Section 10(17A) to 10(23C) - Incomes not included in total income [Clause (17A) to Clause (23C)] - Income-tax Act, 1961

Previous Next Incomes not included in total income [Clause (17A) to Clause (23C)] 1 [ ( 17A ) any payment made, whether in cash or in kind,- ( i ) in pursuance of any award instituted in the public interest by the Central Government or any State Government or instituted by any other body and approved by the Central Government in this behalf; or ( ii ) as a reward by the Central Government or any State Government for such purposes as may be approved by the Central Government in this behalf in the public interest ;] 2 [ ( 18 ) any income by way of- ( i ) pension received by an individual who has been in the service of the Central Government or State Government and has been awarded Param Vir Chakra or Maha Vir Chakra or Vir Chakra or such other gallantry award as the Central Government may, by notification in the Official Gazette, specify in this behalf; ( ii ) family pension received by any member of the family of an individual referred to in sub-clause ( i ). Explanation .- For the purposes of this clause, the expression family shall have the meaning assigned to it in the Explanation to clause ( 5 ); ] ( 18A ) 3 [****] 4 [ ( 19 ) family pension received by the widow or children or nominated heirs, as the case may be, of a member of the armed forces (including Paramilitary forces) of the Union, where the death of such member has occurred in the course of operational duties, in such circumstances and subject to such conditions, as may be prescribed ;] 5 [ ( 19A ) the annual value of any one palace in the occupation of a Ruler, being a palace, the annual value whereof was exempt from income-tax before the commencement of the Constitution (Twenty-sixth Amendment) Act, 1971, by virtue of the provisions of the Merged States (Taxation Concessions) Order, 1949, or the Part B States (Taxation Concessions) Order, 1950, or, as the case may be, the Jammu and Kashmir (Taxation Concessions) Order, 1958: Provided that for the assessment year commencing on the 1st day of April, 1972, the annual value of every such palace in the occupation of such Ruler during the relevant previous year shall be exempt from income-tax; ] ( 20 ) the income of a local authority which is chargeable under the head 6 [ * * * ] Income from house property , Capital gains or Income from other sources or from a trade or business carried on by it which accrues or arises from the supply of a commodity or service 7 [ (not being water or electricity) within its own jurisdictional area or from the supply of water or electricity within or outside its own jurisdictional area]. 8 [ Explanation.- For the purposes of this clause, the expression local authority means- ( i ) Panchayat as referred to in clause ( d ) of article 243 of the Constitution; or ( ii ) Municipality as referred to in clause ( e ) of article 243P of the Constitution; or ( iii ) Municipal Committee and District Board, legally entitled to, or entrusted by the Government with, the control or management of a Municipal or local fund; or ( iv ) Cantonment Board as defined in section 3 of the Cantonments Act, 1924 (2 of 1924); ] ( 20A ) 9 [ *** ] 10 [ ( 21 ) any income of a 80 [research association] for the time being approved for the purpose of clause ( ii ) 81 [or clause (iii)] of sub-section (1) of section 35: Provided that the 80 [research association]- ( a ) applies its income, or accumulates it for application, wholly and exclusively to the objects for which it is established, and the provisions of sub-section (2) and sub-section (3) of section 11 shall apply in relation to such accumulation subject to the following modifications, namely :- ( i ) in sub-section (2),- ( 1 ) the words, brackets, letters and figure referred to in clause ( a ) or clause ( b ) of sub-section (1) read with the Explanation to that sub-section shall be omitted; ( 2 ) for the words to charitable or religious purposes , the words for the purposes of 82 [scientific research or research in social science or statistical research] shall be substituted; ( 3 ) the reference to Assessing Officer in clause ( a ) thereof shall be construed as a reference to the prescribed authority referred to in clause ( ii ) 83 [or clause (iii)] of sub-section (1) of section 35; ( ii ) in sub-section (3), in clause ( a ), for the words charitable or religious purposes , the words the purposes of 84 [scientific research or research in social science or statistical research] shall be substituted; and 11 [ ( b ) does not invest or deposit its funds, other than- ( i ) any assets held by the 80 [research association] where such assets form part of the corpus of the fund of the association as on the 1st day of June, 1973; ( ii ) any assets (being debentures issued by, or on behalf of, any company or corporation), acquired by the 80 [research association] before the 1st day of March, 1983; ( iii ) any accretion to the shares, forming part of the corpus of the fund mentioned in sub-clause ( i ), by way of bonus shares allotted to the 80 [research association]; ( iv ) voluntary contributions received and maintained in the form of jewellery, furniture or any other article as the Board may, by notification in the Official Gazette, specify, for any period during the previous year otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 :] 12 [Provided further that the exemption under this clause shall not be denied in relation to voluntary contribution, other than voluntary contribution in cash or voluntary contribution of the nature referred to in clause ( b ) of the first proviso to this clause, subject to the condition that such voluntary contribution is not held by the 80 [research association], otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11, after the expiry of one year from the end of the previous year in which such asset is acquired or the 31st day of March, 1992, whichever is later: Provided also] that nothing contained in this clause shall apply in relation to any income of the 80 [research association], being profits and gains of business, unless the business is incidental to the attainment of its objectives and separate books of account are maintained by it in respect of such business :] 13 [Provided also that where the 80 [research association] is approved by the Central Government and subsequently that Government is satisfied that- ( i ) the 80 [research association] has not applied its income in accordance with the provisions contained in clause ( a ) of the first proviso; or ( ii ) the 80 [research association] has not invested or deposited its funds in accordance with the provisions contained in clause ( b ) of the first proviso; or ( iii ) the activities of the 80 [research association] are not genuine; or ( iv ) the activities of the 80 [research association] are not being carried out in accordance with all or any of the conditions subject to which such association was approved, it may, at any time after giving a reasonable opportunity of showing cause against the proposed withdrawal to the concerned association, by order, withdraw the approval and forward a copy of the order withdrawing the approval to such association and to the Assessing Officer; ] ( 22 ) 14 [ *** ] ( 22A ) 15 [***] 16 [ ( 22B ) any income of such news agency set up in India solely for collection and distribution of news as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that the news agency applies its income or accumulates it for application solely for collection and distribution of news and does not distribute its income in any manner to its members: Provided further that any notification issued by the Central Government under this clause shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years (including an assessment year or years commencing before the date on which such notification is issued) as may be specified in the notification :] 17 [Provided also that where the news agency has been specified, by notification, by the Central Government and subsequently that Government is satisfied that such news agency has not applied or accumulated or distributed its income in accordance with the provisions contained in the first proviso, it may, at any time after giving a reasonable opportunity of showing cause, rescind the notification and forward a copy of the order rescinding the notification to such agency and to the Assessing Officer ;] 130 [Provided also that nothing contained in this clause shall apply to any income of the news agency of the previous year relevant to the assessment year beginning on or after the 1st day of April, 2024; ] ( 23 ) 18 [****] 19 [ ( 23A ) any income (other than income chargeable under the head 20 [ * * * ] Income from house property or any income received for rendering any specific services or income by way of interest or dividends derived from its investments) of an association or institution established in India having as its object the control, supervision, regulation or encouragement of the profession of law, medicine, accountancy, engineering or architecture or such other profession as the Central Government may specify in this behalf, from time to time, by notification in the Official Gazette: Provided that- ( i ) the association or institution applies its income, or accumulates it for application, solely to the objects for which it is established; and ( ii ) the association or institution is for the time being approved for the purpose of this clause by the Central Government by general or special order :] 21 [Provided further that where the association or institution has been approved by the Central Government and subsequently that Government is satisfied that- ( i ) such association or institution has not applied or accumulated its income in accordance with the provisions contained in the first proviso; or ( ii ) the activities of the association or institution are not being carried out in accordance with all or any of the conditions subject to which such association or institution was approved, it may, at any time after giving a reasonable opportunity of showing cause against the proposed withdrawal to the concerned association or institution, by order, withdraw the approval and forward a copy of the order withdrawing the approval to such association or institution and to the Assessing Officer; ] 22 [ ( 23AA ) any income received by any person on behalf of any Regimental Fund or Non-Public Fund established by the armed forces of the Union for the welfare of the past and present members of such forces or their dependants; ] 23 [ ( 23AAA ) any income received by any person on behalf of a fund established, for such purposes as may be notified by the Board in the Official Gazette, for the welfare of employees or their dependants and of which fund such employees are members if such fund fulfils the following conditions, namely :- ( a ) the fund- ( i ) applies its income or accumulates it for application, wholly and exclusively to the objects for which it is established; and ( ii ) invests its funds and contributions and other sums received by it in the forms or modes specified in sub-section (5) of section 11; ( b ) the fund is approved by the 89 [Principal Commissioner or Commissioner] in accordance with the rules made in this behalf: Provided that any such approval shall at any one time have effect for such assessment year or years not exceeding three assessment years as may be specified in the order of approval ;] 24 [ ( 23AAB ) any income of a fund, by whatever name called, set up by the Life Insurance Corporation of India on or after the 1st day of August, 1996 25 [ or any other insurer ] under a pension scheme,- ( i ) to which contribution is made by any person for the purpose of receiving pension from such fund; ( ii ) which is approved by the Controller of Insurance 26 [ or the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), as the case may be ] . Explanation .