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of <h1>Finance Bill 2015: Section 139 Amended, Universities and Funds Must File Returns Over Non-Taxable Income Limit</h1> Clause 34 of the Finance Bill, 2015 amends section 139 of the Income-tax Act, effective from April 1, 2016. It modifies sub-section (4C) to require universities, hospitals, or other institutions, as specified in sub-clauses (iiiab) and (iiiac) of clause (23C) of section 10, to file a return of income if their total income exceeds the non-taxable limit, disregarding section 10 exemptions. Additionally, a new sub-section (4F) mandates that investment funds under section 115UB file returns for income or loss annually, as if required by sub-section (1). These changes apply from the assessment year 2016-17 onward.
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