AI Drafter 
TaxTMI 
TaxTMI 
TaxTMI 
Incomes not included in total income [Clause (17A) to Clause (23C)]
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....overnment or any State Government for such purposes as may be approved by the Central Government in this behalf in the public interest;] ^2[(18) any income by way of- (i) pension received by an individual who has been in the service of the Central Government or State Government and has been awarded "Param Vir Chakra" or "Maha Vir Chakra" or "Vir Chakra" or such other gallantry award as the Central Government may, by notification in the Official Gazette, specify in this behalf; (ii) family pension received by any member of the family of an individual referred to in sub-clause (i). Explanation.-For the purposes of this clause, the expression "family" shall have the meaning assigned to it in the Explanation to clause (5);] (18A) ^3[****] ^4[(19) family pension received by the widow or children or nominated heirs, as the case may be, of a member of the armed forces (including Para-military forces) of the Union, where the death of such member has occurred in the course of operational duties, in such circumstances and subject to such conditions, as may be prescribed;] ^5[(19A) the annual value of any one palace in the occupation of a Ruler, being a palace....
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....he purposes of ^82[scientific research or research in social science or statistical research] shall be substituted; (3) the reference to "Assessing Officer" in clause (a) thereof shall be construed as a reference to the "prescribed authority" referred to in clause (ii) ^83[or clause (iii)] of sub-section (1) of section 35; (ii) in sub-section (3), in clause (a), for the words "charitable or religious purposes", the words "the purposes of ^84[scientific research or research in social science or statistical research"] shall be substituted; and ^11[(b) does not invest or deposit its funds, other than- (i) any assets held by the ^80[research association] where such assets form part of the corpus of the fund of the association as on the 1st day of June, 1973; (ii) any assets (being debentures issued by, or on behalf of, any company or corporation), acquired by the ^80[research association] before the 1st day of March, 1983; (iii) any accretion to the shares, forming part of the corpus of the fund mentioned in sub-clause (i), by way of bonus shares allotted to the ^80[research association]; (iv) voluntary contributions receiv....
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....ntral Government may, by notification in the Official Gazette, specify in this behalf: Provided that the news agency applies its income or accumulates it for application solely for collection and distribution of news and does not distribute its income in any manner to its members: Provided further that any notification issued by the Central Government under this clause shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years (including an assessment year or years commencing before the date on which such notification is issued) as may be specified in the notification:] ^17[Provided also that where the news agency has been specified, by notification, by the Central Government and subsequently that Government is satisfied that such news agency has not applied or accumulated or distributed its income in accordance with the provisions contained in the first proviso, it may, at any time after giving a reasonable opportunity of showing cause, rescind the notification and forward a copy of the order rescinding the notification to such agency and to the Assessing Officer;] ^130[Provided also that nothing contained in this clause....
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....uch fund fulfils the following conditions, namely :- (a) the fund- (i) applies its income or accumulates it for application, wholly and exclusively to the objects for which it is established; and (ii) invests its funds and contributions and other sums received by it in the forms or modes specified in sub-section (5) of section 11; (b) the fund is approved by the ^89[Principal Commissioner or Commissioner] in accordance with the rules made in this behalf: Provided that any such approval shall at any one time have effect for such assessment year or years not exceeding three assessment years as may be specified in the order of approval;] ^24[(23AAB) any income of a fund, by whatever name called, set up by the Life Insurance Corporation of India on or after the 1st day of August, 1996 ^25[or any other insurer] under a pension scheme,- (i) to which contribution is made by any person for the purpose of receiving pension from such fund; (ii) which is approved by the Controller of Insurance ^26[or the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Devel....
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....ny income of an authority (whether known as the Khadi and Village Industries Board or by any other name) established in a State by or under a State or Provincial Act for the development of khadi or village industries in the State. Explanation.-For the purposes of this clause, "khadi" and "village industries" have the meanings respectively assigned to them in the Khadi and Village Industries Commission Act, 1956 (61 of 1956);] ^30[(23BBA) any income of any body or authority (whether or not a body corporate or corporation sole) established, constituted or appointed by or under any Central, State or Provincial Act which provides for the administration of any one or more of the following, that is to say, public religious or charitable trusts or endowments (including maths, temples, gurdwaras, wakfs, churches, synagogues, agiaries or other places of public religious worship) or societies for religious or charitable purposes registered as such under the Societies Registration Act, 1860 (21 of 1860), or any other law for the time being in force: Provided that nothing in this clause shall be construed to exempt from tax the income of any trust, endowment or society referred to the....