- For the purposes of this clause, the expression Controller of Insurance shall have the meaning assigned to it in clause ( 5B ) of section 2 of the Insurance Act, 1938 (4 of 1938); ] 27 [ ( 23B ) any income of an institution constituted as a public charitable trust or registered under the Societies Registration Act, 1860 (21 of 1860), or under any law corresponding to that Act in force in any part of India, and existing solely for the development of khadi or village industries or both, and not for purposes of profit, to the extent such income is attributable to the business of production, sale, or marketing, of khadi or products of village industries: Provided that- ( i ) the institution applies its income, or accumulates it for application, solely for the development of khadi or village industries or both; and ( ii ) the institution is, for the time being, approved for the purpose of this clause by the Khadi and Village Industries Commission: Provided further that the Commission shall not, at any one time, grant such approval for more than three assessment years beginning with the assessment year next following the financial year in which it is granted: 28 [Provided also that where the institution has been approved by the Khadi and Village Industries Commission and subsequently that Commission is satisfied that- ( i ) the institution has not applied or accumulated its income in accordance with the provisions contained in the first proviso; or ( ii ) the activities of the institution are not being carried out in accordance with all or any of the conditions subject to which such institution was approved, it may, at any time after giving a reasonable opportunity of showing cause against the proposed withdrawal to the concerned institution, by order, withdraw the approval and forward a copy of the order withdrawing the approval to such institution and to the Assessing Officer .] Explanation . -For the purposes of this clause,- ( i ) Khadi and Village Industries Commission means the Khadi and Village Industries Commission established under the Khadi and Village Industries Commission Act, 1956 (61 of 1956); ( ii ) khadi and village industries have the meanings respectively assigned to them in that Act; ] 29 [ ( 23BB ) any income of an authority (whether known as the Khadi and Village Industries Board or by any other name) established in a State by or under a State or Provincial Act for the development of khadi or village industries in the State. Explanation . -For the purposes of this clause, khadi and village industries have the meanings respectively assigned to them in the Khadi and Village Industries Commission Act, 1956 (61 of 1956); ] 30 [ ( 23BBA ) any income of any body or authority (whether or not a body corporate or corporation sole) established, constituted or appointed by or under any Central, State or Provincial Act which provides for the administration of any one or more of the following, that is to say, public religious or charitable trusts or endowments (including maths, temples, gurdwaras, wakfs, churches, synagogues, agiaries or other places of public religious worship) or societies for religious or charitable purposes registered as such under the Societies Registration Act, 1860 (21 of 1860), or any other law for the time being in force: Provided that nothing in this clause shall be construed to exempt from tax the income of any trust, endowment or society referred to therein; ] 31 [ ( 23BBB ) any income of the European Economic Community derived in India by way of interest, dividends or capital gains from investments made out of its funds under such scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf. Explanation . -For the purposes of this clause, European Economic Community means the European Economic Community established by the Treaty of Rome of 25th March, 1957 ;] 32 [ ( 23BBC ) any income of the SAARC Fund for Regional Projects set up by Colombo Declaration issued on the 21st day of December, 1991 by the Heads of State or Government of the Member Countries of South Asian Association for Regional Cooperation established on the 8th day of December, 1985 by the Charter of the South Asian Association for Regional Cooperation; ] 33 [ ( 23BBD ) any income of the Secretariat of the Asian Organisation of the Supreme Audit Institutions registered as ASOSAI-SECRETARIAT under the Societies Registration Act, 1860 (21 of 1860) for 34 [ 35 [ ten previous years relevant to the assessment years beginning on the 1st day of April, 2001 and ending on the 31st day of March, 2011 ]]; ( 23BBE ) any income of the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999); ] 131 [ **** ] 78 [ ( 23BBG ) any income of the Central Electricity Regulatory Commission constituted under sub-section (1) of section 76 of the Electricity Act, 2003 (36 of 2003); ] 85 [ (23BBH) any income of the Prasar Bharati (Broadcasting Corporation of India) established under sub-section (1) of section 3 of the Prasar Bharati (Broadcasting Corporation of India) Act, 1990 (25 of 1990); 37 [ ( 23C ) any income received by any person on behalf of- ( i ) the Prime Minister's National Relief Fund 103 [ or the Prime Minister s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND) ] ; or ( ii ) the Prime Minister's Fund (Promotion of Folk Art); or ( iii ) the Prime Minister's Aid to Students Fund; 38 [ or ] 39 [ ( iiia ) the National Foundation for Communal Harmony; or ] 90 [ (iiiaa) the Swachh Bharat Kosh, set up by the Central Government; or (iiiaaa) the Clean Ganga Fund, set up by the Central Government; or ] 91 [ (iiiaaaa) the Chief Minister s Relief Fund or the Lieutenant Governor s Relief Fund in respect of any State or Union territory as referred to in sub-clause (iiihf) of clause (a) of sub-section (2) of section 80G; or ] 40 [ ( iiiab ) any university or other educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government; or ( iiiac ) any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, and which is wholly or substantially financed by the Government; or 87 [Explanation.-For the purposes of sub-clauses (iiiab) and (iiiac), any university or other educational institution, hospital or other institution referred therein, shall be considered as being substantially financed by the Government for any previous year, if the Government grant to such university or other educational institution, hospital or other institution exceeds such percentage of the total receipts including any voluntary contributions, as may be prescribed, of such university or other educational institution, hospital or other institution, as the case may be, during the relevant previous year.] ( iiiad ) any university or other educational institution existing solely for educational purposes and not for purposes of profit if the aggregate annual 113 [ receipts of the person from such university or universities or educational institution or educational institutions do not exceed five crore rupees ] ; or ( iiiae ) any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, if the aggregate annual 114 [ receipts of the person from such hospital or hospitals or institution or institutions do not exceed five crore rupees. ]] 115 [Explanation . For the purposes of sub-clauses (iiiad) and (iiiae), it is hereby clarified that if the person has receipts from university or universities or educational institution or institutions as referred to in sub-clause (iiiad), as well as from hospital or hospitals or institution or institutions as referred to in sub-clause (iiiae), the exemptions under these clauses shall not apply, if the aggregate of annual receipts of the person from such university or universities or educational institution or institutions or hospital or hospitals or institution or institutions, exceed five crore rupees; or ] 41 [ ( iv ) any other fund or institution established for charitable purposes 42 [ which may be approved by the 122 [ Principal Commissioner or Commissioner ]] , having regard to the objects of the fund or institution and its importance throughout India or throughout any State or States; or ( v ) any trust (including any other legal obligation) or institution wholly for public religious purposes or wholly for public religious and charitable purposes, 43 [ which may be approved by the 122 [ Principal Commissioner or Commissioner ]], having regard to the manner in which the affairs of the trust or institution are administered and supervised for ensuring that the income accruing thereto is properly applied for the objects thereof; 44 [ ( vi ) any university or other educational institution existing solely for educational purposes and not for purposes of profit, other than those mentioned in sub-clause ( iiiab ) or sub-clause ( iiiad ) and which may be approved by the 122 [ Principal Commissioner or Commissioner ] ; or ( via ) any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, other than those mentioned in sub-clause ( iiiac ) or sub-clause ( iiiae ) and which may be approved by the 122 [ Principal Commissioner or Commissioner ] : ] 105 [Provided that the exemption to the fund or trust or institution or university or other educational institution or hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), under the respective sub-clauses, shall not be available to it unless such fund or trust or institution or university or other educational institution or hospital or other medical institution makes an application 146 [ before the 1st day of October, 2024, ] in the prescribed form and manner to the Principal Commissioner or Commissioner, for grant of approval,- (i) where such fund or trust or institution or university or other educational institution or hospital or other medical institution is approved under the second proviso [as it stood immediately before its amendment by the Taxation and Other Laws (Relaxation and Amendment of Certain provisions) Act, 2020], within three months from the 1st day of April, 2021; (ii) where such fund or trust or institution or university or other educational institution or hospital or other medical institution is approved and the period of such approval is due to expire, at least six months prior to expiry of the said period; (iii) where such fund or trust or institution or university or other educational institution or hospital or other medical institution has been provisionally approved, at least six months prior to expiry of the period of the provisional approval or within six months of commencement of its activities, whichever is earlier; 132 [ (iv) in any other case, where activities of the fund or trust or institution or university or other educational institution or hospital or other medical institution have (A) not commenced, at least one month prior to the commencement of the previous year relevant to the assessment year from which the said approval is sought; (B) commenced and no income or part thereof of the said fund or trust or institution or university or other educational institution or hospital or other medical institution has been excluded from the total income on account of applicability of sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) or section 11 or section 12 for any previous year ending on or before the date of