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of <h1>Finance Act 2020: Changes to Section 10 Impacting Tax Exemptions for Funds, Trusts, and Institutions Explained</h1> The Finance Act, 2020 amends Section 10 of the Income-tax Act, affecting exemptions for funds, trusts, educational, and medical institutions. These entities must apply for approval from the Principal Commissioner or Commissioner to maintain tax exemptions. The amendments specify timelines for application submission based on the entity's approval status. Additionally, the amendments clarify the treatment of voluntary contributions and outline conditions for income exemptions related to specific investments made by sovereign wealth funds, pension funds, and certain entities. The amendments also address tax treatments for dividends and units received after April 1, 2020, and introduce provisions for the Indian Strategic Petroleum Reserves Limited.
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