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....iiaaaa) the Chief Minister's Relief Fund or the Lieutenant Governor's Relief Fund in respect of any State or Union territory as referred to in sub-clause (iiihf) of clause (a) of sub-section (2) of section 80G; or] ^40[(iiiab) any university or other educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government; or (iiiac) any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, and which is wholly or substantially financed by the Government; or ^87[Explanation.-For the purposes of sub-clauses (iiiab) and (iiiac), any university or other educational institution, hospital or other institution referred therein, shall be considered as being substantially financed by the Government for any previous year, if the Government grant to such university or other educational institution, hospital or ....
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.... income accruing thereto is properly applied for the objects thereof; ^44[(vi) any university or other educational institution existing solely for educational purposes and not for purposes of profit, other than those mentioned in sub-clause (iiiab) or sub-clause (iiiad) and which may be approved by the ^122[Principal Commissioner or Commissioner]; or (via) any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, other than those mentioned in sub-clause (iiiac) or sub-clause (iiiae) and which may be approved by the ^122[Principal Commissioner or Commissioner]:] ^105[Provided that the exemption to the fund or trust or institution or university or other educational institution or hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), under the respective sub-clauses, shall not be available to it unless such fund....
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....ay of October, 2024,] shall,- (i) where the application is made under clause (i) of the said proviso, pass an order in writing granting approval to it for a period of five years; (ii) where the application is made under clause (ii) or clause (iii) ^133[or sub-clause (B) of clause (iv)] of the said proviso,- (a) call for such documents or information from it or make such inquiries as he thinks necessary in order to satisfy himself about- (A) the genuineness of activities of such fund or trust or institution or university or other educational institution or hospital or other medical institution; and (B) the compliance of such requirements of any other law for the time being in force by it as are material for the purpose of achieving its objects; and (b) after satisfying himself about the objects and the genuineness of its activities under item (A), and compliance of the requirements under item (B), of sub-clause (a),- (A) pass an order in writing granting approval to it for a period of five years; ^134[(B) if he is not so satisfied, pass an order in writing,- (I) in a case referred to in clause (ii) or c....
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....he fund, trust or institution ^56[or any university or other educational institution or any hospital or other medical institution] before the 1st day of March, 1983; (iii) any accretion to the shares, forming part of the corpus mentioned in sub-clause (i) ^57[and sub-clause (ia)], by way of bonus shares allotted to the fund, trust or institution ^58[or any university or other educational institution or any hospital or other medical institution] ; (iv) voluntary contributions received and maintained in the form of jewellery, furniture or any other article as the Board may, by notification in the Official Gazette, specify, for any period during the previous year otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11:] ^97[^116[Explanation 1].-For the removal of doubts, it is hereby clarified that for the purposes of this proviso, the income of the funds or trust or institution or any university or other educational institution or any hospital or other medical institution, shall not include income in the form of voluntary contributions made with a specific direction that they ....
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....the forms or modes specified in sub-section (5) of section 11 maintained specifically for such corpus, from the income of that year and to the extent of such investment or deposit; ^136[****] ^137[Provided further that the provisions of the first proviso shall apply only if there was no violation of the conditions specified in the twelfth, thirteenth and twenty-first provisos, and those specified in Explanation 2 and Explanation 3, of this clause, at the time the application was made from the corpus: Provided also that the amount invested or deposited back shall not be treated as application for charitable or religious purposes under the first proviso unless such investment or deposit is made within a period of five years from the end of the previous year in which such application was made from the corpus: Provided also that nothing contained in the first proviso shall apply where the application from the corpus is made on or before the 31st day of March, 2021;] (ii) application for charitable or religious purposes, from any loan or borrowing, shall not be treated as application of income for charitable or religious purposes: Provided&nb....
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....is accumulated or set apart, either in whole or in part, for application to such objects, such income so accumulated or set apart shall not be included in the total income of the previous year of the person in receipt of the income, if the following conditions are complied with, namely:- (a) such person furnishes a statement in such form and manner, as may be prescribed, to the Assessing Officer stating the purpose for which the income is being accumulated or set apart and the period for which the income is to be accumulated or set apart, which shall in no case exceed five years; (b) the money so accumulated or set apart is invested or deposited in the forms or modes specified in sub-section (5) of section 11; and (c) the statement referred to in clause (a) is ^140[furnished at least two months prior to] the due date specified under sub-section (1) of section 139 for furnishing the return of income for the previous year: Provided that in computing the period of five years referred to in clause (a), the period during which the income could not be applied for the purpose for which it is so accumulated or set apart, due to an order or injunction of ....
