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of <h1>Finance Bill 2020 amends section 10 of Income-tax Act: New rules for tax-exempt status of funds, trusts, and institutions.</h1> Clause 7 of the Finance Bill, 2020, proposes amendments to section 10 of the Income-tax Act concerning exemptions for certain funds, trusts, educational institutions, and hospitals. The amendments stipulate that these entities must apply for approval from the Principal Commissioner or Commissioner to maintain their tax-exempt status. The process includes specific timelines for application based on the entity's current approval status. Additionally, the amendments address the conditions under which mutual funds, business trusts, and specified foreign investments are exempt from tax, and introduce new exemptions for income related to infrastructure investments and the Indian Strategic Petroleum Reserves Limited. These changes are effective from June 1, 2020, and April 1, 2021, for respective provisions.
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