Amendment of section 115TD.

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....se shall be inserted, namely:-- "(iii) it fails to make an application in accordance with the provisions of clause (i) or clause (ii) or clause (iii) of the first proviso to clause (23C) of section 10 or sub-clause (i) or sub-clause (ii) or sub-clause (iii) of clause (ac) of sub-section (1) of section 12A, within the period specified in the said clauses or sub-clauses, as the case may be,....

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....C) of section 10, as the case may be, in a case referred to in clause (iii) of sub-section (3);". - Clause 57 seeks to amend section 115TD of the Income-tax Act relating to Tax on accreted income. It is proposed to insert a new clause (iii) in sub-section (3) of said section to provide that a trust or institution registered under section 12AA or section 12AB or approved under subclaus....

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....ed person, as the case may be, shall also be liable to pay the tax on accreted income to the credit of the Central Government within fourteen days from the end of the previous year in a case referred to in sub-clause (a) of clause (ii), or clause (iii) of sub-section (3) of the said section. Clause (i) of Explanation to the section provides the definition of "date of conversion" for the purpose....