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of <h1>Taxation Laws (Amendment) Act, 2006: Section 10 updates include phased tax exemption for North-Eastern Development Finance Corporation.</h1> The Taxation Laws (Amendment) Act, 2006, modifies section 10 of the Income-tax Act, effective April 1, 2006. It introduces clause (23BBF), exempting the income of the North-Eastern Development Finance Corporation Limited, with a phased inclusion of its income from 20% in 2006 to 100% in 2010 and subsequent years. Additionally, amendments to clause (23C) specify conditions for notifications and approvals related to certain funds, trusts, and institutions, including a requirement for audited accounts if their income exceeds the non-taxable limit, with the audit report to be furnished with the income return.
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