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of <h1>Finance Bill 2012 amends Section 68 of Income-tax Act, adding provisos on cash credits for non-public companies.</h1> Clause 22 of the Finance Bill, 2012 amends section 68 of the Income-tax Act, effective April 1, 2013. It introduces two provisos concerning cash credits for companies not substantially owned by the public. The first proviso states that explanations for credits like share application money or capital are unsatisfactory unless the resident credited offers a satisfactory explanation to the Assessing Officer. The second proviso exempts venture capital funds or companies from this requirement. These changes apply to the assessment year 2013-2014 and onwards.
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