Section 12. Accounts of recognised provident funds

12. Accounts of recognised provident funds. —(1) The accounts of a recognised provident fund shall be maintained by the trustees of the fund and shall be in such form and for such periods, and shall contain such particulars, as the Board may prescribe. (2) The accounts shall be open to inspection at all reasonable times by income-tax authorities, and the trustees shall furnish to the[2] [Assessing Officer] such abstracts thereof as the Board may prescribe. 12. The word "and" omitted by Act 11 of 1987, s. 4 (w.e.f. 1-4-1986). 13. Subs. by s. 4, ibid ., for sub-clause (ii) (w.e.f. 1-4-1986). 14. Subs. by Act 21 of 2006, s. 4, for sub-clause (iii) (w.e.f. 1-4-2007). 1[(17A) any payment made, whether in cash or in kind,— (i) in pursuance of any award instituted in the public interest by the Central Government or any State Government or instituted by any other body and approved by the Central Government in this behalf; or (ii) as a reward by the Central Government or any State Government for such purposes as may be approved by the Central Government in this behalf in the public interest;] 2[(18) any income by way of— (i) pension received by an individual who has been in the service of the Central Government or State Government and has been awarded "Param Vir Chakra" or "Maha Vir Chakra" or "Vir Chakra" or such other gallantry award as the Central Government may, by notification in the Official Gazette, specify in this behalf; (ii) family pension received by any member of the family of an individual referred to in sub-clause (i). Explanation .—For the purposes of this clause, the expression "family" shall have the meaning assigned to it in the Explanation to clause (5);] 3* * * * * 12. Explanation 2 omitted by Act 32 of 1985, s. 34 (w.e.f. 24-5-1985). . Earlier "1" and Explanation 2 was ins. by Act 67 of 1984, s. 50 (w.e.f. 1-10-1984). 13. Clause (a) omitted by Act 3 of 1989, s. 51 (w.e.f. 1-4-1989). Earlier clause (a) was amended by Act 67 of 1984, s. 50 (w.e.f. 1-10-1984). no order reducing or waiving the penalty under sub-section (1) shall be made by[1] [the[2] [Principal Commissioner or Commissioner] except with the previous approval of the[3] [Principal Chief Commissioner or Chief Commissioner] or[4] [Principal Director General or Director General], as the case may be]. (3) Where an order has been made under sub-section (1) in favour of any person, whether such order relates to one or more assessment years, he shall not be entitled to any relief under this section in relation to any other assessment year at any time after the making of such order: 5[Provided that where an order has been made in favour of any person under sub-section (1) on or before the 24th day of July, 1991, such person shall be entitled to further relief only once in relation to other assessment year or years if he makes an application to the income-tax authority referred to in subsection (4) at any time before the 1st day of April, 1992.] 4[(19) family pension received by the widow or children or nominated heirs, as the case may be, of a member of the armed forces (including para-military forces) of the Union, where the death of such member has occurred in the course of operational duties, in such circumstances and subject to such conditions, as may be prescribed;] 5[(19A) the annual value of any one palace in the occupation of a Ruler, being a palace, the annual value whereof was exempt from income-tax before the commencement of the Constitution (Twenty-sixth Amendment) Act, 1971, by virtue of the provisions of the Merged States (Taxation Concessions) Order, 1949, or the Part B States (Taxation Concessions) Order, 1950, or, as the case may be, the Jammu and Kashmir (Taxation Concessions) Order, 1958: Provided that for the assessment year commencing on the 1st day of April, 1972, the annual value of every such palace in the occupation of such Ruler during the relevant previous year shall be exempt from income-tax;] (20) the income of a local authority which is chargeable under the head[6] * "Income from house property", "Capital gains" or "Income from other sources" or from a trade or business carried on by it 7[which accrues or arises from the supply of a commodity or service (not being water or electricity) within its own jurisdictional area or from the supply of water or electricity within or outside its own jurisdictional area]. (4) Without prejudice to the powers