such application, at any time after the commencement of such activities, ] Provided further that the Principal Commissioner or Commissioner, on receipt of an application made under the first proviso 147 [ before the 1st day of October, 2024, ] , shall,- (i) where the application is made under clause (i) of the said proviso, pass an order in writing granting approval to it for a period of five years; (ii) where the application is made under clause (ii) or clause (iii) 133 [ or sub-clause (B) of clause (iv) ] of the said proviso,- (a) call for such documents or information from it or make such inquiries as he thinks necessary in order to satisfy himself about- (A) the genuineness of activities of such fund or trust or institution or university or other educational institution or hospital or other medical institution; and (B) the compliance of such requirements of any other law for the time being in force by it as are material for the purpose of achieving its objects; and (b) after satisfying himself about the objects and the genuineness of its activities under item (A), and compliance of the requirements under item (B), of sub-clause (a),- (A) pass an order in writing granting approval to it for a period of five years; 134 [ (B) if he is not so satisfied, pass an order in writing, (I) in a case referred to in clause (ii) or clause (iii) of the first proviso, rejecting such application and also cancelling its approval; (II) in a case referred to in sub-clause (B) of clause (iv) of the first proviso, rejecting such application, after affording it a reasonable opportunity of being heard; ] 135 [ (iii) where the application is made under sub-clause (A) of clause (iv) of the said proviso or the application made under clause (iv) of the said proviso, as it stood immediately before its amendment by the Finance Act, 2023, pass an order in writing granting approval to it provisionally for a period of three years from the assessment year from which the approval is sought, and send a copy of such order to the fund or trust or institution or university or other educational institution or hospital or other medical institution: ]] Provided also that the fund or trust or institution 49 [ or any university or other educational institution or any hospital or other medical institution ] referred to in sub-clause ( iv ) or sub-clause ( v ) 50 [ or sub-clause ( vi ) or sub-clause ( via ) ] - 51 [ ( a ) applies its income, or accumulates it for application, wholly and exclusively to the objects for which it is established and in a case where more than fifteen per cent of its income is accumulated on or after the 1st day of April, 2002, the period of the accumulation of the amount exceeding fifteen per cent of its income shall in no case exceed five years; and ] 52 [ ( b ) does not invest or deposit its funds, other than- ( i ) any assets held by the fund, trust or institution 53 [ or any university or other educational institution or any hospital or other medical institution ] where such assets form part of the corpus of the fund, trust or institution 54 [ or any university or other educational institution or any hospital or other medical institution ] as on the 1st day of June, 1973; 55 [ ( ia ) any asset, being equity shares of a public company, held by any university or other educational institution or any hospital or other medical institution where such assets form part of the corpus of any university or other educational institution or any hospital or other medical institution as on the 1st day of June, 1998 ;] ( ii ) any assets (being debentures issued by, or on behalf of, any company or corporation), acquired by the fund, trust or institution 56 [ or any university or other educational institution or any hospital or other medical institution ] before the 1st day of March, 1983; ( iii ) any accretion to the shares, forming part of the corpus mentioned in sub-clause ( i ) 57 [ and sub-clause ( ia ) ], by way of bonus shares allotted to the fund, trust or institution 58 [ or any university or other educational institution or any hospital or other medical institution ] ; ( iv ) voluntary contributions received and maintained in the form of jewellery, furniture or any other article as the Board may, by notification in the Official Gazette, specify, for any period during the previous year otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11: ] 97 [ 116 [Explanation 1] .-For the removal of doubts, it is hereby clarified that for the purposes of this proviso, the income of the funds or trust or institution or any university or other educational institution or any hospital or other medical institution, shall not include income in the form of voluntary contributions made with a specific direction that they shall form part of the corpus of such fund or trust or institution or any university or other educational institution or any hospital or other medical institution: 117 [ subject to the condition that such voluntary contributions are invested or deposited in one or more of the forms or modes specified in sub-section (5) of section 11 maintained specifically for such corpus ]] 123 [Explanation 1A.- For the purposes of this proviso, where the property held under a trust or institution referred to in clause (v) includes any temple, mosque, gurdwara, church or other place notified under clause (b) of sub-section (2) of section 80G, any sum received by such trust or institution as a voluntary contribution for the purpose of renovation or repair of such temple, mosque, gurdwara, church or other place, may, at its option, be treated by such trust or institution as forming part of the corpus of that trust or institution, subject to the condition that the trust or institution,- (a) applies such corpus only for the purpose for which the voluntary contribution was made; (b) does not apply such corpus for making contribution or donation to any person; (c) maintains such corpus as separately identifiable; and (d) invests or deposits such corpus in the forms and modes specified under sub-section (5) of section 11. Explanation 1B.- For the purposes of Explanation 1A, where any trust or institution referred to in sub-clause (v) has treated any sum received by it as forming part of the corpus, and subsequently any of the conditions specified in clause (a) or clause (b) or clause (c) or clause (d) of the said Explanation is violated, such sum shall be deemed to be the income of such trust or institution of the previous year during which the violation takes place. ] 118 [ Explanation 2. For the purposes of determining the amount of application under this proviso,- (i) application for charitable or religious purposes from the corpus as referred to in Explanation 1, shall not be treated as application of income for charitable or religious purposes: Provided that the amount not so treated as application or part thereof, shall be treated as application for charitable or religious purposes in the previous year in which the amount, or part thereof, is invested or deposited back, into one or more of the forms or modes specified in sub-section (5) of section 11 maintained specifically for such corpus, from the income of that year and to the extent of such investment or deposit; 136 [ **** ] 137 [Provided further that the provisions of the first proviso shall apply only if there was no violation of the conditions specified in the twelfth, thirteenth and twenty-first provisos, and those specified in Explanation 2 and Explanation 3, of this clause, at the time the application was made from the corpus: Provided also that the amount invested or deposited back shall not be treated as application for charitable or religious purposes under the first proviso unless such investment or deposit is made within a period of five years from the end of the previous year in which such application was made from the corpus: Provided also that nothing contained in the first proviso shall apply where the application from the corpus is made on or before the 31st day of March, 2021; ] (ii) application for charitable or religious purposes, from any loan or borrowing, shall not be treated as application of income for charitable or religious purposes: Provided that the amount not so treated as application or part thereof, shall be treated as application for charitable or religious purposes in the previous year in which the loan or borrowing, or part thereof, is repaid from the income of that year and to the extent of such repayment: ] 138 [Provided further that the provisions of the first proviso shall apply only if there was no violation of the conditions specified in the twelfth, thirteenth and twenty-first provisos, and those specified in Explanation 2 and Explanation 3, of this clause at the time the application was made from loan or borrowing: Provided also that the amount repaid shall not be treated as application for charitable or religious purposes under the first proviso unless such repayment is made within a period of five years from the end of the previous year in which such application was made from loan or borrowing: Provided also that nothing contained in the first proviso shall apply where the application from any loan or borrowing is made on or before the 31st day of March, 2021; and ] 139 [ (iii) any amount credited or paid out of the income of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), other than the amount referred to in the twelfth proviso, to any other fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), or trust or institution registered under section 12AB, as the case may be, shall be treated as application for charitable or religious purposes only to the extent of eighty-five per cent. of such amount credited or paid. ] 124 [Explanation 3.- For the purposes of determining the amount of application under this proviso, where eighty-five per cent. of the income referred to in clause (a) of this proviso is not applied wholly and exclusively to the objects for which the fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) is established, during the previous year but is accumulated or set apart, either in whole or in part, for application to such objects, such income so accumulated or set apart shall not be included in the total income of the previous year of the person in receipt of the income, if the following conditions are complied with, namely:- (a) such person furnishes a statement in such form and manner, as may be prescribed, 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) of section 11; and (c) the statement referred to in clause (a) is 140 [ furnished at least two months prior to ] 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. Explanation 4.- Any income referred to in Explanation 3, which,- (a) is applied for purposes other than wholly and exclusively to the objects for which the fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) is established or ceases to be accumulated or set apart for application thereto; or (b) ceases to remain invested or deposited in any of the forms or modes specified in sub-section (5) of section 11; or (c) is not utilised for the purpose for which it is so accumulated or set apart during the period referred to in clause (a) of Explanation 3; or (d) is credited or paid to any trust or institution registered under section 12AA or section 12AB or to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), shall be deemed to be the income of such person of the previous year- (i) in which it is so applied or ceases to be so accumulated or set apart under clause (a); or (ii) in which it ceases to remain so invested or deposited under clause (b); or (iii) being the last previous year of the period, for which the income is accumulated or set apart under clause (a) of Explanation 3, but not utilised for the purpose for which it is so accumulated or set apart under clause (c); or (iv) in which it is credited or paid to any fund or institution or trust or any university or other educational institution or any hospital or other medical institution under clause (d). Explanation 5.