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<h1>Income-tax Act Section 12 amended: New income and expenditure account requirements, compliance deadline extended to March 31, 2003.</h1> Section 12 of the Income-tax Act is amended, effective from February 3, 2001. In subsection (3), it adds a requirement for accounts of income and expenditure to be rendered to the prescribed authority as specified in clause (v) of subsection (5C) of section 80G. Additionally, the deadline for compliance is extended from March 31, 2002, to March 31, 2003.