- In the Income-tax Act, 1961,-

(I) in section 6, with effect from the 1st day of April, 2021,-

(a) in clause (1), in Explanation 1, in clause (b), for the words "the citizen or person of Indian origin ", the words "such person " shall be substituted;

(b) in clause (1A), the following Explanation shall be inserted, namely:-

(c) in clause (6), in the Explanation, the words "and which is not deemed to accrue or arise in India." shall be added at the end;

(a) in clause (4D), with effect from the 1st day of April, 2021,-

(b) in clause (23C), -

(B) with effect from the 1st day of April, 2021, the following provisos shall be substituted, namely:-

(i) where such fund or trust or institution or university or other educational institution or hospital or other medical institution is approved under the second proviso [as it stood immediately before its amendment by the Taxation and Other Laws (Relaxation and Amendment of Certain provisions) Act, 2020], within three months from the 1st day of April, 2021;

(ii) where such fund or trust or institution or university or other educational institution or hospital or other medical institution is approved and the period of such approval is due to expire, at least six months prior to expiry of the said period;

(iii) where such fund or trust or institution or university or other educational institution or hospital or other medical institution has been provisionally approved, at least six months prior to expiry of the period of the provisional approval or within six months of commencement of its activities, whichever is earlier;

(iv) in any other case, at least one month prior to the commencement of the previous year relevant to the assessment year from which the said approval is sought,

(i) where the application is made under clause (i) of the said proviso, pass an order in writing granting approval to it for a period of five years;

(ii) where the application is made under clause (ii) or clause (iii) of the said proviso,-

(a) call for such documents or information from it or make such inquiries as he thinks necessary in order to satisfy himself about-

(A) the genuineness of activities of such fund or trust or institution or university or other educational institution or hospital or other medical institution; and

(B) the compliance of such requirements of any other law for the time being in force by it as are material for the purpose of achieving its objects; and

(b) after satisfying himself about the objects and the genuineness of its activities under item (A), and compliance of the requirements under item (B), of sub-clause (a),-

(A) pass an order in writing granting approval to it for a period of five years;

(B) if he is not so satisfied, pass an order in writing rejecting such application and also cancelling its approval after affording it a reasonable opportunity of being heard;

(iii) where the application is made under clause (iv) of the said proviso, pass an order in writing granting approval to it provisionally for a period of three years from the assessment year from which the registration is sought, and send a copy of such order to the fund or trust or institution or university or other educational institution or hospital or other medical institution:";

(iii) for the eighth and ninth provisos,-

(A) with effect from the 1st day of June, 2020, the following provisos shall be substituted and shall be deemed to have been substituted, namely:-

(B) with effect from the 1st day of April, 2021, the following provisos shall be substituted, namely:-

(i) where the application is made under clause (i) of the first proviso, from the assessment year from which approval was earlier granted to it;

(ii) where the application is made under clause

(iii) of the first proviso, from the first of the assessment years for which it was provisionally approved;

(iii) in any other case, from the assessment year immediately following the financial year in which such application is made:

(iv) in the twelfth proviso, for the word, figures and letters "section 12AA", the words, figures and letters "section 12AA or section 12AB" shall be substituted with effect from the 1st day of April, 2021;

(v) after fifteenth proviso, with effect from the 1st day of June, 2020, the following proviso shall be inserted and shall be deemed to have been inserted, namely:-

(vi) with effect from the 1st day of April, 2021, the sixteenth proviso as so inserted, shall be omitted;

(vii) for the eighteenth proviso,-

(A) with effect from the 1st day of June, 2020, the following proviso shall be substituted and shall be deemed to have been substituted, namely:-

(B) with effect from the 1st day of April, 2021, the following proviso shall be substituted, namely:-

(c) after clause (23FBB), the following clause shall be inserted, with effect from the 1st day of April, 2021, namely:-

(a) "specified fund " shall have the same meaning as assigned to it in clause (c) of the Explanation to clause (4D);

(b) "unit " means beneficial interest of an investor in the fund and shall include shares or partnership interests.";

(d) in clause (23FE), in the Explanation, with effect from the 1st day of April, 2021,-

(a) in sub-section (1), in Explanation 2, after the word, figures and letters "section 12AA", the words, figures and letters "or section 12AB, as the case may be " shall be inserted with effect from the 1st day of April, 2021;

(b) in sub-section (7),-

(a) in sub-section (1),-

(i) where the trust or institution is registered under section 12A as it stood immediately before its amendment by the Finance (No. 2) Act, 1996 or under section 12AA [as it stood immediately before its amendment by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020], within three months from the 1st day of April, 2021;

(ii) where the trust or institution is registered under section 12AB and the period of the said registration is due to expire, at least six months prior to expiry of the said period;

(iii) where the trust or institution has been provisionally registered under section 12AB, at least six months prior to expiry of period of the provisional registration or within six months of commencement of its activities, whichever is earlier;

(iv) where registration of the trust or institution has become inoperative due to the first proviso to sub-section (7) of section 11, at least six months prior to the commencement of the assessment year from which the said registration is sought to be made operative;

(v) where the trust or institution has adopted or undertaken modifications of the objects which do not conform to the conditions of registration, within a period of thirty days from the date of the said adoption or modification;

(vi) in any other case, at least one month prior to the commencement of the previous year relevant to the assessment year from which the said registration is sought,

(b) in sub-section (2),-

(a) sub-clause (i) of clause (ac) of sub-section (1), from the assessment year from which such trust or institution was earlier granted registration;

(b) sub-clause (iii) of clause (ac) of sub-section (1), from the first of the assessment year for which it was provisionally registered:

(ii) in the second proviso, for the words "Provided further ", the words "Provided also " shall be substituted;

(iii) in the fourth proviso, for the word, figures and letters "section 12AA", the words, figures and letters "section 12AA or section 12AB" shall be substituted;

(a) sub-section (5) shall be omitted and shall be deemed to have been omitted with effect from the 1st day of June, 2020;

(b) after sub-section (4), the following sub-section shall be inserted with effect from the 1st day of April, 2021, namely:-

(VI) section 12AB shall be omitted and shall be deemed to have been omitted with effect from the 1st day of June, 2020;

(VII) after section 12AA, the following section shall be inserted with effect from the 1st day of April, 2021, namely:-