TaxTMI 
TaxTMI 
Amendment of section 10.
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....ths from the date on which this clause has come into force; (ii) where such fund or trust or institution or university or other educational institution or hospital or other medical institution is approved and the period of such approval is due to expire, at least six months prior to expiry of the said period; (iii) where such fund or trust or institution or university or other educational institution or hospital or other medical institution has been provisionally approved, at least six months prior to expiry of the period of the provisional approval or within six months of commencement of its activities, whichever is earlier; (iv) in any other case, at least one month prior to the commencement of the previous year relevant to the assessment year from which the said approval is sought, 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....
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....e (ii) and clause (iii) of the second proviso shall 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:"; (B) in the tenth proviso, for the words and figures "section 288 and furnish along with the return of income for the relevant assessment year", the words, figures and letters "section 288 before the specified date referred to in section 44AB and furnish by that date" shall be substituted; (C) with effect from the 1st day of June, 2020,-- (a) the sixteenth proviso shall be omitted; (b) for the eighteenth proviso, the following proviso shall be substituted, namely:-- "Provided also that all applications made under the first proviso [as it stood before its amendment by the Finance Act, 2020] pending before the Principal Commissioner or Commissioner, on which no order has been passed before the date on which the first proviso has come into force, shall be deemed to be an application made under clause (iv) of the first proviso on that date:"; (II) with effect from the 1st day of April....
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....s specified by the Central Government, by notification in the Official Gazette, for this purpose;'; (e) in clause (34), after the proviso, the following proviso shall be inserted, namely:-- "Provided further that nothing contained in this clause shall apply to any income by way of dividend received on or after the 1st day of April, 2020;"; (f) in clause (35), after the proviso, the following proviso shall be inserted, namely:-- "Provided further that nothing contained in this clause shall apply to any income in respect of units received on or after the 1st day of April, 2020;"; (g) clause (45) shall be omitted; (III) after clause (48B), the following clause shall be inserted, namely:-- "(48C) any income accruing or arising to the Indian Strategic Petroleum Reserves Limited, being a wholly owned subsidiary of the Oil Industry Development Board under the Ministry of Petroleum and Natural Gas, as a result of arrangement for replenishment of crude oil stored in its storage facility in pursuance of directions of the Central Government in this behalf: Provided that nothing contained in this clause shall apply to an arrange....
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....es for the inquiry to be made by the prescribed authority before approving the 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) of said clause. It is proposed to substitute the second proviso so as to provide that the Principal Commissioner or Commissioner, on receipt of an application made under the proposed first proviso, shall, where the application is under clause (i) of said proviso, pass an order in writing granting it approval for a period of five years; where the application is under clause (ii) or clause (iii) of said proviso, call for such documents or information from it or make such inquiries as he thinks necessary in order to satisfy himself about, the genuineness of activities of such fund or trust or institution or any university or other educational institution or any hospital or other medical institution and 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 object; and after satisfying himself about the objects and t....
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....was received. These amendments will take effect from 1st June, 2020. The tenth proviso to the said clause provides that where the total income, of the 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), 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 trust or institution or university or other educational institution or hospital or other medical institution shall get its accounts audited in respect of that year by an accountant as defined in the Explanation below sub-section (2) of section 288 and furnish the report of such audit along with the return of income for the relevant assessment year. It is proposed to amend the said proviso so as to provide that such trust or institution or university or other educational institution or hospital or other medical institution should get the accounts audited before the specified date referred to in section 44AB (i.e. one month prior to the due date for filing of return und....
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.... before the 31st day of March, 2024; (ii) is held for at least three years; and (iii) is in a company or enterprise carrying on the business of developing, or operating and maintaining, or developing, operating or maintaining any infrastructure facility as defined in the Explanation to clause (i) of subsection (4) of section 80-IA or such other business as may be notified by the Central Government in this behalf. It is further proposed to insert an Explanation to the said clause so as to define "specified person" for the purposes of this clause to mean-- (a) a wholly owned subsidiary of the Abu Dhabi Investment Authority which-- (i) is a resident of the United Arab Emirates; and (ii) makes investment, directly or indirectly, out of the fund owned by the Government of the United Arab Emirates; (b) sovereign wealth fund which shall qualify the conditions specified therein. Clause (34) of the said section exempts income by way of dividends referred to in section 115-O except the income by way of dividend chargeable to tax in accordance with the provisions of section 115BBDA. It is proposed to amend the said clause so as to pr....