Clause 17 - Amendment of section 35. - Finance Bill, 2020

Amendment of section 35. 17. In section 35 of the Income-tax Act, with effect from the 1st day of June, 2020, (i ) in sub-section (1 ), (a ) after sub-clause (iii ), in the Explanation , for the words, brackets and figures, (A ) to which clause (ii ) or clause (iii ) , the words, brackets, figures and letter to which clause (ii ) or clause (iii ) or to a company to which clause (iia ) shall be substituted; (B ) clause (ii ) or clause (iii ) , the words, brackets, figures and letter clause (ii ) or clause (iii ) or to a company referred to in clause (iia ) shall be substituted; (b ) after the fourth proviso occurring after clause (iv ), the following provisos shall be inserted, namely: Provided also that every notification under clause (ii ) or clause (iii ) in respect of the research association, university, college or other institution or under clause (iia ) in respect of the company issued on or before the date on which this sub-section has come into force, shall be deemed to have been withdrawn unless such research association, university, college or other institution referred to in clause (ii ) or clause (iii ) or the company referred to in clause (iia ) makes an intimation in such form and manner, as may be prescribed, to the prescribed income-tax authority within three months from the date on which this proviso has come into force, and subject to such intimation the notification shall be valid for a period of five consecutive assessment years beginning with the assessment year commencing on or after the 1st day of April, 2021: Provided also that any notification issued by the Central Government under clause (ii ) or clause (iia ) or clause (iii ), after the date on which the Finance Bill, 2020 receives the assent of the President, shall, at any one time, have effect for such assessment year or years, not exceeding five assessment years as may be specified in the notification. ; (ii ) after sub-section (1 ), the following sub-section shall be inserted, namely: (1A ) Notwithstanding anything contained in sub-section (1 ), the research association, university, college or other institution referred to in clause (ii ) or clause (iii ) or the company referred to in clause (iia ) of sub-section (1 ) shall not be entitled to deduction under the respective clauses of the said sub-section, unless such research association, university, college or other institution or company (i ) prepares such statement for such period as may be prescribed and deliver or cause to be delivered to the said prescribed income-tax authority or the person authorised by such authority such statement in such form, verified in such manner, setting forth such particulars and within such time, as may be prescribed: Provided that such research association, university, college or other institution or the company may also deliver to the prescribed authority a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under this sub-section in such form and verified in such manner as may be prescribed; and (ii ) furnishes to the donor, a certificate specifying the amount of donation in such manner, containing such particulars and within such time from the date of receipt of sum, as may be prescribed. .