015 that expanded the definition of taxable income to include subsidies, grants, cash incentive and duty drawback.

“The provision in the Finance Bill, 2015, will not affect the LPG subsidy and other welfare subsidies received by individuals,” the Ministry said in a statement.

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Under the new norms, the entire pre-issue capital is expected to be locked-in for a period of six months for all shareholders. At present, promoters are required to offer a minimum of 20 per cent of post-issue capital as lock-in for a period of three years. Read more at:

http://yourstory.com/2015/05/sebi-listing-startups/