Finance Acts
Section - 7 - Amendment of section 12AB
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. |
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