- Notwithstanding anything contained in Explanation 4, where due to circumstances beyond the control of the person in receipt of the income, any income invested or deposited in accordance with the provisions of clause (b) of Explanation 3 cannot be applied for the purpose for which it was accumulated or set apart, the Assessing Officer may, on an application made to him in this behalf, allow such person to apply such income for such other purpose in India as is specified in the application by that person and as is in conformity with the objects for which the fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) is established; and thereupon the provisions of Explanation 4 shall apply as if the purpose specified by that person in the application under this Explanation were a purpose specified in the notice given to the Assessing Officer under clause (a) of Explanation 3: Provided that the Assessing Officer shall not allow application of such income by way of payment or credit made for the purposes referred to in clause (d) of Explanation 4: ] Provided also that the exemption under sub-clause ( iv ) or sub-clause ( v ) shall not be denied in relation to any funds invested or deposited before the 1st day of April, 1989, otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 if such funds do not continue to remain so invested or deposited after the 30th day of March, 59 [ 1993 ] : 60 [Provided also that the exemption under sub-clause ( vi ) or sub-clause ( via ) shall not be denied in relation to any funds invested or deposited before the 1st day of June, 1998, otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 if such funds do not continue to remain so invested or deposited after the 30th day of March, 2001 :] 61 [Provided also that the exemption under sub-clause ( iv ) or sub-clause ( v ) 62 [ or sub-clause ( vi ) or sub-clause ( via ) ] shall not be denied in relation to voluntary contribution, other than voluntary contribution in cash or voluntary contribution of the nature referred to in clause ( b ) of the third proviso to this sub-clause, subject to the condition that such voluntary contribution is not held by the trust or institution 63 [ or any university or other educational institution or any hospital or other medical institution ] , otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11, after the expiry of one year from the end of the previous year in which such asset is acquired or the 31st day of March, 1992, whichever is later: ] Provided also that nothing contained in sub-clause ( iv ) or sub-clause ( v ) 64 [ or sub-clause ( vi ) or sub-clause ( via ) ] shall apply in relation to any income of the fund or trust or institution 65 [ or any university or other educational institution or any hospital or other medical institution ], being profits and gains of business, unless the business is incidental to the attainment of its objectives and separate books of account are maintained by it in respect of such business: 107 [Provided also that any approval granted under the second proviso shall apply in relation to the income of the fund or trust or institution or university or other educational institution or hospital or other medical institution,- (i) where the application is made under clause (i) of the first proviso, from the assessment year from which approval was earlier granted to it; (ii) where the application is made under clause (iii) of the first proviso, from the first of the assessment years for which it was provisionally approved; (iii) in any other case, from the assessment year immediately following the financial year in which such application is made: Provided also that the order under clause (i), sub-clause (b) of clause (ii) and clause (iii) of the second proviso shall be passed, in such form and manner as may be prescribed, before expiry of the period of three months, six months and one month, respectively, calculated from the end of the month in which the application was received: ] 125 [Provided also that where the total income of the fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), without giving effect to the provisions of the said sub-clauses, exceeds the maximum amount which is not chargeable to tax in any previous year, such fund or institution or trust or any university or other educational institution or any hospital or other medical institution shall,- (a) keep and maintain books of account and other documents in such form and manner and at such place, as may be prescribed; and (b) get its accounts audited in respect of that year by an accountant as defined in the Explanation below sub-section (2) of section 288 before the specified date referred to in section 44AB and furnish by that date, the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed: ]] 69 [Provided also that any amount of donation received by the fund or institution in terms of clause ( d ) of sub-section (2) of section 80G 70 [ in respect of which accounts of income and expenditure have not been rendered to the authority prescribed under clause ( v ) of sub-section (5C) of that section, in the manner specified in that clause, or ] which has been utilised for purposes other than providing relief to the victims of earthquake in Gujarat or which remains unutilised in terms of sub-section (5C) of section 80G and not transferred to the Prime Minister's National Relief Fund on or before the 31st day of March, 71 [ 2004 ] shall be deemed to be the income of the previous year and shall accordingly be charged to tax: ] 92 [ Provided also that any amount credited or paid out of income of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to 100 [ in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), to any other fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) or trust or institution registered under 108 [ section 12AA or section 12AB ] , being voluntary contribution made with a specific direction that they shall form part of the corpus, ] shall not be treated as application of income to the objects for which such fund or trust or institution or university or educational institution or hospital or other medical institution, as the case may be, is established ] 93 [ Provided also that for the purposes of determining the amount of application under item (a) of the third proviso, the provisions of sub-clause (ia) of clause (a) of section 40 and sub-sections (3) and (3A) of section 40A, shall, mutatis mutandis, apply as they apply in computing the income chargeable under the head Profits and gains of business or profession :] 72 [ *** ] 148 [ Provided also that no approval under the second proviso shall be granted in relation to any application made on or after the 1st day of October, 2024. ] 73 [Provided also that where the fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause ( iv ) or sub-clause ( v ) or sub-clause ( vi ) or sub-clause ( via ) does not apply its income during the year of receipt and accumulates it, any payment or credit out of such accumulation to any trust or institution registered under section 12AA 119 [ or section 12AB ] or to any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause ( iv ) or sub-clause ( v ) or sub-clause ( vi ) or sub-clause ( via ) shall not be treated as application of income to the objects for which such fund or trust or institution or university or educational institution or hospital or other medical institution, as the case may be, is established : 110 [ **** ] 126 [Provided also that where the fund or institution referred to in sub-clause (iv) or trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via) is approved or provisionally approved under the said clause and subsequently- (a) the Principal Commissioner or Commissioner has noticed occurrence of one or more specified violations during any previous year; or (b) the Principal Commissioner or Commissioner has received a reference from the Assessing Officer under the second proviso to sub-section (3) of section 143 for any previous year; or (c) such case has been selected in accordance with the risk management strategy, formulated by the Board from time to time, for any previous year, the Principal Commissioner or Commissioner shall- (i) call for such documents or information from the fund or institution or trust or any university or other educational institution or any hospital or other medical institution, or make such inquiry as he thinks necessary in order to satisfy himself about the occurrence of any specified violation; (ii) pass an order in writing cancelling the approval of such fund or institution or trust or any university or other educational institution or any hospital or other medical institution, on or before the specified date, after affording a reasonable opportunity of being heard, for such previous year and all subsequent previous years, if he is satisfied that one or more specified violation has taken place; (iii) pass an order in writing refusing to cancel the approval of such fund or institution or trust or any university or other educational institution or any hospital or other medical institution, on or before the specified date, if he is not satisfied about the occurrence of one or more specified violations; (iv) forward a copy of the order under clause (ii) or clause (iii), as the case may be, to the Assessing Officer and such fund or institution or trust or any university or other educational institution or any hospital or other medical institution. Explanation 1.- For the purposes of this proviso, specified date shall mean the day on which the period of six months, calculated from the end of the quarter in which the first notice is issued by the Principal Commissioner or Commissioner, on or after the 1st day of April, 2022, calling for any document or information, or for making any inquiry, under clause (i) expires. Explanation 2.- For the purposes of this proviso, the following shall mean specified violation ,- (a) where any income of the fund or institution or trust or any university or other educational institution or any hospital or other medical institution has been applied other than for the objects for which it is established; or (b) the fund or institution or trust or any university or other educational institution or any hospital or other medical institution has income from profits and gains of business, which is not incidental to the attainment of its objectives or separate books of account are not maintained by it in respect of the business which is incidental to the attainment of its objectives; or (c) any activity of the fund or institution or trust or any university or other educational institution or any hospital or other medical institution,- (A) is not genuine; or (B) is not being carried out in accordance with all or any of the conditions subject to which it was notified or approved; or (d) the fund or institution or trust or any university or other educational institution or any hospital or other medical institution has not complied with the requirement of any other law for the time being in force, and the order, direction or decree, by whatever name called, holding that such non-compliance has occurred, has either not been disputed or has 141 [ attained finality; or ] 142 [ (e) the application referred to in the first proviso of this clause is not complete or it contains false or incorrect information. ] Explanation 3.