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....hich the fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) is established; and thereupon the provisions of Explanation 4 shall apply as if the purpose specified by that person in the application under this Explanation were a purpose specified in the notice given to the Assessing Officer under clause (a) of Explanation 3: Provided that the Assessing Officer shall not allow application of such income by way of payment or credit made for the purposes referred to in clause (d) of Explanation 4:] Provided also that the exemption under sub-clause (iv) or sub-clause (v) shall not be denied in relation to any funds invested or deposited before the 1st day of April, 1989, otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 if such funds do not continue to remain so invested or deposited after the 30th day of March, ^59[1993] : ^60[Provided also that the exemption under sub-clause (vi) or sub-clause (via) shall not be denied in relation to any funds i....
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....l be passed, in such form and manner as may be prescribed, before expiry of the period of three months, six months and one month, respectively, calculated from the end of the month in which the application was received:] ^125[Provided also that where the total income of the fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), without giving effect to the provisions of the said sub-clauses, exceeds the maximum amount which is not chargeable to tax in any previous year, such fund or institution or trust or any university or other educational institution or any hospital or other medical institution shall,- (a) keep and maintain books of account and other documents in such form and manner and at such place, as may be prescribed; and (b) get its accounts audited in respect of that year by an accountant as defined in the Explanation below sub-section (2) of section 288 before the specified date referred to in section 44AB and furnish by that date, the report of such audit in the prescribed form duly signed an....
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....r sub-clause (vi) or sub-clause (via) does not apply its income during the year of receipt and accumulates it, any payment or credit out of such accumulation to any trust or institution registered under section 12AA ^119[or section 12AB] or to any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) shall not be treated as application of income to the objects for which such fund or trust or institution or university or educational institution or hospital or other medical institution, as the case may be, is established : ^110[****] ^126[Provided also that where the fund or institution referred to in sub-clause (iv) or trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via) is approved or provisionally approved under the said clause and subsequently- (a) the Principal Commissioner or Commissioner has noticed occurrence of one or more specified violati....
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.... applied other than for the objects for which it is established; or (b) the fund or institution or trust or any university or other educational institution or any hospital or other medical institution has income from profits and gains of business, which is not incidental to the attainment of its objectives or separate books of account are not maintained by it in respect of the business which is incidental to the attainment of its objectives; or (c) any activity of the fund or institution or trust or any university or other educational institution or any hospital or other medical institution,- (A) is not genuine; or (B) is not being carried out in accordance with all or any of the conditions subject to which it was notified or approved; or (d) the fund or institution or trust or any university or other educational institution or any hospital or other medical institution has not complied with the requirement of any other law for the time being in force, and the order, direction or decree, by whatever name called, holding that such non-compliance has occurred, has either not been disputed or has ^141[attained finality; or] ^142[(e)....
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....iv) or the trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via) has been approved by the Principal Commissioner or Commissioner, and the approval is in force for any previous year, then, nothing contained in any other provision of this section, other than clause (1) thereof, shall operate to exclude any income received on behalf of such fund or institution or trust or university or other educational institution or hospital or other medical institution, as the case may be, from the total income of the person in receipt thereof for that previous year. Explanation.-Where, on or after the 1st day of April, 2022 any fund or institution referred to in sub-clause (iv) or any trust or institution referred to in sub-clause (v) or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via) is notified under clause (46) ^143[or (46A)] of section 10, the approval or provisional approval granted to such fund or institution or trust or un....
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....ity or other educational institution or hospital or other medical institution as on the end of the financial year immediately preceding the previous year relevant to the assessment year for which the income is being computed; (b) such expenditure is not from any loan or borrowing; (c) claim of depreciation is not in respect of an asset, acquisition of which has been claimed as application of income in the same or any other previous year; and (d) such expenditure is not in the form of any contribution or donation to any person. Explanation.-For the purposes of determining the amount of expenditure under this proviso, the provisions of sub-clause (ia) of clause (a) of section 40 and sub-sections (3) and (3A) of section 40A shall, mutatis mutandis, apply as they apply in computing the income chargeable under the head "Profits and gains of business or profession": Provided also that for the purposes of computing income chargeable to tax under the twenty-second proviso, no deduction in respect of any expenditure or allowance or set-off of any loss shall be allowed to the assessee under any other provision of this Act:] ^148[Provided also that no....
