9911796707
TMI BlogAmendment of section 10X X X X Extracts X X X X X X X X Extracts X X X X ..... 8)], the following sub-clause shall be inserted, namely :- '(iid) interest on such bonds, as the Central Government may, by notification in the Official Gazette, specify, arising to- (a) a non-resident Indian, being an individual owning the bonds; or (b) any individual owning the bonds by virtue of being a nominee or survivor of the non-resident Indian; or (c) any individual to whom the bonds have been gifted by the non-resident Indian: Provided that the aforesaid bonds are purchased by a non-resident Indian in foreign exchange and the interest and principal received in respect of such bonds, whether on their maturity or otherwise, is not allowable to be taken out of India: Provided further that where an individual, who is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... use (a) or clause (b) of sub- section (1) read with the Explanation to that sub- section" shall be omitted; (2) for the words "to charitable or religious purposes", the words "for the purposes of scientific research" shall be substituted; (3) the reference to "Assessing Officer" in clause (a) thereof shall be construed as a reference to the "prescribed authority" referred to in clause (ii) of sub-section (1) of section 35; (ii) in sub-section (3), in clause (a), for the words "charitable or religious purposes", the words "the purposes of scientific research" shall be substituted; and (b) does not invest or deposit its funds (other than voluntary contributions received and maintained in the form of jewellery, furniture or any other a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er that the Central Government may, before notifying the association or institution under this clause call for such documents (including audited annual accounts) or information from the association or institution as it thinks necessary in order to satisfy itself about the genuineness of the activities of the association or institution and that Government may also make such inquiries as it may deem necessary in this behalf: Provided also that the association or institution,- (a) applies its income or accumulates it for application, wholly and exclusively to the objects for which it is established and the provisions of sub-section (2) and sub-section (3) of section 11 shall apply in relation to such accumulation subject to the following m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in so invested or deposited after the 30th day of March, 1990: Provided also that nothing contained in this clause shall apply in relation to any income of the association or institution, being profits and gains of business, unless the business is incidental to the attainment of its objectives and separate books of accounts are maintained by it in respect of such business: Provided also that any notification issued by the Central Government under this clause in relation to any association or institution shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years (including an assessment year or years commencing before the date on which such notification is issued) as may be specified in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts) or information from the fund or trust or institution as it thinks necessary in order to satisfy itself about the genuineness of the activities of the fund or trust or institution and that Government may also make such inquiries as it may deem necessary in this behalf: Provided also that the fund or trust or institution referred to in sub-clause (iv) or sub-clause (v)- (a) applies its income, or accumulates it for application, wholly and exclusively to the objects for which it is established; and (b) does not invest or deposit its funds (other than voluntary contributions received and maintained in the form of jewellery, furniture or any other article as the Board may, by notification in the Official Gazette, specify) for any perio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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