Amendment of section 11
Section 7 of the Finance Act, 2014 deals with amendment of section 11. Amendment of section 11. 7. In section 11 of the Income-tax Act, after sub-section (5), the following sub-sections shall be inserted with effect from the 1st day of April, 2015, namely:— "(6) In this section where any income is required to be applied or accumulated or set apart for application, then
Amendment of section 11.
7. In section 11 of the Income-tax Act, after sub-section (5), the following sub-sections shall be inserted with effect from the 1st day of April, 2015, namely:—
"(6) In this section where any income is required to be applied or accumulated or set apart for application, then, for such purposes 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 section in the same or any other previous year.
(7) Where a trust or an institution has been granted registration under clause (b) of sub-section (1) of section 12AA or has obtained registration at any time under section 12A [as it stood before its amendment by the Finance (No.
2) Act, 1996 (33 of 1996)] and the said registration is in force for any previous year, then, nothing contained in section 10 [other than clause (1) and clause (23C) thereof] shall operate to exclude any income derived from the property held under trust from the total income of the person in receipt thereof for that previous year.".
© Copyright. Taxmann Publications Pvt. Ltd.
Section 7, 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
Questions about Section 7
What does Section 7 of the Finance Act deal with?
Section 7 of the Finance Act is headed "Amendment of section 11". Amendment of section 11. 7. In section 11 of the Income-tax Act, after sub-section (5), the following sub-sections shall be inserted with effect from the 1st day of April, 2015, namely:— "(6) In this section where any income is required to be applied or accumulated or set apart for application, then
How do I find court cases under Section 7 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 7, section 7 Finance Act 2014, section 7 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 7 of the Finance Act, and has it changed?
Its own text turns on section 10 (Amendment of section 24), section 11 (Amendment of section 32AC), Income-tax Act 11 (Income from property held for charitable or religious purposes), 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
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.