- For the purposes of clause (b) of this proviso, where the Assessing Officer has intimated the Central Government or the prescribed authority under the first proviso of sub-section (3) of section 143 about the contravention of the provisions of sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of this clause by any fund or institution or trust or university or other educational institution or any hospital or other medical institution in respect of an assessment year, and the approval granted to such fund or institution or trust or university or other educational institution or any hospital or other medical institution has not been withdrawn, or the notification issued in its case has not been rescinded, on or before the 31st day of March, 2022, such intimation shall be deemed to be a reference received by the Principal Commissioner or Commissioner as on the 1st day of April, 2022, and the provisions of clause (b) of the second proviso to sub-section (3) of section 143 shall apply accordingly for such assessment year: ] 101 [ **** ] 112 [Provided also that all applications made under the first proviso [as it stood before its amendment by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020] pending before the Principal Commissioner or Commissioner, on which no order has been passed before the 1st day of April, 2021, shall be deemed to be applications made under clause (iv) of the first proviso on that date: ] 102 [Provided also that all applications made under the first proviso [as it stood before its amendment by the Finance Act, 2020] pending before the Principal Commissioner or Commissioner, on which no order has been passed before the date on which the first proviso has come into force, shall be deemed to be an application made under clause (iv) of the first proviso on that date: ] 86 [Provided also that the income of a trust or institution referred to in sub-clause ( iv ) or sub-clause ( v ) shall be included in its total income of the previous year if the provisions of the first proviso to clause ( 15 ) of section 2 become applicable to such trust or institution in the said previous year, whether or not any approval granted or notification issued in respect of such trust or institution has been withdrawn or rescinded ] ; 127 [Provided also that where the fund or institution referred to in sub-clause (iv) or the trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via) has been approved by the Principal Commissioner or Commissioner, and the approval is in force for any previous year, then, nothing contained in any other provision of this section, other than clause (1) thereof, shall operate to exclude any income received on behalf of such fund or institution or trust or university or other educational institution or hospital or other medical institution, as the case may be, from the total income of the person in receipt thereof for that previous year. Explanation. -Where, on or after the 1st day of April, 2022 any fund or institution referred to in sub-clause (iv) or any trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via) is notified under clause (46) 143 [ or (46A) ] of section 10, the approval or provisional approval granted to such fund or institution or trust or university or other educational institution or hospital or other medical institution shall become inoperative from the date of notification of such fund or institution or trust or university or other educational institution or hospital or other medical institution, as the case may be, 144 [ under clause (46) or clause (46A) ] of the said section: ] 128 [Provided also that the fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) shall furnish the return of income for the previous year in accordance with the provisions of sub-section (4C) of section 139, 145 [ within the time allowed under sub-section (1) or sub-section (4) of that section ] : Provided also that where the income or part of income or property of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), has been applied directly or indirectly for the benefit of any person referred to in sub-section (3) of section 13, such income or part of income or property shall, after taking into account the provisions of sub-sections (2), (4) and (6) of the said section, be deemed to be the income of such fund or institution or trust or university or other educational institution or hospital or other medical institution of the previous year in which it is so applied: Provided also that where any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) violates the conditions of the tenth proviso or twentieth proviso, or where the provisions of the eighteenth proviso are applicable, its income chargeable to tax shall be computed after allowing deduction for the expenditure (other than capital expenditure) incurred in India, for the objects of the fund or institution or trust or university or other educational institution or hospital or other medical institution, subject to fulfilment of the following conditions, namely:- (a) such expenditure is not from the corpus standing to the credit of the fund or institution or trust or university or other educational institution or hospital or other medical institution as on the end of the financial year immediately preceding the previous year relevant to the assessment year for which the income is being computed; (b) such expenditure is not from any loan or borrowing; (c) claim of depreciation is not in respect of an asset, acquisition of which has been claimed as application of income in the same or any other previous year; and (d) such expenditure is not in the form of any contribution or donation to any person. Explanation .-For the purposes of determining the amount of expenditure under this proviso, the provisions of sub-clause (ia) of clause (a) of section 40 and sub-sections (3) and (3A) of section 40A shall, mutatis mutandis, apply as they apply in computing the income chargeable under the head Profits and gains of business or profession : Provided also that for the purposes of computing income chargeable to tax under the twenty-second proviso, no deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed to the assessee under any other provision of this Act: ] 120 [Explanation 1] .-In this clause, where any income is required to be applied or accumulated, then, for such purpose the income shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application of income under this clause in the same or any other previous year;] 121 [Explanation 2. For the purposes of this clause, it is clarified that the calculation of income required to be applied or accumulated during the previous year shall be made without any set off or deduction or allowance of any excess application of any of the year preceding to the previous year; 129 [Explanation 3.- For the purposes of this clause, any sum payable by any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) shall be considered as application of income during the previous year in which such sum is actually paid by it (irrespective of the previous year in which the liability to pay such sum was incurred by the fund or institution or trust or any university or other educational institution or any hospital or other medical institution according to the method of accounting regularly employed by it): Provided that where during any previous year any sum has been claimed to have been applied by the fund or institution or trust or any university or other educational institution or any hospital or other medical institution, such sum shall not be allowed as application in any subsequent previous year; ] *************************** Notes :- 1. Substituted for clauses (17A), (17B) and (18) by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Original clauses (17A) and (17B) were inserted by the Direct Taxes (Amendment) Act, 1974, with retrospective effect from 1-4-1973. Clause (17A) was later on amended by the Finance Act, 1980, w.e.f. 1-4- 1980. 2. Inserted by the Finance Act, 1999, w.e.f. 1-4-2000. 3. Omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999; Prior to its omission, clause (18A), as inserted by the Rulers of Indian States (Abolition of Privileges) Act, 1972, w.e.f. 9-9-1972, read as under : (18A) any ex gratia payments made by the Central Government consequent on the abolition of privy purse; 4. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005. Earlier original clause (19) was omitted by the Rulers of Indian States (Abolition of Privileges) Act, 1972, w.e.f. 2-4-1973. 5. Inserted by the Rulers of Indian States (Abolition of Privileges) Act, 1972, w.r.e.f. 28-12-1971. 6. ' Interest on securities, ' omitted by the Finance Act, 1988, w.e.f. 1-4-1989. 7. Substituted for within its own jurisdictional area by the Finance (No. 2) Act, 1971, w.e.f. 1-4-1972. 8. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 9. Omitted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its omission, clause (20A), as inserted by the Finance Act, 1970, w.r.e.f. 1-4-1962, read as under : (20A) any income of an authority constituted in India by or under any law enacted either for the purpose of dealing with and satisfying the need for housing accommodation or for the purpose of planning, development or improvement of cities, towns and villages, or for both; 10. Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1990. Earlier clause (21), was amended by the Finance Act, 1983, w.e.f. 1-4-1984, Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989 and Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 11. Substituted by the Finance Act, 1992, w.r.e.f. 1-4-1990. 12. Substituted for the words Provided further by the Finance (No. 2) Act, 1991, w.r.e.f. 1-4-1990. 13. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 14. Omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. Prior to its omission, clause (22) read as under : (22) any income of a university or other educational institution, existing solely for educational purposes and not for purposes of profit; Clauses (22) and (22A) are now re-enacted in section 10(23C). 15. Omitted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999; Prior to its omission, clause (22A), as inserted by the Finance Act, 1970, w.e.f. 1-4-1970, read as under : (22A) any income of a hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit; 16. Inserted by the Finance Act, 1994, w.e.f. 1-4-1994. 17. