Section 4 - Amendment of section 10 - Finance Act, 2006

4. Amendment of section 10.- In section 10 of the Income-tax Act,- (a) in clause (6BB), for the words, figures and letters "or entered into after the 31st day of March, 2006 and approved by the Central Government in this behalf, the words, figures and letters "or entered into after the 31st day of March, 2007 and approved by the Central Government in this behalf shall be substituted with effect from the 1st day of April, 2007; (b) in clause (15A), in the proviso, for the words, figures and letters "the 1st day of April, 2006", the words, figures and letters "the 1st day of April, 2007" shall be substituted with effect from the 1st day of April, 2007; (c) in clause (17), for sub-clause (iii), the following sub-clause shall be substituted with effect from the 1st day of April, 2007, namely:- "(iii) any constituency allowance received by any person by reason of his membership of any State Legislature under any Act or rules made by that State Legislature;"; (d) in clause (23C),- (i) after the eleventh proviso, the following proviso shall be inserted with effect from the 1st day of June, 2006, namely:- "Provided also that in case the fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in the first proviso makes an application on or after the 1st day of June, 2006 for the purposes of grant of exemption or continuance thereof, such application shall be made at any time during the financial year immediately preceding the assessment year from which the exemption is sought:"; (ii) after the twelfth proviso as so inserted, the following proviso shall be inserted with effect from the 1st day of April, 2007, namely:- "Provided also that any anonymous donation referred to in section 115BBC on which tax is payable in accordance with the provisions of the said section shall be included in the total income;"; (e) in clause (23EA), for the words "any income", the words "any income, by way of contributions received from recognised exchanges and the members thereof," shall be substituted with effect from the 1st day of April, 2007; (f) clause (23G) shall be omitted with effect from the 1st day of April, 2007; (g) in clause (38),- (i) before the Explanation, the following proviso shall be inserted with effect from the 1st day of April, 2007, namely:- "Provided that the income by way of long-term capital gain of a company shall be taken into account in computing the book profit and income-tax payable under section 115JB."; (ii) in the Explanation, in clause (i), for the words "fifty per cent.", the words "sixty-five per cent." shall be substituted with effect from the 1st day of June, 2006; (h) after clause (41), the following shall be inserted, namely:- '(42) any specified income arising to a body or authority which- (a) has been established or constituted or appointed under a treaty or an agreement entered into by the Central Government with two or more countries or a convention signed by the Central Government; (b) is established or constituted or appointed not for the purposes of profit; (c) is notified by the Central Government in the Official Gazette for the purposes of this clause. Explanation- For the purposes of this clause, "specified income" means the income, of the nature and to the extent, arising to the body or authority referred to in this clause, which the Central Government may notify in this behalf.'.