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of <h1>Finance Bill 2020 proposes amendment to Section 11(7), allowing entities u/ss 12A/12AA to apply for Section 10(46) notification.</h1> The Finance Bill 2020 proposes an amendment to sub-section (7) of section 11 of the Income Tax Act to address an anomaly affecting entities registered under sections 12A/12AA. Currently, these entities cannot apply for notification under clause (46) of section 10, unlike those registered under clause (23C). The amendment seeks to allow such entities to apply for this notification, provided they comply with the conditions of their existing registration. The proposal includes a provision to permit switching between exemptions only once, ensuring compliance and administrative efficiency.
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