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of <h1>Income-tax Act update: Charitable purpose redefined, electoral trust contributions as income, LLP terms included.</h1> The amendment to section 2 of the Income-tax Act introduces several changes. It expands the definition of 'charitable purpose' to include environmental preservation and historical conservation, effective from April 1, 2009. A new clause defines 'electoral trust' as approved by the Central Government, applicable from April 1, 2010. The terms 'firm,' 'partner,' and 'partnership' now encompass entities under the Limited Liability Partnership Act, 2008, effective April 1, 2010. Voluntary contributions to electoral trusts are considered income from April 1, 2010. A new clause defines 'manufacture,' effective April 1, 2009. 'Scheduled bank' is added to the definition of 'zero coupon bond,' effective April 1, 2009.
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