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....val granted by the Central Government shall have effect for such assessment year or years (including an assessment year or years commencing before the date on which such approval is granted) as may be specified in the order granting the approval; (17B) any payment made, whether in cash or in kind, as a reward by the Central Government or any State Government for such purposes as may be approved by the Central Government in this behalf in the public interest; (18) any payment made, whether in cash or in kind, by the Central Government or any State Government in pursuance of gallantry awards instituted or approved by the Central Government;" Earlier, Inserted vide Section 2 of the Direct Taxes (Amendment) Act, 1974 w.e.f. 01-04-1973 And was Amended vide Section 3 of the Finance Act, 1980 w.e.f. 01-04-1980. 2. Inserted vide Section 6 of the Finance Act, 1999 w.e.f. 01-04-2000. 3. Omitted vide Section 5 of the Finance (No. 2) Act, 1998 w.e.f. 01-04-1999 before it was read as, "(18A) any ex gratia payments made by the Central Government consequent on the abolition of privy purse;" Earlier, Inserted vide Section 7 of the....
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....83; or (iii) any shares in a company (not being a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956) or a corporation established by or under a Central, State or Provincial Act) are held by the association after the 30th day of November, 1983;" Earlier, Omitted vide Section 6 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 (Was Amended vide Section 5 of the Finance Act, 1983 w.e.f. 01-04-1984) before it was read as, "(21) any income of a scientific research association for the time being approved for the purpose of clause (ii) of sub-section (l) of section 35 which is applied solely to the purposes of that association; Provided that nothing contained in this clause shall apply if for any period during the previous year - (i) any sums by way of contributions received by the association are invested or deposited after the 28th day of February, 1983 otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11; or (ii) any funds of the association invested or deposited before the 1st day of March, 1983 otherwise than in any one or more of ....
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.... "(23) any income of an association or institution established in India which may be notified by the Central Government in the Official Gazette having regard to the fact that the association or institution has as its object the control, supervision, regulation or encouragement in India of the games of cricket, hockey, football, tennis or such other games or sports as the Central Government may, by notification in the Official Gazette, specify in this behalf : Provided that the association or institution shall make an application in the prescribed form and manner to the prescribed authority for the purpose of grant of the exemption, or continuance thereof, under this clause: Provided further that the Central Government may, before notifying the association or institution under this clause, call for such documents (including audited annual accounts) or information from the association or institution as it thinks necessary in order to satisfy itself about the genuineness of the activities of the association or institution and that Government may also make such inquiries as it may deem necessary in this behalf : Provided also that the association or instituti....
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....mption under this clause shall not be denied in relation to any funds invested or deposited before the 1st day of April, 1989 otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 if such funds do not continue to remain so invested or deposited after the 30th day of March, 1993 : Provided also that the exemption under this clause shall not be denied in relation to voluntary contribution, other than voluntary contribution in cash or voluntary contribution of the nature referred to in clause (b) of the third proviso to this clause, subject to the condition that such voluntary contribution is not held by the association or institution, otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11, after the expiry of one year from the end of the previous year in which such asset is acquired or the 31st day of March, 1992, whichever is later : Provided also that nothing contained in this clause shall apply in relation to any income of the association or institution, being profits and gains of business, unless the business is incidental to the attainment of its objectives and separa....
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....ants to any association or institution affiliated to it; and (iii) the association or institution is, for the time being, approved for the purpose of this clause by the Central Government by general or special order;" And was Amended vide Section 5 of the Finance (No. 2) Act, 1991 w.e.f. 01-04-1990 And was Amended vide Section 4 of the Finance Act, 1992 w.e.f. 01-04-1990/w.e.f. 01-04-1992 And was Amended vide Section 5 of the Finance Act, 2000 w.e.f. 01-04-2001 19. Inserted vide Section 3 of the Finance (No. 2) Act, 1965 w.e.f. 01-04-1962 20. Omitted vide Section 4 of the Finance Act, 1988 w.e.f. 01-04-1989 before it was read as, ""Interest on securities" or" 21. Inserted vide Section 4 of the Finance Act, 2002 w.e.f. 01-04-2003 22. Inserted vide Section 4 of the Finance (No. 2) Act, 1980 w.e.f. 01-04-1962 23. Inserted vide Section 4 of the Finance Act, 1995 w.e.f. 01-04-1996 24. Inserted vide Section 4 of the Finance (No. 2) Act, 1996 w.e.f. 01-04-1997 25. Inserted vide Section 5 of the Finance Act, 2001 w.e.f. 01-04-2002 26. Inserted vide Section 5 o....
