TaxTMI 
TaxTMI 
Amendment of section 10
X X X X Extracts X X X X
X X X X Extracts X X X X
....ry contributions, as may be prescribed, of such university or other educational institution, hospital or other institution, as the case may be, during the relevant previous year."; (ii) after the seventeenth proviso, the following proviso and the Explanation shall be inserted, namely:-- 'Provided also that where the fund or institution referred to in sub-clause (iv) or the trust or institution referred to in sub-clause (v) has been notified by the Central Government or 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), has been approved by the prescribed authority, and the....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... income referred to in clause (23FC);'; (c) in clause (38),-- (i) after the words "unit of an equity oriented fund", the words "or a unit of a business trust" shall be inserted; (ii) after the proviso but before the Explanation, the following proviso shall be inserted, namely:-- "Provided further that the provisions of this clause shall not apply in respect of any income arising from transfer of units of a business trust which were acquired in consideration of a transfer referred to in clause (xvii) of section 47.". - Clause 5 of the Bill seeks to amend section 10 of the Income- tax Act relating to incomes not included in total income. Under the existing provisions contained in clause (23C) of the aforesaid section, exemption i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....of] shall operate to exclude any income received on behalf of such fund or trust or institution 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. It is also proposed to provide that income for the purposes of application shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application of income under clause (23C) of section 10 or section 11 in any previous year. It is proposed to insert a new clause (23FC) in section 10 so as to provide that any income of a business trust by way of interest recei....