Substitution of new sections for section 12
Section 6 of the Finance Act, 1972 deals with substitution of new sections for section 12. Substitution of new sections for section 12. The Act was enacted on 28 May 1972.
Substitution of new sections for section 12.
6. For section 12 of the Income-tax Act, the following sections shall be substituted with effect from the 1st day of April, 1973, namely:—
Income of trusts or institutions from contributions.
"12. Any voluntary contributions received by a trust created wholly for charitable or religious purposes or by an institution established wholly for such purposes (not being contributions made with a specific direction that they shall form part of the corpus of the trust or institution) shall for the purposes of section 11 be deemed to be income derived from property held under trust wholly for charitable or religious purposes and the provisions of that section and section 13 shall apply accordingly.
Conditions as to registration of trusts, etc
12A. The provisions of section 11 and section 12 shall not apply in relation to the income of any trust or institution unless the following conditions are fulfilled, namely: —
(a) the person in receipt of the income has made an application for registration of the trust or institution in the prescribed form and in the prescribed manner to the Commissioner before the 1st day of July, 1973, or before the expiry of a period of one year from the date of the creation of the trust or the establishment of the institution, whichever is later:
Provided that the Commissioner may, in his discretion, admit an application for the registration of any trust or institution after the expiry of the period aforesaid;
(b) where the total income of the trust or institution as com puted under this Act without giving effect to the provisions of section 11 and section 12 exceeds twenty-five thousand rupees in any previous year, the accounts of the trust or institution for that year have been audited by an accountant as defined in the Expla nation below sub-section (2) of section 288 and the person in receipt of the income furnishes along with the return Of income for the relevant assessment year the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed.".
[Finance Act, 1972]
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Section 6, The Finance Act, 1972 (Act 16 of 1972).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 6
What does Section 6 of the Finance Act deal with?
Section 6 of the Finance Act is headed "Substitution of new sections for section 12". Substitution of new sections for section 12.
How do I find court cases under Section 6 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1972 6, section 6 Finance Act 1972, section 6 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 6 of the Finance Act, and has it changed?
Its own text turns on section 11 (Insertion of new section 74A), section 12 (Amendment of section 75), section 13 (Amendment of section 77), Income-tax Act 12 (Income of trusts or institutions from contributions), so none of them can safely be read on its own.
When was Section 6 of the Finance Act enacted?
Section 6 of the Finance Act, cited as Finance Act 1972 6, was enacted on 28 May 1972 as Act 16 of 1972. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule4219 words
- 2. Income-tax884 words
- 26. Amendment of section 139612 words
- 46. Insertion of new section 21A576 words
- 45. Amendment of section 5547 words
- 28. Insertion of new sections 194B and 194C538 words
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