{"act":{"id":"finance-act-2025","short_title":"The Finance Act, 2025","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2025-2026.","act_number":"7","act_year":2025,"enact_date":"2025-08-16","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":153,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2025/"},"unit":"section","section":{"number":"7","heading":"Amendment of section 12AB","text":"Amendment of section 12AB. 7.  In section 12AB of the Income-tax Act,— (a) | in sub-section (1), the following proviso shall be inserted, namely:— 'Provided that where an application is made under sub-clauses (i) to (v) of the said clause, and the total income of such trust or institution, without giving effect to the provisions of sections 11 and 12, does not exceed rupees five crores during each of the two previous years, preceding the previous year in which such application is made, the provisions of this sub-section shall have effect as if for the words \"five years\", the words \"ten years\" had been substituted.'; (b) | in sub-section (4), in the Explanation, in clause (g), the words \"is not complete or it\" shall be omitted.","html":"<p><b>Amendment of section 12AB.</b></p><p><b>7. </b> In section 12AB 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), the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>'<b>Provided</b> that where an application is made under sub-clauses (<i>i</i>) to (<i>v</i>) of the said clause, and the total income of such trust or institution, without giving effect to the provisions of sections 11 and 12, does not exceed rupees five crores during each of the two previous years, preceding the previous year in which such application is made, the provisions of this sub-section shall have effect as if for the words \"five years\", the words \"ten years\" had been substituted.';</td></tr><tr><td>(<i>b</i>)</td><td></td><td>in sub-section (4), in the <i>Explanation</i>, in clause (<i>g</i>), the words \"is not complete or it\" shall be omitted.</td></tr></table></div>","words":126,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2025/section/7/","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."}