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of <h1>Finance Act 2006 amends Income-tax Act: Updates on exemptions, anonymous donations, and capital gains effective April 1, 2007.</h1> The Finance Act, 2006 amends section 10 of the Income-tax Act with various changes effective from April 1, 2007. Clause (6BB) and (15A) extend the dates for government-approved agreements to April 1, 2007. Clause (17) revises constituency allowance provisions for State Legislature members. Clause (23C) introduces new provisos concerning applications for exemptions and anonymous donations. Clause (23EA) specifies income from contributions by recognized exchanges. Clause (23G) is omitted. Clause (38) adjusts provisions for long-term capital gains and book profit calculations. A new clause (42) exempts specified income for certain bodies established under international treaties, not for profit, as notified by the Central Government.
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