Amendment of section 10

In force Act 25 of 2014 As on 07 Oct 2026

Act 25 of 2014 Ministry Finance Cited by 1 provision

Section 5 of the Finance Act, 2014 deals with amendment of section 10. Amendment of section 10. 5. In section 10 of the Income-tax Act, with effect from the 1st day of April, 2015,— (a) | in clause (23C),— (i) | after sub-clause (iiiac), the following Explanation shall be inserted, namely:— "Explanation.—For the purposes of sub-clauses (iiiab) and (iiiac), any universi

Amendment of section 10.
5. In section 10 of the Income-tax Act, with effect from the 1st day of April, 2015,—
(a) in clause (23C),—
(i) after sub-clause (iiiac), the following Explanation shall be inserted, namely:—
"Explanation.—For the purposes of sub-clauses (iiiab) and (iiiac), any university or other educational institution, hospital or other institution referred therein, shall be considered as being substantially financed by the Government for any previous year, if the Government grant to such university or other educational institution, hospital or other institution exceeds such percentage of the total receipts including any voluntary contributions, as may be prescribed, of such university or other educational institution, hospital or other institution, as the case may be, during the relevant previous year.";
(ii) after the seventeenth proviso, the following proviso and the Explanation shall be inserted, namely:—
'Provided also that where the fund or institution referred to in sub-clause (iv) or the trust or institution referred to in sub-clause (v) has been notified by the Central Government or approved by the prescribed authority, as the case may be, or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via), has been approved by the prescribed authority, and the notification or the approval is in force for any previous year, then, nothing contained in any other provision of this section [other than clause (1) thereof] shall operate to exclude any income received on behalf of such fund or trust or institution or university or other educational institution or hospital or other medical institution, as the case may be, from the total income of the person in receipt thereof for that previous year.
Explanation.—In this clause, where any income is required to be applied or accumulated, then, for such purpose the income shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application of income under this clause in the same or any other previous year;';
(b) after clause (23FB), the following clauses shall be inserted, namely:—
'(23FC) any income of a business trust by way of interest received or receivable from a special purpose vehicle.
Explanation.—For the purposes of this clause, the expression "special purpose vehicle" means an Indian company in which the business trust holds controlling interest and any specific percentage of shareholding or interest, as may be required by the regulations under which such trust is granted registration;
(23FD) any distributed income, referred to in section 115UA, received by a unit holder from the business trust, not being that proportion of the income which is of the same nature as the income referred to in clause (23FC);';
(c) in clause (38),—
(i) after the words "unit of an equity oriented fund", the words "or a unit of a business trust" shall be inserted;
(ii) after the proviso but before the Explanation, the following proviso shall be inserted, namely:—
"Provided further that the provisions of this clause shall not apply in respect of any income arising from transfer of units of a business trust which were acquired in consideration of a transfer referred to in clause (xvii) of section 47.".
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Section 5, The Finance Act, 2014 (Act 25 of 2014).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

Referred to by 1

s. 111 Amendment of notification number GSR 163(E), dated 17th March, 2012 issued under section 5A of Central Excise Act

Questions about Section 5

What does Section 5 of the Finance Act deal with?

Section 5 of the Finance Act is headed "Amendment of section 10". Amendment of section 10. 5. In section 10 of the Income-tax Act, with effect from the 1st day of April, 2015,— (a) | in clause (23C),— (i) | after sub-clause (iiiac), the following Explanation shall be inserted, namely:— "Explanation.—For the purposes of sub-clauses (iiiab) and (iiiac), any universi

How do I find court cases under Section 5 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 2014 5, section 5 Finance Act 2014, section 5 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 5 of the Finance Act, and has it changed?

Its own text turns on section 10 (Amendment of section 24), section 47 (Amendment of section 133A), Income-tax Act 10 (Incomes not included in total income), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2014 as Act 25 of 2014. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

First Schedule. THE FIRST SCHEDULE7973 words
2. Income-tax3522 words
114. Amendment of Act 32 of 19941078 words
3. Amendment of section 21041 words
Seventh Schedule. THE SEVENTH SCHEDULE908 words
76. Substitution of new section for section 285BA878 words

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(i)		after sub-clause (iiiac), the following Explanation shall be inserted, namely:—
		"Explanation.—For the purposes of sub-clauses (iiiab) and (iiiac), any university or other educational institution, hospital or other institution referred therein, shall be considered as being substantially financed by the Government for any previous year, if the Government grant to such university or other educational institution, hospital or other institution exceeds such percentage of the total receipts including any voluntary contributions, as may be prescribed, of such university or other educational institution, hospital or other institution, as the case may be, during the relevant previous year.";
(ii)		after the seventeenth proviso, the following proviso and the Explanation shall be inserted, namely:—
		'Provided also that where the fund or institution referred to in sub-clause (iv) or the trust or institution referred to in sub-clause (v) has been notified by the Central Government or approved by the prescribed authority, as the case may be, or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via), has been approved by the prescribed authority, and the notification or the approval is in force for any previous year, then, nothing contained in any other provision of this section [other than clause (1) thereof] shall operate to exclude any income received on behalf of such fund or trust or institution or university or other educational institution or hospital or other medical institution, as the case may be, from the total income of the person in receipt thereof for that previous year.
		Explanation.—In this clause, where any income is required to be applied or accumulated, then, for such purpose the income shall be determined without any deduction or allowance by way of depreciation or otherwise in respect of any asset, acquisition of which has been claimed as an application of income under this clause in the same or any other previous year;';

'(23FC)		any income of a business trust by way of interest received or receivable from a special purpose vehicle.
		Explanation.—For the purposes of this clause, the expression "special purpose vehicle" means an Indian company in which the business trust holds controlling interest and any specific percentage of shareholding or interest, as may be required by the regulations under which such trust is granted registration;
(23FD)		any distributed income, referred to in section 115UA, received by a unit holder from the business trust, not being that proportion of the income which is of the same nature as the income referred to in clause (23FC);';

(i)		after the words "unit of an equity oriented fund", the words "or a unit of a business trust" shall be inserted;
(ii)		after the proviso but before the Explanation, the following proviso shall be inserted, namely:—
		"Provided further that the provisions of this clause shall not apply in respect of any income arising from transfer of units of a business trust which were acquired in consideration of a transfer referred to in clause (xvii) of section 47.".