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of <h1>Finance Act 2014 amends Income-tax Act: Clarifies exemptions for educational, medical institutions, and business trust income. Effective April 2015.</h1> The Finance (No. 2) Act, 2014 amends Section 10 of the Income-tax Act, effective April 1, 2015. It clarifies that certain educational and medical institutions are considered government-financed if grants exceed a prescribed percentage of total receipts. Income from approved funds, trusts, or institutions is not excluded from total income if the notification or approval is in force. New clauses exempt business trust income from interest received from a special purpose vehicle and distributed income to unit holders, excluding certain types. Additionally, changes are made to the treatment of income from business trust units in equity-oriented funds.
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