The Finance (No. 2) Bill 2024 has proposed that application under 10(23C) shall not be considered after 1st October 2024.
The Finance (No. 2) Bill 2024 has proposed that:
No new applications seeking approval or provisional approval under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10 can be made or considered on or after 1st October, 2024.
Applications filed under the above sub-clauses before 1st October, 2024, and which are still pending will be processed and considered under section 10 (23C) regime itself.
Approved trusts, funds or institutions will continue to avail the benefit of exemption, as per the provisions of sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10, till the validity of the said approval.
Certain eligible modes of investment under the Section 10(23C) regime will be protected under the Section 12A regime through proposed amendments in Section 13.
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