Amendment of section 10

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..... , namely: 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 : ; (iii) in clause (38), after the third proviso, the following proviso shall be inserted, namely:- Provided also that nothing contained in this clause shall apply to any income arising from the transfer of long-term capital asset, being an equity share in a company or a unit of an equity oriented fund or a unit of a business trust, made on or after the 1st day of April, 2018 .....

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..... cent. of the total amount payable to him at the time of such closure or his opting out of the scheme shall not be included in his total income. It is proposed to amend the said clause so as to extend the aforesaid exemption to all the assessees who have subscribed to the National Pension System Trust. Third proviso to clause ( 23C ) of the said section provides for exemption in respect of income of the entities referred to in sub-clause ( iv ) or sub-clause ( v ) or sub-clause ( vi ) or sub-clause ( via ) of said clause in a case where such income is applied or accumulated during the previous year for certain purposes in accordance with the relevant provisions. It is proposed to insert a proviso after the twelfth proviso to the said clause .....

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..... the Central Government or a State Government, with the object of regulating or administering any activity for the benefit of the general public. It is proposed to amend the said clause so as to provide such exemption to specified income arising to a class of body or authority or Board or Trust or Commission also. This amendment will take effect from 1st April, 2018. Clause ( 48B ) of the said section provides that any income accruing or arising to a foreign company on account of sale of leftover stock of crude oil, if any, from a facility in India after the expiry of the agreement or arrangement as referred to under clause ( 48A ) shall be exempt subject to such conditions as may be notified by the Central Government in this behalf. It is p .....

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