https://www.taxtmi.com/acts?id=18772 Amendments clarify that institutions are substantially financed by the Government where government grants exceed a prescribed percentage of total receipts; approved or notified entities' income received on their behalf is included in the recipient's total income for that year; income required to be applied or accumulated is calculated without deduction for depreciation where the asset acquisition has been claimed as application of income. The amendments also treat interest from a special purpose vehicle to a business trust as non-exempt and address taxation of distributed income to unit holders, while expanding exempt unit definitions to include business trust units. en-us Mon, 11 Aug 2014 17:33:06 +0530 Mon, 11 Aug 2014 17:33:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=18772 Amendments clarify that institutions are substantially financed by the Government where government grants exceed a prescribed percentage of total receipts; approved or notified entities' income received on their behalf is included in the recipient's total income for that year; income required to be applied or accumulated is calculated without deduction for depreciation where the asset acquisition has been claimed as application of income. The amendments also treat interest from a special purpose vehicle to a business trust as non-exempt and address taxation of distributed income to unit holders, while expanding exempt unit definitions to include business trust units. Act-Rules F. Acts / Amendment Acts Mon, 11 Aug 2014 17:33:06 +0530 https://www.taxtmi.com/acts?id=18772