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....d by the Central Government in the Official Gazette, having regard to the manner in which the affairs of the trust or institution are administered and supervised for ensuring that the income accruing thereto is properly applied for the purposes thereof:" Earlier, Omitted vide Section 6 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1989 before it was read as, "(iv) any other fund or institution established for charitable purposes which may be notified by the Central Government in the Official Gazette, having regard to the objects of the fund or institution and its importance throughout India or throughout any State or States; or (v) any trust (including any other legal obligation) or institution, being a trust or institution wholly for public religious purposes or wholly for public religious and charitable purposes, which may be notified by the Central Government in the Official Gazette, having regard to the manner in which the affairs of the trust or institution are administered and supervised for ensuring that the income accruing thereto is properly applied for the purposes thereof:" And was Reintroduced vide Section 4 of the Direct T....
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....ding audited annual accounts) or information from the fund or trust or institution or any university or other educational institution or any hospital or other medical institution as it thinks necessary in order to satisfy itself about the genuine­ness of the activities of the fund or trust or institution or any university or other educational institution or any hospital or other medical institution and that Government may also make such inquiries as it may deem necessary in this behalf :" 49. Inserted vide Section 5 of the Finance (No. 2) Act, 1998 w.e.f. 01-04-1999 50. Inserted vide Section 5 of the Finance (No. 2) Act, 1998 w.e.f. 01-04-1999 51. Substituted vide Section 4 of the Finance Act, 2002 w.e.f. 01-04-2003 before it was read as, "(a) applies its income, or accumulates it for application, wholly and exclusively to the objects for which it is established and in a case where more than twenty-five per cent of its income is accumulated on or after the 1st day of April, 2001, the period of the accumulation of the amount exceeding twenty-five per cent of its income shall in no case exceed five years; and" Earlier....
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....ection 6 of the Finance Act, 2007 w.e.f. 01-06-2007 69. Inserted vide Section 4 of the Taxation Laws (Amendment) Act, 2001 w.e.f. 03-02-2001 70. Inserted vide Section 4 of the Finance Act, 2002 w.e.f. 03-02-2001 71. Substituted vide Section 6 of the Finance Act, 2003 w.e.f. 03-02-2001 before it was read as, "2003" Earlier, Substituted vide Section 4 of the Finance Act, 2002 w.e.f. 03-02-2001 before it was read as, "2002" 72. Omitted vide Section 4 of the Finance Act, 2002 w.e.f. 01-04-2002 before it was read as, "Provided also that where the total receipts of the fund or institution referred to in sub-clause (iv) or of any trust or institution referred to in sub-clause (v) or of any University or other educational institution referred to in sub-clause (vi) or of any hospital or other institution referred to in sub-clause (via) exceed one crore rupees in any preceding year, the fund or trust or institution or University or other educational institution or hospital or other institution, as the case may be, shall- (i) publish its accounts in a local newspaper; and (ii) furnish ....
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..... 01-09-2019 before it was read as "and the prescribed authority" 95. Substituted vide Section 6 of the Finance (No. 2) Act, 2019 w.e.f. 01-09-2019 before it was read as, "(ii) the activities of such fund or institution or trust or any university or other educational institution or any hospital or other medical institution- (A) are not genuine; or (B) are not being carried out in accordance with all or any of the conditions subject to which it was notified or approved :" 96. Substituted vide Section 7 of the Finance Act, 2020 w.e.f. 01-06-2020 before it was read as, "Provided that the fund or trust or institution ^45[or any university or other educational institution or any hospital or other medical institution] referred to in sub-clause (iv) or sub-clause (v) ^46[or sub-clause (vi) or sub-clause (via)] shall make an application in the prescribed form and manner to the prescribed authority for the purpose of grant of the exemption, or continuance thereof, under sub-clause (iv) or sub-clause (v) ^47[or sub-clause (vi) or sub-clause (via)] : ^48[Provided further that the prescribed authority, before approving any....
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....-2020 before it was read as, "section 288 and furnish along with the return of income for the relevant assessment year" 100. Substituted vide Section 7 of the Finance Act, 2020 w.e.f. 01-04-2020 before it was read as, "in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), to any trust or institution registered under section 12AA, being voluntary contribution made with a specific direction that they shall form part of the corpus of the trust or institution," 101. Omitted vide Section 7 of the Finance Act, 2020 w.e.f. 01-06-2020 before it was read as, "^75[Provided also that in case the fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in the first proviso makes an application on or after the 1st day of June, 2006 for the purposes of grant of exemption or continuance thereof, such application shall be ^79[made on or before the 30th day of September of the relevant assessment year] from which the exemption is sought :]" 102. Substituted vide Section 7 of the Finance Act, 2020 w.e.f. 01-06-2020 before it....
