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of <h1>Finance Bill 2012: Amendments to Section 10 Limit Tax Exemptions for Insurance, Redefine Venture Capital, and More</h1> The Finance Bill, 2012 proposes amendments to section 10 of the Income-tax Act. Key changes include: limiting tax exemptions for insurance policies issued after April 1, 2012, to those with premiums not exceeding 10% of the capital sum assured, effective April 1, 2013; including certain trust incomes in total income from April 1, 2009; redefining 'venture capital undertaking' per SEBI regulations, effective April 1, 2013; and exempting income from foreign companies selling crude oil in India under specific conditions, effective April 1, 2012. These amendments affect assessment years 2009-2010, 2012-2013, and 2013-2014 onwards.
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