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 18. Omitted by the Finance Act, 2002, w.e.f. 1-4-2003; Prior to its omission, clause (23), as amended by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989, Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989, substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1990 and further amended by the Finance (No. 2) Act, 1991, w.r.e.f. 1-4-1990, Finance Act, 1992, w.r.e.f. 1-4-1990/w.e.f. 1-4-1992 and Finance Act, 2000, w.e.f. 1-4-2001, read as under : '(23) any income of an association or institution established in India which may be notified by the Central Government in the Official Gazette having regard to the fact that the association or institution has as its object the control, supervision, regulation or encouragement in India of the games of cricket, hockey, football, tennis or such other games or sports as the Central Government may, by notification in the Official Gazette, specify in this behalf : Provided that the association or institution shall make an application in the prescribed form and manner to the prescribed authority for the purpose of grant of the exemption, or continuance thereof, under this clause: Provided further that the Central Government may, before notifying the association or institution under this clause, call for such documents (including audited annual accounts) or information from the association or institution as it thinks necessary in order to satisfy itself about the genuineness of the activities of the association or institution and that Government may also make such inquiries as it may deem necessary in this behalf : Provided also that the association or institution,- (a) applies its income or accumulates it for application, wholly and exclusively to the objects for which it is established and the provisions of sub-section (2) and sub-section (3) of section 11 shall apply in relation to such accumulation subject to the following modifications, namely :- (i) in sub-section (2),- (1) the words, brackets, letters and figure referred to in clause (a) or clause (b) of sub-section (1) read with the Explanation to that sub-section shall be omitted; (2) for the words to charitable or religious purposes , the words for the purposes of games or sports shall be substituted; (3) the reference to Assessing Officer in clause (a) thereof shall be construed as a reference to the prescribed authority referred to in the first proviso to this clause; (ii) in sub-section (3), in clause (a), for the words charitable or religious purposes , the words the purposes of games or sports shall be substituted; and (b) does not invest or deposit its funds, other than- (i) any assets held by the association or institution where such assets form part of the corpus of the fund of the association or institution as on the 1st day of June, 1973; (ii) any assets (being debentures issued by, or on behalf of, any company or corporation), acquired by the association or institution before the 1st day of March, 1983; (iii) any accretion to the shares, forming part of the corpus of the fund mentioned in sub-clause (i), by way of bonus shares allotted to the association or institution; (iv) voluntary contributions received and maintained in the form of jewellery, furniture or any other article as the Board may, by notification in the Official Gazette, specify , for any period during the previous year otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11; and (c) does not distribute any part of its income in any manner to its members except as grants to any association or institution affiliated to it; (d) applies the amount received by way of donations referred to in clause (c) of sub-section (2) of section 80G for purposes of development of infrastructure for games or sports in India or for sponsoring of games and sports in India : Provided also that the exemption under this clause shall not be denied in relation to any funds invested or deposited before the 1st day of April, 1989 otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 if such funds do not continue to remain so invested or deposited after the 30th day of March, 1993 : Provided also that the exemption under this clause shall not be denied in relation to voluntary contribution, other than voluntary contribution in cash or voluntary contribution of the nature referred to in clause (b) of the third proviso to this clause, subject to the condition that such voluntary contribution is not held by the association or institution, otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11, after the expiry of one year from the end of the previous year in which such asset is acquired or the 31st day of March, 1992, whichever is later : Provided also that nothing contained in this clause shall apply in relation to any income of the association or institution, being profits and gains of business, unless the business is incidental to the attainment of its objectives and separate books of account are maintained by it in respect of such business : Provided also that any notification issued by the Central Government under this clause in relation to any association or institution shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years (including an assessment year or years commencing before the date on which such notification is issued), as may be specified in the notification*;' 19. Inserted by the Finance (No. 2) Act, 1965, w.e.f. 1-4-1962. 20. ' Interest on securities or' omitted by the Finance Act, 1988, w.e.f. 1-4-1989. 21. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 22. Inserted by the Finance (No. 2) Act, 1980, w.e.f. 1-4-1962. 23. Inserted by the Finance Act, 1995, w.e.f. 1-4-1996. 24 . Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997. 25. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 26. Inserted by the Finance Act, 2001, w.e.f. 1-4-2002. 27. Inserted by the Finance Act, 1974, w.e.f. 1-6-1974. 28. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 29. Inserted by the Finance Act, 1979, w.e.f. 1-4-1962. 30. Inserted by the Finance Act, 1979, w.e.f. 1-4-1962. 31. Inserted by the Finance Act, 1993, w.e.f. 1-4-1994. 32 . Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1992. 33. Inserted by the Finance Act, 2001, w.e.f. 1-4-2001. 34. Words ten previous years relevant to the assessment years beginning on the 1st day of April, 2001 and ending on the 31st day of March, 2011 shall be substituted for seven previous years relevant to the assessment years beginning on the 1st day of April, 2001 and ending on the 31st day of March, 2008 by the Finance Act, 2007, w.e.f. 1-4-2008. 35. Substituted for three previous years relevant to the assessment years beginning on the 1st day of April, 2001 and ending on the 31st day of March, 2004 by the Finance Act, 2003, w.e.f. 1-4-2004. 36. Inserted by the Taxation Laws (Amendment) Act, 2006, w.r.e.f. 1-4-2006. 37. Inserted by the Taxation Laws (Amendment) Act, 1975, w.e.f. 1-4-1976. 38. Reintroduced by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. Earlier, it was omitted by the Direct Tax Laws (Amendment) Act, 1987, with effect from the same date. 39. Inserted by the Finance Act, 1993, w.e.f. 1-4-1993. 40. Sub-clauses (iiiab) to (iiiae) inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 41. Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1990. Earlier, sub-clauses (iv) and (v) were omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989 and later reintroduced by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 42. Substituted for which may be notified by the Central Government in the Official Gazette by the Finance Act, 2007, w.e.f. 1-6-2007. 43. Substituted for which may be notified by the Central Government in the Official Gazette by the Finance Act, 2007, w.e.f. 1-6-2007. 44. Sub-clauses (vi) and (via) inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 45. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 46. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 47. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 48. Substituted by the Finance Act, 2007, w.e.f. 1-6-2007. Prior to its substitution, the second proviso, as amended by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999 and later on substituted by the Finance Act, 1999, w.e.f. 1-4-1999, read as under : Provided further that the Central Government, before notifying the fund or trust or institution, or the prescribed authority, before approving any university or other educational institution or any hospital or other medical institution, under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), may call for such documents (including audited annual accounts) or information from the fund or trust or institution or any university or other educational institution or any hospital or other medical institution, as the case may be, as it thinks necessary in order to satisfy itself about the genuineness of the activities of the fund or trust or institution or any university or other educational institution or any hospital or other medical institution, as the case may be, and the Central Government or the prescribed authority, as the case may be, may also make such inquiries as it deems necessary in this behalf : 49. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 50. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 51. Substituted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its substitution, clause (a), as amended by the Finance Act, 2001, w.e.f. 1-4-2002, read as under : (a) applies its income, or accumulates it for application, wholly and exclusively to the objects for which it is established and in a case where more than twenty-five per cent of its income is accumulated on or after the 1st day of April, 2001, the period of the accumulation of the amount exceeding twenty-five per cent of its income shall in no case exceed five years; and 52. Substituted by the Finance Act, 1992, w.r.e.f. 1-4-1990. 53. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 54. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 55. Inserted by the Finance Act, 2001, w.e.f. 1-4-2001. 56. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 57. Inserted by the Finance Act, 2001, w.e.f. 1-4-2001. 58. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 59 .Substituted for 1992 by the Finance Act, 1992, w.e.f. 1-4-1992. Earlier 1992 was substituted for 1990 by the Finance (No. 2) Act, 1991, w.r.e.f. 1-4-1990. 60. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 61 . Inserted by the Finance (No. 2) Act, 1991, w.r.e.f. 1-4-1990. 62. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 63. Inserted by the Finance Act, 1998, w.e.f. 1-4-1999. 64. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 65. Inserted by the Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. 66. Substituted for notification issued by the Central Government under sub-clause (iv) or sub-clause (v) shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years by the Taxation Laws (Amendment) Act, 2006, w.r.e.f. 1-4-2006. 67. Inserted by the Taxation Laws (Amendment) Act, 2006, w.r.e.f. 1-4-2006. 68. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007. 69. Inserted by the Taxation Laws (Amendment) Act, 2001, w.r.e.f. 3-2-2001. 70. Inserted by the Finance Act, 2002, w.r.e.f. 3-2-2001. 71. Substituted for 2003 by the Finance Act, 2003, w.r.e.f. 3-2-2001. Earlier 2003 was substituted for 2002 by the Finance Act, 2002, w.r.e.f. 3-2-2001. 72. Omitted by the Finance Act, 2002, w.e.f. 1-4-2002. Prior to its omission, the proviso, as inserted by the Finance Act, 2001, w.e.f. 1-4-2002, read as under : Provided also that where the total receipts of the fund or institution referred to in sub-clause (iv) or of any trust or institution referred to in sub-clause (v) or of any University or other educational institution referred to in sub-clause (vi) or of any hospital or other institution referred to in sub-clause (via) exceed one crore rupees in any preceding year, the fund or trust or institution or University or other educational institution or hospital or other institution, as the case may be, shall- (i) publish its accounts in a local newspaper; and (ii) furnish along with the application prescribed in the first proviso to this clause, the copy of the local newspaper in which such accounts have been published; 73. Inserted by the Finance Act, 2002, w.e.f. 1-4-2003. 74. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007. 75. Inserted by the Finance Act, 2006, w.e.f. 1-6-2006. 76. Inserted by the Finance Act, 2006, w.e.f. 1-4-2007. 