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Amendment of section 10.

..... or the first and second provisos, the following provisos shall be substituted, namely:- Provided that the exemption to the fund or trust or institution or university or other educational institution or hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) under the respective sub-clauses shall not be available to it unless such fund or trust or institution or university or other educational institution or hospital or other medical institution makes an application in the prescribed form and manner to the Principal Commissioner or Commissioner, for grant of approval,- (i) where such fund or trust or institution or university or other educational institution or hospital or other medical institution is approved under the second proviso [as it stood immediately before its amendment by the Finance Act, 2020], within three months from the date on which this clause has come into force; (ii) where such fund or trust or institution or university or other educational institution or hospital or other medical institution is approved and the period of such approval is due to expire, at least six months prior to expiry of the .....

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..... ovided also that any approval granted under the second proviso shall apply in relation to the income of the fund or trust or institution or university or other educational institution or hospital or other medical institution,- (i) where the application is made under clause (i) of the first proviso, from the assessment year from which approval was earlier granted to it; (ii) where the application is made under clause (iii) of the first proviso, from the first of the assessment years for which it was provisionally approved; (iii) in any other case, from the assessment year immediately following the financial year in which such application is made: Provided also that the order under clause (i), sub-clause (b) of clause (ii) and clause (iii) of the second proviso shall be passed, in such form and manner as may be prescribed, before expiry of the period of three months, six months and one month, respectively, calculated from the end of the month in which the application was received: ; (B) in the tenth proviso, for the words and figures section 288 and furnish along with the return of income for the relevant assessment year , the words, figures and letters section 288 before the specifi .....

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..... up and regulated under the law of such foreign country; (iii) the earnings of the said fund are credited either to the account of the Government of that foreign country or to any other account designated by that Government so that no portion of the earnings inures any benefit to any private person; (iv) the asset of the said fund vests in the Government of such foreign country upon dissolution; (v) it does not undertake any commercial activity whether within or outside India; and (vi) it is specified by the Central Government, by notification in the Official Gazette, for this purpose; ; (e) in clause (34), after the proviso, the following proviso shall be inserted, namely:- Provided further that nothing contained in this clause shall apply to any income by way of dividend received on or after the 1st day of April, 2020; ; (f) in clause (35), after the proviso, the following proviso shall be inserted, namely:- Provided further that nothing contained in this clause shall apply to any income in respect of units received on or after the 1st day of April, 2020; ; (g) clause (45) shall be omitted; (III) after clause (48B), the following clause shall be inserted, namely:- (48C) any incom .....

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..... itution has been provisionally approved, at least six months prior to expiry of period of the provisional approval or within six months of commencement of its activities, whichever is earlier; in any other case, at least one month prior to commencement of the previous year relevant to the assessment year from which said registration is sought. Second proviso to clause (23C) of said section thereof provides for the inquiry to be made by the prescribed authority before approving the fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of said clause. It is proposed to substitute the second proviso so as to provide that the Principal Commissioner or Commissioner, on receipt of an application made under the proposed first proviso, shall, where the application is under clause (i) of said proviso, pass an order in writing granting it approval for a period of five years; where the application is under clause (ii) or clause (iii) of said proviso, call for such documents or information from it or make such inquiries as he thinks nece .....

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..... be passed. It is proposed to substitute the ninth proviso so as to provide that the order under clause (i), sub-clause (b) of clause (ii) and clause (iii) of the proposed second proviso shall be passed, in such form and manner as may be prescribed, before expiry of period of three months, six months and one month respectively, calculated from the end of the month in which the application was received. These amendments will take effect from 1st June, 2020. The tenth proviso to the said clause provides that where the total income, of the fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), without giving effect to the provisions of the said sub-clauses, exceeds the maximum amount which is not chargeable to tax in any previous year, such trust or institution or university or other educational institution or hospital or other medical institution shall get its accounts audited in respect of that year by an accountant as defined in the Explanation below sub-section (2) of section 288 and furnish the report of such audit along wi .....

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..... from such exemption. It is proposed to insert a new clause (23FE) in the said section so as to provide exemption in respect of any income of a specified person in the nature of dividend, interest or long-term capital gains arising from an investment made by it in India, whether in the form of debt or equity, if the investment- (i) is made on or before the 31st day of March, 2024; (ii) is held for at least three years; and (iii) is in a company or enterprise carrying on the business of developing, or operating and maintaining, or developing, operating or maintaining any infrastructure facility as defined in the Explanation to clause (i) of subsection (4) of section 80-IA or such other business as may be notified by the Central Government in this behalf. It is further proposed to insert an Explanation to the said clause so as to define specified person for the purposes of this clause to mean- (a) a wholly owned subsidiary of the Abu Dhabi Investment Authority which- (i) is a resident of the United Arab Emirates; and (ii) makes investment, directly or indirectly, out of the fund owned by the Government of the United Arab Emirates; (b) sovereign wealth fund which shall qualify the cond .....

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