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TMI BlogIncomes not included in total income [Clause (17A) to Clause (23C)]X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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 und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us 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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ency 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 app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ension 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 indus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch 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-SECRET ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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 cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 specif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 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.- Notw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 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 vol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Gove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. Ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 unive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sity 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) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 earlie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 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 institu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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