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....and the said fund or trust or institution or university or other educational institution or hospital or other medical institution is approved under the second proviso: Provided further that the Principal Commissioner or Commissioner, on receipt of an application made under the first proviso, shall,- (i) where the application is made under clause (i) of the said proviso, pass an order in writing granting approval to it for a period of five years; (ii) where the application is made under clause (ii) or clause (iii) of the said proviso,-- (a) call for such documents or information from it or make such inquiries as he thinks necessary in order to satisfy himself about- (A) the genuineness of activities of such fund or trust or institution or university or other educational institution or hospital or other medical institution; and (B) the compliance of such requirements of any other law for the time being in force by it as are material for the purpose of achieving its objects; and (b) after satisfying himself about the objects and the genuineness of its activities under item (A), and compliance of the requirements under item....
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.... purpose of achieving its objects and the prescribed authority may also make such inquiries as it deems necessary in this behalf:]" 106. Substituted vide Section 4 of the The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f. 01-06-2020 before it was read as "^98[Provided also that any approval granted under the second proviso shall apply in relation to the income of the fund or trust or institution or university or other educational institution or hospital or other medical institution,-- (i) where the application is made under clause (i) of the first proviso, from the assessment year from which approval was earlier granted to it; (ii) where the application is made under clause (iii) of the first proviso, from the first of the assessment years for which it was provisionally approved; (iii) in any other case, from the assessment year immediately following the financial year in which such application is made: Provided also that the order under clause (i), sub-clause (b) of clause (ii) and clause (iii) of the second proviso shall be passed, in such form and manner as may be p....
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....ght:]" 111. Substituted vide Section 4 of the The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f. 01-06-2020 before it was read as ^ "77[Provided also that all pending applications, on which no notification has been issued under sub-clause (iv) or sub-clause (v) before the 1st day of June, 2007, shall stand transferred on that day to the prescribed authority and the prescribed authority may proceed with such applications under those sub-clauses from the stage at which they were on that day ;" 112. Substituted vide Section 4 of the The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f. 01-04-2021 before it was read as "^111[Provided also that all pending applications, on which no notification has been issued under sub-clause (iv) or sub-clause (v) before the 1st day of June, 2007, shall stand transferred on that day to the prescribed authority and the prescribed authority may proceed with such applications under those sub-clauses from the stage at which they were on that day:]" 113. Substituted vide Section 6 of the&....
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....ed:]" 126. Substituted vide Section 4 of the Finance Act, 2022 w.e.f. 01-04-2022 before it was read as, "Provided also that where the fund or institution referred to in sub-clause (iv) or trust or institution referred to in sub-clause (v) is notified by the Central Government ^74[or is approved by the prescribed authority, as the case may be,] or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via), is approved by the prescribed authority and subsequently that Government or the prescribed authority is satisfied that- (i) such fund or institution or trust or any university or other educational institution or any hospital or other medical institution has not- (A) applied its income in accordance with the provisions contained in clause (a) of the third proviso; or (B) invested or deposited its funds in accordance with the provisions contained in clause (b) of the third proviso; or ^95[(ii) the activities of such fund or institution or trust or any university or other edu....
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....0. Inserted vide Section 5 of the Finance Act, 2023 w.e.f. 01-04-2024 131. Omitted vide Section 5 of the Finance Act, 2023 w.e.f. 01-04-2023 before it was read as, "^36[(23BBF) any income of the North-Eastern Development Finance Corporation Limited, being a company formed and registered under the Companies Act, 1956 (1 of 1956): Provided that in computing the total income of the North-Eastern Development Finance Corporation Limited, the amount to the extent of- (i) twenty per cent of the total income for assessment year beginning on the 1st day of April, 2006; (ii) forty per cent of the total income for assessment year beginning on the 1st day of April, 2007; (iii) sixty per cent of the total income for assessment year beginning on the 1st day of April, 2008; (iv) eighty per cent of the total income for assessment year beginning on the 1st day of April, 2009; (v) one hundred per cent of the total income for assessment year beginning on the 1st day of April, 2010 and any subsequent assessment year or years, shall be included in such total income; ]" 132. Substituted vide Section 5 ....