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Amendment of section 2

Section 3 - Act - DIRECT TAXES - Income-tax - Finance Act - Section 3 - CHAPTER III DIRECT TAXES Income-tax 3. In section 2 of the Income-tax Act, with effect from the 1st day of April, 2016,- (a) for clause (13A), the following clause shall be substituted, namely:- (13A) business trust means a trust registered as,- (i) an Infrastructure Investment Trust under the Securities and Exchange Board of India (Infrastructure .....

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use (15),- (i) after the word education, , the word yoga, shall be inserted; (ii) for the first and the second provisos, the following proviso shall be substituted, namely:- Provided that the advancement of any other object of general public utility shall not be a charitable purpose, if it involves the carrying on of any activity in the nature of trade, commerce or business, or any activity of rendering any service in relation to any trade, commerce or business, .....

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activity or activities, of that previous year; ; (c) in clause (24), after sub-clause (xvii), the following sub-clause shall be inserted, namely:- (xviii) assistance in the form of a subsidy or grant or cash incentive or duty drawback or waiver or concession or reimbursement (by whatever name called) by the Central Government or a State Government or any authority or body or agency in cash or kind to the assessee other than the subsidy or grant or reimbursement which is tak .....

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