77. Inserted by the Finance Act, 2007, w.e.f. 1-6-2007. 78. Inserted by the Finance Act, 2007, w.e.f. 1-4-2008. 79. Substituted vide Finance (No. 2) Act, 2009 w.e.f. 1st day of April, 2009, before it was read as, made at any time during the financial year immediately preceding the assessment year 80. For the words scientific research association , wherever they occur, the words research association has been substituted vide Finance Act, 2010 w.e.f. 1st day of April, 2011. 81. In the opening portion, after the word, brackets and figures clause (ii) , the words, brackets and figures or clause (iii) has been inserted vide Finance Act, 2010 w.e.f. 1st day of April, 2011. 82. In item (2), for the words scientific research , the words scientific research or research in social science or statistical research has been substituted vide Finance Act, 2010 w.e.f. 1st day of April, 2011. 83. In item (3), after the word, brackets and figures clause (ii) , the words, brackets and figures or clause (iii) has been inserted vide Finance Act, 2010 w.e.f. 1st day of April, 2011. 84. In sub-clause (ii), for the words scientific research , the words scientific research or research in social science or statistical research has been substituted vide Finance Act, 2010 w.e.f. 1st day of April, 2011. 85. Inserted vide Finance Act, 2012, (w.e.f. 01-04-2013). 86. Inserted vide Finance Act, 2012, (w.e.f. 01-04-2009). 87. Inserted vide THE FINANCE (No. 2) ACT, 2014, w.e.f. 1st day of April, 2015 88. Inserted vide THE FINANCE (No. 2) ACT, 2014, w.e.f. 1st day of April, 2015 89. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of June, 2013 90. Inserted vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2015 91. Inserted vide THE FINANCE ACT, 2017 w.e.f. the 1st day of April, 1998 92. Inserted vide THE FINANCE ACT, 2017 w.e.f. the 1st day of April, 2018 93. Inserted vide THE FINANCE ACT, 2018 w.e.f. 1st day of April, 2019 94. Substituted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-09-2019 before it was read as and the prescribed authority 95. Substituted vide FINANCE (NO. 2) ACT, 2019 w.e.f. 01-09-2019 before it was read as ( ii ) the activities of such fund or institution or trust or any university or other educational institution or any hospital or other medical institution- ( A ) are not genuine; or ( B ) are not being carried out in accordance with all or any of the conditions subject to which it was notified or approved : 96. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-06-2020 before it was read as Provided that the fund or trust or institution 45 [ or any university or other educational institution or any hospital or other medical institution ] referred to in sub-clause ( iv ) or sub-clause ( v ) 46 [ or sub-clause ( vi ) or sub-clause ( via ) ] shall make an application in the prescribed form and manner to the prescribed authority for the purpose of grant of the exemption, or continuance thereof, under sub-clause ( iv ) or sub-clause ( v ) 47 [ or sub-clause ( vi ) or sub-clause ( via ) ] : 48 [Provided further that the prescribed authority, before approving any fund or trust or institution or any university or other educational institution or any hospital or other medical institution, under sub-clause ( iv ) or sub-clause ( v ) or sub-clause ( vi ) or sub-clause ( via ), may call for such documents (including audited annual accounts) or information from the fund or trust or institution or any university or other educational institution or any hospital or other medical institution, as the case may be, as it thinks necessary in order to satisfy itself about the genuineness of the activities of such fund or trust or institution or any university or other educational institution or any hospital or other medical institution, as the case may be, 94 [ and the compliance of such requirements under any other law for the time being in force by such fund or trust or institution or any university or other educational institution or any hospital or other medical institutions, as the case may be, as are material for the purpose of achieving its objects and the prescribed authority, ] may also make such inquiries as it deems necessary in this behalf : ] 97. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 98. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-06-2020 before it was read as Provided also that any 66 [ notification issued by the Central Government under sub-clause ( iv ) or sub-clause ( v ), before the date on which the Taxation Laws (Amendment) Bill, 2006 receives the assent of the President, shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years ] (including an assessment year or years commencing before the date on which such notification is issued) as may be specified in the notification :] 67 [Provided also that where an application under the first proviso is made on or after the date on which the Taxation Laws (Amendment) Bill, 2006 receives the assent of the President, every notification under sub-clause ( iv ) or sub-clause ( v ) shall be issued or approval under 68 [ sub-clause ( iv ) or sub-clause ( v ) or ] sub-clause ( vi ) or sub-clause ( via ) shall be granted or an order rejecting the application shall be passed within the period of twelve months from the end of the month in which such application was received: 99. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as section 288 and furnish along with the return of income for the relevant assessment year 100. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), to any trust or institution registered under section 12AA, being voluntary contribution made with a specific direction that they shall form part of the corpus of the trust or institution, 101. Omitted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-06-2020 before it was read as 75 [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 79 [ made on or before the 30th day of September of the relevant assessment year ] from which the exemption is sought : ] 102. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-06-2020 before it was read as 77 [Provided also that all pending applications, on which no notification has been issued under sub-clause ( iv ) or sub-clause ( v ) before the 1st day of June, 2007, shall stand transferred on that day to the prescribed authority and the prescribed authority may proceed with such applications under those sub-clauses from the stage at which they were on that day ; ] 103. Inserted vide THE TAXATION AND OTHER LAWS (RELAXATION OF CERTAIN PROVISIONS) ORDINANCE, 2020 dated 31-03-2020 w.e.f. 01-04-2020 104. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-06-2020 before it was read as 96 [Provided that the exemption to the fund or trust or institution or university or other educational institution or hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) under the respective sub-clauses shall not be available to it unless such fund or trust or institution or university or other educational institution or hospital or other medical institution makes an application in the prescribed form and manner to the Principal Commissioner or Commissioner, for grant of approval, (i) where such fund or trust or institution or university or other educational institution or hospital or other medical institution is approved under the second proviso [as it stood immediately before its amendment by the Finance Act, 2020], within three months from the date on which this clause has come into force; (ii) where such fund or trust or institution or university or other educational institution or hospital or other medical institution is approved and the period of such approval is due to expire, at least six months prior to expiry of the said period; (iii) where such fund or trust or institution or university or other educational institution or hospital or other medical institution has been provisionally approved, at least six months prior to expiry of the period of the provisional approval or within six months of commencement of its activities, whichever is earlier; (iv) in any other case, at least one month prior to the commencement of the previous year relevant to the assessment year from which the said approval is sought, and the said fund or trust or institution or university or other educational institution or hospital or other medical institution is approved under the second proviso: Provided further that the Principal Commissioner or Commissioner, on receipt of an application made under the first proviso, shall,- (i) where the application is made under clause (i) of the said proviso, pass an order in writing granting approval to it for a period of five years; (ii) where the application is made under clause (ii) or clause (iii) of the said proviso, (a) call for such documents or information from it or make such inquiries as he thinks necessary in order to satisfy himself about- (A) the genuineness of activities of such fund or trust or institution or university or other educational institution or hospital or other medical institution; and (B) the compliance of such requirements of any other law for the time being in force by it as are material for the purpose of achieving its objects; and (b) after satisfying himself about the objects and the genuineness of its activities under item (A), and compliance of the requirements under item (B), of sub-clause (a), (A) pass an order in writing granting approval to it for a period of five years; (B) if he is not so satisfied, pass an order in writing rejecting such application and also cancelling its approval after affording it a reasonable opportunity of being heard; (iii) where the application is made under clause (iv) of the said proviso, pass an order in writing granting approval to it provisionally for a period of three years from the assessment year from which the registration is sought, and send a copy of such order to the fund or trust or institution or university or other educational institution or hospital or other medical institution: ] 105. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 before it was read as 104 [ Provided that the fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) shall make an application in the prescribed form and manner to the prescribed authority for the purpose of grant of the exemption, or continuance thereof, under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via): Provided further that the prescribed authority, before approving any fund or trust or institution or any university or other educational institution or any hospital or other medical institution, under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), may call for such documents (including audited annual accounts) or information from the fund or trust or institution or any university or other educational institution or any hospital or other medical institution, as the case may be, as it thinks necessary in order to satisfy itself about the genuineness of the activities of such fund or trust or institution or any university or other educational institution or any hospital or other medical institution, as the case may be, and the compliance of such requirements under any other law for the time being in force by such fund or trust or institution or any university or other educational institution or any hospital or other medical institution, as the case may be, as are material for the purpose of achieving its objects and the prescribed authority may also make such inquiries as it deems necessary in this behalf: ] 106. