Clause 9 - Amendment of section 11. - Finance Bill, 2020

Amendment of section 11. 9. In section 11 of the Income-tax Act, in sub-section (7), with effect from the 1 st day of June, 2020, (a) for the words, brackets, letters and figures under clause (b) of sub-section (1) of section 12AA , the words, figures and letters under section 12AA or section 12AB shall be substituted; (b) for the words, brackets, figures and letter clause (1) and clause (23C) , the words, brackets, figures and letter clause (1), clause (23C) and clause (46) shall be substituted; (c) the following provisos shall be inserted, namely: Provided that such registration shall become inoperative from the date on which the trust or institution is approved under clause (23C) of section 10 or is notified under clause (46) of the said section, as the case may be, or the date on which this proviso has come into force, whichever is later: Provided further that the trust or institution, whose registration has become inoperative under the first proviso, may apply to get its registration operative under section 12AB subject to the condition that on doing so, the approval under clause (23C) of section 10 or notification under clause (46) of the said section, as the case may be, to such trust or institution shall cease to have any effect from the date on which the said registration becomes operative and thereafter, it shall not be entitled to exemption under the respective clauses. .