{"act":{"id":"finance-act-2023","short_title":"The Finance Act, 2023","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2023-2024.","act_number":"8","act_year":2023,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":181,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2023/"},"unit":"section","section":{"number":"8","heading":"Amendment of section 12A","text":"Amendment of section 12A. 8.  In section 12A of the Income-tax Act,— (a) | in sub-section (1),— (I) | in clause (ac), for sub-clause (vi), the following sub-clause shall be substituted with effect from the 1st day of October, 2023, namely:— \"(vi) in any other case, where activities of the trust or institution have— (A) | not commenced, at least one month prior to the commencement of the previous year relevant to the assessment year from which the said registration is sought; (B) | commenced and no income or part thereof of the said trust or institution has been excluded from the total income on account of applicability of sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, or section 11 or section 12, for any previous year ending on or before the date of such application, at any time after the commencement of such activities,\"; (II) | in clause (ba), for the words \"within the time allowed under that section\", the words, brackets and figures \"within the time allowed under sub-section (1) or sub-section (4) of that section\" shall be substituted; (b) | in sub-section (2), the second, third and fourth provisos shall be omitted.","html":"<p><b>Amendment of section 12A.</b></p><p><b>8. </b> In section 12A of the Income-tax Act,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in sub-section (1),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>I</i>)</td><td></td><td>in clause (<i>ac</i>), for sub-clause (<i>vi</i>), the following sub-clause shall be substituted with effect from the 1st day of October, 2023, namely:—</td></tr><tr><td></td><td></td><td>\"(<i>vi</i>) in any other case, where activities of the trust or institution have—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>not commenced, at least one month prior to the commencement of the previous year relevant to the assessment year from which the said registration is sought;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>commenced and no income or part thereof of the said trust or institution has been excluded from the total income on account of applicability of sub-clause (<i>iv</i>) or sub-clause (<i>v</i>) or sub-clause (<i>vi</i>) or sub-clause (<i>via</i>) of clause (<i>23C</i>) of section 10, or section 11 or section 12, for any previous year ending on or before the date of such application, at any time after the commencement of such activities,\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>II</i>)</td><td></td><td>in clause (<i>ba</i>), for the words \"within the time allowed under that section\", the words, brackets and figures \"within the time allowed under sub-section (1) or sub-section (4) of that section\" shall be substituted;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (2), the second, third and fourth provisos shall be omitted.</td></tr></table></div>","words":204,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2023/section/8/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}