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-06-2020 before it was read as 98 [Provided also that any approval granted under the second proviso shall apply in relation to the income of the fund or trust or institution or university or other educational institution or hospital or other medical institution, (i) where the application is made under clause (i) of the first proviso, from the assessment year from which approval was earlier granted to it; (ii) where the application is made under clause (iii) of the first proviso, from the first of the assessment years for which it was provisionally approved; (iii) in any other case, from the assessment year immediately following the financial year in which such application is made: Provided also that the order under clause (i), sub-clause (b) of clause (ii) and clause (iii) of the second proviso shall be passed, in such form and manner as may be prescribed, before expiry of the period of three months, six months and one month, respectively, calculated from the end of the month in which the application was received: ] 107. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 before it was read as 106 [ Provided also that any notification issued by the Central Government under sub-clause (iv) or sub-clause (v), before the date on which the Taxation Laws (Amendment) Bill, 2006 receives the assent of the President, shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years (including an assessment year or years commencing before the date on which such notification is issued) as may be specified in the notification: Provided also that where an application under the first proviso is made on or after the date on which the Taxation Laws (Amendment) Bill, 2006 receives the assent of the President, every notification under sub-clause (iv) or sub-clause (v) shall be issued or approval under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) shall be granted or an order rejecting the application shall be passed within the period of twelve months from the end of the month in which such application was received: ] 108. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 before it was read as section 12AA 109. Inserted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-06-2020 110. Omitted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 before it was read as 109 [ 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 on or before the 30th day of September of the relevant assessment year from which the exemption is sought: ] 111. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-06-2020 before it was read as 76 [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 : ] 112. Substituted vide THE TAXATION AND OTHER LAWS (RELAXATION AND AMENDMENT OF CERTAIN PROVISIONS) ACT, 2020 dated 29-09-2020 w.e.f. 01-04-2021 before it was read as 111 [ Provided also that all pending applications, on which no notification has been issued under sub-clause (iv) or sub-clause (v) before the 1st day of June, 2007, shall stand transferred on that day to the prescribed authority and the prescribed authority may proceed with such applications under those sub-clauses from the stage at which they were on that day: ] 113. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 before it was read as receipts of such university or educational institution do not exceed the amount of annual receipts as may be prescribed 114. Substituted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 before it was read as receipts of such hospital or institution do not exceed the amount of annual receipts as may be prescribed; or 115. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 116. Numbered vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 before it was read as Explanation 117. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 118. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 119. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 120. Numbered vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 before it was read as Explanation 121. Inserted vide THE FINANCE ACT, 2021 dated 28-03-2021 w.e.f. 01-04-2022 122. Substituted vide Finance Act, 2022 w.e.f. 01-04-2022 before it was read as prescribed authority 123. Inserted vide Finance Act, 2022 w.e.f. 01-04-2021 123. Inserted vide Finance Act, 2022 w.e.f. 01-04-2023 125. Substituted vide Finance Act, 2022 w.e.f. 01-04-2023 before it was read as Provided also that where the total income, of the fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause ( iv ) or sub-clause ( v ) or sub-clause ( vi ) or sub-clause ( via ), without giving effect to the provisions of the said sub-clauses, exceeds the maximum amount which is not chargeable to tax in any previous year, such trust or institution or any university or other educational institution or any hospital or other medical institution shall get its accounts audited in respect of that year by an accountant as defined in the Explanation below sub-section (2) of 99 [ section 288 before the specified date referred to in section 44AB and furnish by that date ] , the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed : 126. Substituted vide Finance Act, 2022 w.e.f. 01-04-2022 before it was read as Provided also that where the fund or institution referred to in sub-clause ( iv ) or trust or institution referred to in sub-clause ( v ) is notified by the Central Government 74 [ or is approved by the prescribed authority, as the case may be , ] or any university or other educational institution referred to in sub-clause ( vi ) or any hospital or other medical institution referred to in sub-clause ( via ), is approved by the prescribed authority and subsequently that Government or the prescribed authority is satisfied that- ( i ) such fund or institution or trust or any university or other educational institution or any hospital or other medical institution has not- ( A ) applied its income in accordance with the provisions contained in clause ( a ) of the third proviso; or ( B ) invested or deposited its funds in accordance with the provisions contained in clause ( b ) of the third proviso; or 95 [ (ii) the activities of such fund or institution or trust or any university or other educational institution or any hospital or other medical institution- (A) are not genuine; or (B) are not being carried out in accordance with all or any of the conditions subject to which it was notified or approved; or (iii) such fund or institution or trust or any university or other educational institution or any hospital or other medical institution has not complied with the requirement of any other law for the time being in force, and the order, direction or decree, by whatever name called, holding that such non-compliance has occurred, has either not been disputed or has attained finality, ] it may, at any time after giving a reasonable opportunity of showing cause against the proposed action to the concerned fund or institution or trust or any university or other educational institution or any hospital or other medical institution, rescind the notification or, by order, withdraw the approval, as the case may be, and forward a copy of the order rescinding the notification or withdrawing the approval to such fund or institution or trust or any university or other educational institution or any hospital or other medical institution and to the Assessing Officer; ] 127. Substituted vide Finance Act, 2022 w.e.f. 01-04-2022 before it was read as 88 [ Provided also that where the fund or institution referred to in subclause (iv) or the trust or institution referred to in sub-clause (v) has been notified by the Central Government or approved by the prescribed authority, as the case may be, or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via), has been approved by the prescribed authority, and the notification or the approval is in force for any previous year, then, nothing contained in any other provision of this section [other than clause (1) thereof] shall operate to exclude any income received on behalf of such fund or trust or institution or university or other educational institution or hospital or other medical institution, as the case may be, from the total income of the person in receipt thereof for that previous year. ] 128. Inserted vide Finance Act, 2022 w.e.f. 01-04-2023 129. Inserted vide Finance Act, 2022 w.e.f. 01-04-2022 130. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 131. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, 36 [ ( 23BBF ) any income of the North-Eastern Development Finance Corporation Limited, being a company formed and registered under the Companies Act, 1956 (1 of 1956) : Provided that in computing the total income of the North-Eastern Development Finance Corporation Limited, the amount to the extent of- ( i ) twenty per cent of the total income for assessment year beginning on the 1st day of April, 2006; ( ii ) forty per cent of the total income for assessment year beginning on the 1st day of April, 2007; ( iii ) sixty per cent of the total income for assessment year beginning on the 1st day of April, 2008; ( iv ) eighty per cent of the total income for assessment year beginning on the 1st day of April, 2009; ( v ) one hundred per cent of the total income for assessment year beginning on the 1st day of April, 2010 and any subsequent assessment year or years, shall be included in such total income ; ] 132. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-10-2023 before it was read as, (iv) in any other case, at least one month prior to the commencement of the previous year relevant to the assessment year from which the said approval is sought, and the said fund or trust or institution or university or other educational institution or hospital or other medical institution is approved under the second proviso: 133. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-10-2023 134. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-10-2023 before it was read as, (B) if he is not so satisfied, pass an order in writing rejecting such application and also cancelling its approval after affording it a reasonable opportunity of being heard; 135. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-10-2023 before it was read as, (iii) where the application is made under clause (iv) of the said proviso, pass an order in writing granting approval to it provisionally for a period of three years from the assessment year from which the registration is sought, and send a copy of such order to the fund or trust or institution or university or other educational institution or hospital or other medical institution: 136. Omitted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, and 137. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 138. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 139. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 140. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, furnished on or before 141. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 before it was read as, attained finality. 142. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2023 143. Inserted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 144. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 before it was read as, under clause (46) 145. Substituted vide THE FINANCE ACT, 2023 dated 31-03-2023 w.e.f. 01-04-2024 before it was read as, within the time allowed under that section 146. Inserted vide Section 4 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-10-2024 147. Inserted vide Section 4 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-10-2024 148. Inserted vide Section 4 of the Finance (No. 2) Act, 2024 dated 16-08-2024 w.e.f. 01-10-2024