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TMI BlogAmendment of section 10.X X X X Extracts X X X X X X X X Extracts X X X X ..... 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) w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich the application was received: ; (B) in the tenth proviso, for the words and figures section 288 and furnish along with the return of income for the relevant assessment year , the words, figures and letters section 288 before the specified date referred to in section 44AB and furnish by that date shall be substituted; (C) with effect from the 1st day of June, 2020, (a) the sixteenth proviso shall be omitted; (b) for the eighteenth proviso, the following proviso shall be substituted, namely: 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: ; (II) with effect from the 1st day of April, 2021, (a) in clause (23D), in the opening portion, the words, figures and letter subject to the provisions of Chapter XII-E, shall be omitted; (b) in clause (23FC), in sub-clause (b), for the words, brackets, figures and letter referred to in sub-section (7) of section 115-O , ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his clause shall apply to any income in respect of units received on or after the 1st day of April, 2020; ; (g) clause (45) shall be omitted; (III) after clause (48B), the following clause shall be inserted, namely: (48C) any income accruing or arising to the Indian Strategic Petroleum Reserves Limited, being a wholly owned subsidiary of the Oil Industry Development Board under the Ministry of Petroleum and Natural Gas, as a result of arrangement for replenishment of crude oil stored in its storage facility in pursuance of directions of the Central Government in this behalf: Provided that nothing contained in this clause shall apply to an arrangement, if the crude oil is not replenished in the storage facility within three years from the end of the financial year in which the crude oil was removed from the storage facility for the first time; . - Clause 7 of the Bill seeks to amend section 10 of the Income-tax Act relating to incomes not included in total income. First proviso to clause (23C) of said section provides for application to be made in prescribed form and manner to the prescribed authority for exemption in respect of income of the fund or trust or institution or any univ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an order in writing granting it approval for a period of five years; where the application is under clause (ii) or clause (iii) of said proviso, call for such documents or information from it or make such inquiries as he thinks necessary in order to satisfy himself about, the genuineness of activities of such fund or trust or institution or any university or other educational institution or any hospital or other medical institution and 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 object; and 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), pass an order in writing granting its approval for a period of five years; 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; where the application is under clause (iv) of said proviso, pass an order in writing granting it approval provisionally for a period of three years from the assessment year from which the registra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itution or 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 section 288 and furnish the report of such audit along with the return of income for the relevant assessment year. It is proposed to amend the said proviso so as to provide that such trust or institution or university or other educational institution or hospital or other medical institution should get the accounts audited before the specified date referred to in section 44AB (i.e. one month prior to the due date for filing of return under sub-section (1) of section 139) and furnish the report of audit by that date. This amendment will take effect from 1st April, 2020 and will, accordingly, apply in relation to the assessment year 2020-2021 and subsequent assessment years. Sixteenth proviso to clause (23C) of said section thereof, inter alia, provides for the period within which application for exemption has to be made by the fund or trust or institution or any university or other educational institution or any hospital or other medical institution under the first proviso. It is proposed to omit the said provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty which (i) is a resident of the United Arab Emirates; and (ii) makes investment, directly or indirectly, out of the fund owned by the Government of the United Arab Emirates; (b) sovereign wealth fund which shall qualify the conditions specified therein. Clause (34) of the said section exempts income by way of dividends referred to in section 115-O except the income by way of dividend chargeable to tax in accordance with the provisions of section 115BBDA. It is proposed to amend the said clause so as to provide that the provisions of the said clause shall not apply to any income, by way of dividend, received on or after the 1st April, 2020. Clause(35) of the said section exempts income received in respect of the units of a Mutual Fund, units from the Administrator of the specified undertaking and units from the specified company. It is proposed to amend this clause to provide that the provisions of the said clause shall not apply to any income, in respect of units, received on or after the 1st April, 2020. It is also proposed to omit clause (45) of the said section, which provides that any allowance and perquisite as may be notified by the Central Government, paid to the serving o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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