AI Drafter 
TaxTMI 
TaxTMI 
Amendment of section 10.
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....ducational institution or hospital or other medical institution makes an application in the prescribed form and manner to the Principal Commissioner or Commissioner, for grant of approval,-- (i) where such fund or trust or institution or university or other educational institution or hospital or other medical institution is approved under the second proviso [as it stood immediately before its amendment by the Finance Act, 2020], within three months 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....
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....e 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; (B) if he is not so satisfied, pass an order in writing rejecting such application and also cancelling its approval after affording it a reasonable opportunity of being heard; (iii) where the application is made under clause (iv) of the said proviso, pass an order in writing granting approval to it provisionally for a period of three years from the assessment year from whi....
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....ved; (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 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:"; (D) 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 furn....
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....date:"; (II) with effect from the 1st day of April, 2021,-- (a) in clause (23D), in the opening portion, the words, figures and letter "subject to the provisions of Chapter XII-E," shall be omitted; (b) in clause (23FC), in sub-clause (b), for the words, brackets, figures and letter "referred to in sub-section (7) of section 115-O", the words "received or receivable from a special purpose vehicle" shall be substituted; (c) in clause (23FD), for the words, brackets, letters and figures "in sub-clause (a) of clause (23FC)'', the words, brackets, letters and figures ''in sub-clause (a) of clause (23FC) or sub-clause (b) of said clause (in a case where the special purpose vehicle has exercised the option under sect....
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....e, the Board may, with the approval of the Central Government, issue guidelines for the purpose of removing the difficulty: Provided further that every guideline issued under the first proviso, shall be laid before each House of Parliament and shall be binding on the income-tax authority and the specified person: Provided also that where any income has not been included in the total income of the specified person due to the provisions of this clause, and subsequently during any previous year the specified person fails to satisfy any of the conditions of this clause so that the said income would not have been eligible for such non-inclusion, such income shall be chargeable to income-tax as the income of the specified person....
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....n such foreign country; (iii) satisfies such other conditions as may be prescribed; and (iv) is 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 other than the dividend on which tax under section 115-O and section 115BBDA, wherever applicable, has been paid;"; (f) in clause (35), after the proviso, the following proviso shall be inserted, namely:-- "Provided further that nothing contained in this clause s....