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Amendment of section 10

Section 7 - Act - DIRECT TAXES - Income-tax - Finance Act - Section 7 - 7. In section 10 of the Income-tax Act,- (I) after clause (11), the following clause shall be inserted, namely:- (11A) any payment from an account, opened in accordance with the Sukanya Samriddhi Account Rules, 2014 made under the Government Savings Bank Act, 1873 (5 of 1873); ; (II) in clause (23C), after sub-clause (iiia), the following sub-clauses shall be inserted, namely:- (iiiaa) the Swachh Bharat Kosh, set up by the C .....

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to the credit of the Fund and not charged to income-tax during any previous year is shared, either wholly or in part with the specified person, the whole of the amount so shared shall be deemed to be the income of the previous year in which such amount is so shared and shall, accordingly, be chargeable to income-tax. Explanation.-For the purposes of this clause,- (i) recognised clearing corporation shall have the same meaning as assigned to it in clause (o) of sub-regulation (1) of regulation 2 .....

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(42 of 1956) . (iii) specified income shall mean,- (a) the income by way of contribution received from specified persons; (b) the income by way of penalties imposed by the recognised clearing corporation and credited to the Core Settlement Guarantee Fund; or (c) the income from investment made by the Fund; (iv) specified person shall mean,- (a) any recognised clearing corporation which establishes and maintains the Core Settlement Guarantee Fund; and (b) any recognised stock exchange being a sh .....

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