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of <h1>Finance Bill 2010: Amends Income-tax Act Section 2, Exempts Small Receipts, Redefines Income Including Property</h1> Clause 3 of the Finance Bill, 2010 amends section 2 of the Income-tax Act. It modifies clause (15) by adding a proviso that exempts activities with receipts of ten lakh rupees or less from being classified as non-charitable if they involve trade or commerce, effective from April 1, 2009. It also amends clause (24) to include property values under clause (viia) in the definition of 'income,' effective from June 1, 2010. These changes apply to assessment years 2009-2010 and 2011-2012 onward, respectively.
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