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of <h1>Amendment to Income-tax Act: Educational, Medical Institutions' Funding Clarified; New Exemptions for Business Trusts Effective 2015.</h1> Clause 5 of the Finance (No. 2) Bill, 2014 amends section 10 of the Income-tax Act, effective April 1, 2015. It clarifies that educational and medical institutions are considered substantially government-financed if grants exceed a prescribed percentage of total receipts. It ensures income from approved institutions is not excluded from total income calculations. New clauses (23FC) and (23FD) exempt income from business trusts and certain distributed income from total income. Clause (38) is amended to include business trust units, excluding income from specific transfers. These changes apply from the assessment year 2015-16 onwards.
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