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Clause - 009 - Amendment of section 12A.
Clause 9 of the Bill seeks to amend section 12A of the Income-tax Act relating to conditions for applicability of sections 11 and 12.
It is also proposed to insert a new clause (c) in sub-section (1) of the said section so as to provide that the person in receipt of the income shall furnish the return of income referred to in sub-section (4A) of section 139 within the time allowed under that section.
These amendments will take effect from 1st April, 2018 and will, accordingly, apply in relation to assessment year 2018-2019 and subsequent years.
Filing requirement for tax exemption: timely income-tax return now mandatory to claim exemptions under sections 11 and 12. A new clause (c) in subsection (1) of section 12A makes timely filing of the return of income referred to in subsection (4A) of section 139 a condition for claiming exemptions under sections 11 and 12; the amendment applies prospectively from the stated commencement and to the specified assessment year and subsequent years.
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