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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 ..... amount which is chargeable to tax in the hands of the offshore banking unit under section 115AD. ; (c) in clause (10D), (i) in the second proviso, the words, brackets, figures and letter or the Explanation to sub-section (2A) of section 88, as the case may be shall be omitted; (ii) for the sixth proviso, the following provisos shall be substituted with effect from the 1st day of April, 2024, namely: Provided also that nothing contained in this clause shall apply with respect to any life insurance policy other than a unit linked insurance policy, issued on or after the 1st day of April, 2023, if the amount of premium payable for any of the previous years during the term of such policy exceeds five lakh rupees: Provided also that if the premium is payable by a person for more than one life insurance policy other than unit linked insurance policy, issued on or after the 1st day of April, 2023, the provisions of this clause shall apply only with respect to those life insurance policies other than unit linked insurance policies, where the aggregate amount of premium does not exceed the amount referred to in the sixth proviso in any of the previous years during the term of any of those p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... v) of the first proviso, rejecting such application, after affording it a reasonable opportunity of being heard; ; (b) for clause (iii), the following clause shall be substituted, namely: (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: ; (II) in the third proviso, (i) in Explanation 2, (a) in clause (i), (A) in the proviso, the word and shall be omitted; (B) after the proviso, the following provisos shall be inserted, namely: 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed; (III) in the fifteenth proviso, in Explanation 2, (A) in clause (d), for the words attained finality. , the words attained finality; or shall be substituted; (B) after clause (d), the following clause shall be inserted, namely: (e) the application referred to in the first proviso of this clause is not complete or it contains false or incorrect information. ; (IV) in the nineteenth proviso, in the Explanation, with effect from the 1st day of April, 2024, (a) after the words, brackets and figures notified under clause (46) , the word, brackets, figures and letter or (46A) shall be inserted; (b) for the words, brackets and figures under clause (46) , the words, brackets, figures and letter under clause (46) or clause (46A) shall be substituted; (V) in the twentieth proviso, for the words within the time allowed under that section , the words, brackets and figures within the time allowed under sub-section (1) or sub-section (4) of that section shall be substituted; (h) clause (23EB) shall be omitted; (i) clause (26A) shall be omitted; (j) clause (41) shall be omitted; (k) in clause (46), for the words , or a class thereof at both the places where they occur, the words, figures and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om 1st April, 2024 and, will, accordingly apply in relation to the assessment year 2024-2025 and subsequent assessment years. Clause (10D) of the said section, inter alia, provides exemption to any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy. It is also proposed to omit the reference of Explanation to sub-section (2A) of section 88 in the second proviso to clause (10D) of the said section which is consequential due to the omission of section 88. This amendment will take effect from 1st April, 2023. It is also proposed to substitute the sixth proviso in the said clause to the effect that nothing contained in this clause shall apply with respect to any life insurance policy other than a unit linked insurance policy, issued on or after 1st April, 2023, if the amount of premium payable for any of the previous year during the term of such policy exceeds five lakh rupees. The proposed seventh proviso of the said clause provides that if the premium is payable, by a person, for more than one life insurance policy other than unit linked insurance policy, issued on or after 1st April, 2023, the provisions of this clause shall apply o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment year or years. It is proposed to omit the said clause with effect from 1st April, 2023. Clause (23C) of the said section provides exemption to the income of certain entities. Sub-clauses (iv), (v), (vi) and (via) of clause (23C) of said section provide exemption to the income received by any person on behalf of any fund or trust or institution or university or other educational institutions or hospital or other institutions which may be approved or provisionally approved by the Principal Commissioner or Commissioner. It is proposed to substitute clause (iv) of the first proviso to clause (23C) to provide that the fund or trust or institution or any university or other educational institution or any hospital or other institution, as is referred to in sub-clauses (iv), (v) , (vi) and (via) of the said clause, which is not covered by clauses (i),(ii) or (iii) of the said proviso, can make an application for approval, 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 yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xplanation 2 to the third proviso of clause (23C) so as to provide 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 proviso, and those specified in Explanation 2 and Explanation 3, of the said clause, at the time the application was made from the corpus. It is also proposed to insert a third proviso to clause (i) of Explanation 2 to the third proviso of clause (23C) of the said section so as to provide 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 corpus. It is also proposed to insert a fourth proviso to clause (i) of Explanation 2 to the third proviso of clause (23C) so as to provide that nothing contained in the first proviso, shall apply where application from corpus is made on or before 31st March, 2021. It is also proposed to insert a second proviso to clause (ii) of Explanation 2 to the third proviso of clause (23C) to provide that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1) of section 139 for furnishing the return of income for the previous year. This amendment will take effect from 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-2024 and subsequent assessment years. It is also proposed to insert clause (e) to Explanation 2 to the fifteenth proviso of clause (23C) to provide that specified violation shall also include the case where the application referred to in the first proviso is not complete or it contains false or incorrect information. This amendment will take effect from 1st April, 2023. It is also proposed to consequentially amend the Explanation to the nineteenth proviso to clause (23C) of the said section so as to give the reference of newly inserted clause (46A) therein. This amendment will take effect from 1st April, 2024 and will, accordingly, apply in relation to the assessment year 2024-2025 and subsequent assessment years. It is also proposed to amend the twentieth proviso of clause (23C) to provide 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 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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