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of <h1>Finance Act 2018 Amends Income-tax Act: New Explanation 3 to Section 11 Clarifies Application Amount Rules</h1> In the Finance Act, 2018, an amendment to section 11 of the Income-tax Act introduces a new Explanation 3 to sub-section (1), effective from April 1, 2019. This explanation clarifies that for determining the amount of application under clauses (a) or (b), the rules outlined in sub-clause (ia) of clause (a) of section 40 and sub-sections (3) and (3A) of section 40A will apply similarly as they do for computing income under 'Profits and gains of business or profession.'
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