Clause 8 - Amendment of section 11. - Finance Bill, 2015

Amendment of section 11. 8. In section 11 of the Income-tax Act,( Amendment of section 11) with effect from the 1st day of April, 2016,- (I) in sub-section (1), in Explanation, in clause (2), after sub-clause (b), in the long line, for the brackets and words (such option to be exercised in writing before the expiry of the time allowed under sub-section (1) of section 139 for furnishing the return of income) , the brackets and words (such option to be excercised before the expiry of the time allowed under sub-section (1) of section 139 for furnishing the return of income, in such form and manner as may be prescribed) shall be substituted; (II) in sub-section (2), for clauses (a) and (b) and the first and second provisos, the following shall be substituted, namely:- (a) such person furnishes a statement in the prescribed form and in the prescribed manner to the Assessing Officer, stating the purpose for which the income is being accumulated or set apart and the period for which the income is to be accumulated or set apart, which shall in no case exceed five years; (b) the money so accumulated or set apart is invested or deposited in the forms or modes specified in sub-section (5); (c) the statement referred to in clause (a) is furnished on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the previous year: Provided that in computing the period of five years referred to in clause (a), the period during which the income could not be applied for the purpose for which it is so accumulated or set apart, due to an order or injunction of any court, shall be excluded. .