Clause 58
Amendment of section 107
of Income Tax (Amendment) Bill
BillNot in forceProvision 58 of 68
Clause 58
Section 107 of the principal Act is amended by inserting, immediately after subsection (12), the following sub-heading and subsection:“Application of section 13H(12A) Section 13H and the regulations made under it apply for the purpose of determining the exempt income of a sub-fund under subsection (3) as if it were an approved venture company under that section if the umbrella VCC of the sub-fund is approved for the purpose of that section.”.