India - Income Tax Act 2010 - Saarc

S. 10(21) I.T. ACT, 1961 1.70(ii) Municipality as referred to in clause (e) of article 243P of theConstitution 98 ; or(iii) Municipal Committee and District Board,legally entitled to, or entrusted by the Government with, thecontrol or management of a Municipal or local fund; or(iv) Cantonment Board as defined in section 3 98 of the CantonmentsAct, 1924 (2 of 1924);](20A) 99 [***]1[ 2 (21) 3 any income of a 3a [scientific research association] for the time beingapproved for the purpose of clause (ii) 3b [or clause (iii)] of sub-section(1) of section 35:Provided that the 3a [scientific research association]—(a) applies its income, or accumulates it for application, wholly andexclusively to the objects for which it is established, and theprovisions of sub-section (2) and sub-section (3) of section 11 shallapply in relation to such accumulation subject to the followingmodifications, namely :—(i) in sub-section (2),—(1) the words, brackets, letters and figure “referred to inclause (a) or clause (b) of sub-section (1) read with theExplanation to that sub-section” shall be omitted;(2) for the words “to charitable or religious purposes”, thewords “for the purposes of 3c [scientific research]” shallbe substituted;(3) the reference to “Assessing Officer” in clause (a) thereofshall be construed as a reference to the “prescribedauthority” referred to in clause (ii) 3b [or clause (iii)] ofsub-section (1) of section 35;(ii) in sub-section (3), in clause (a), for the words “charitable orreligious purposes”, the words “the purposes of 3c [scientificresearch]” shall be substituted; and98. See Appendix.99. Omitted by the Finance Act, 2002, w.e.f. 1-4-2003. Prior to its omission, clause (20A), asinserted by the Finance Act, 1970, w.r.e.f. 1-4-1962, read as under :“(20A) any income of an authority constituted in India by or under any law enacted eitherfor the purpose of dealing with and satisfying the need for housing accommodationor for the purpose of planning, development or improvement of cities, townsand villages, or for both;”1. Substituted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1990. Earlier clause(21) was amended by the Finance Act, 1983, w.e.f. 1-4-1984, Direct Tax Laws (Amendment)Act, 1987, w.e.f. 1-4-1989 and Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989.2. See also Circular No. 400, dated 19-10-1984 and Circular No. 584, dated 13-11-1990. Fordetails, see Taxmann’s Master Guide to Income-tax Act.For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.3. See rule 17 and Form No. 10, for notice of accumulation of income by charitable trust orinstitution [to be furnished before expiry of time allowed under section 139(1)].3a. Words “research association” shall be substituted for “scientific research association” bythe Finance Act, 2010, w.e.f. 1-4-2011.3b. Shall be inserted, ibid.3c. Words “scientific research or research in social science or statistical research” shall besubstituted for “scientific research” by the Finance Act, 2010, w.e.f. 1-4-2011.