conferred on him by any other provision of this Act, the[6] [[7] *[2] [Principal Commissioner or Commissioner]] may, on an application made in this behalf by an assessee, and after recording his reasons for so doing, reduce or waive the amount of any penalty payable by the assessee under this Act or stay or compound any proceeding for the recovery of any such amount, if he is satisfied that— (i) to do otherwise would cause genuine hardship to the assessee, having regard to the circumstances of the case; and (ii) the assessee has co-operated in any inquiry relating to the assessment or any proceeding for the recovery of any amount due from him: 8[Provided that where the amount of any penalty payable under this Act or, where such application relates to more than one penalty, the aggregate amount of such penalties exceeds one hundred thousand rupees, no order reducing or waiving the amount or compounding any proceeding for its recovery under this sub-section shall be made by[1] [the[2] [Principal Commissioner or Commissioner] except with the previous approval of the[3] [Principal Chief Commissioner or Chief Commissioner] or[ 4] [Principal Director General or Director General], as the case may be].] - 8[ Explanation .—For the purposes of this clause, the expression "local authority" means— - (i) Panchayat as referred to in clause (d) of article 243 of the Constitution; or - (ii) Municipality as referred to in clause (e) of article 243P of the Constitution; or (iii) Municipal Committee and District Board, 1. Subs. by Act 4 of 1988, s. 6, for clauses (17A), (17B) and (18) (w.e.f. 1-4-1989). 2. Ins. by Act 27 of 1999, s. 6 (w.e.f. 1-4-2000). 3. Clause (18A) omitted by Act 21 of 1998, s. 5 (w.e.f. 1-4-1999). 4. Ins. by Act 23 of 2004, s. 5 (w.e.f. 1-4-2005). 5. Ins. by Act 54 of 1972, s. 7 (w.e.f. 28-12-1971). 6. The words "Interest on securities" omitted by Act 26 of 1988, s. 4 (w.e.f. 1-4-1989). 7. Subs. by Act 32 of 1971, s. 4, for "which accrues or arises from the supply of a commodity or service within its own jurisdictional area" (w.e.f. 1-4-1972). 8. Ins. by Act 20 of 2002, s. 4 (w.e.f. 1-4-2003). legally entitled to, or entrusted by the Government with, the control or management of a Municipal or local fund; or (iv) Cantonment Board as defined in section 3 of the Cantonments Act, 1924 (2 of 1924);] 1* * * * * 2[(21) any income of a 3[research association] for the time being approved for the purpose of clause (ii)[4] [or clause (iii)] of sub-section (1) of section 35: Provided that the[3] [research association]— 9[(4A) The order under sub-section (4), either accepting or rejecting the application in full or in part, shall be passed within a period of twelve months from the end of the month in which the application under the said sub-section is received by the Principal Commissioner or the Commissioner: Provided that no order rejecting the application, either in full or in part, shall be passed unless the assessee has been given an opportunity of being heard: Provided further that where any application is pending as on the 1st day of June, 2016, the order shall be passed on or before the 31st day of May, 2017.] (5) Every order made under this section shall be final and shall not be called into question by any court or any other authority.] 1. Subs. by Act 38 of 1993, s. 36, for "the Chief Commissioner or Commissioner except with the previous approval of the Board" (w.e.f. 1-6-1993). Earlier the words "Chief Commissioner or Commissioner" were substituted by Act 4 of 1988, s. 2, for "Commissioner" (w.e.f. 1-4-1988). 2. Subs. by Act 25 of 2014, s. 4, for "Commissioner" (w.r.e.f. 1-6-2013). 3. Subs. by s. 4, ibid., for "Chief Commissioner" (w.r.e.f. 1-6-2013). 4. Subs. by s. 4, ibid., for "Director General" (w.r.e.f. 1-6-2013). 5. Ins. by Act 49 of 1991, s. 69 (w.e.f. 27-9-1991). 6. Subs. by Act 4 of 1988, s. 2, for "Commissioner" (w.e.f. 1-4-1988). 7. The words "Chief Commissioner or" omitted by Act 38 of 1993, s. 36 (w.e.f. 1-6-1993). (a) applies its income, or accumulates it for application, wholly and exclusively to the objects for which it is established, and the provisions of sub-section (2) and sub-section (3) of section 11 shall apply in relation to such accumulation subject to the following modifications, namely:— (i) in sub-section (2),— (1) the words, brackets, letters and figure "referred to in clause (a) or clause (b) of sub-section (1) read with the Explanation to that sub-section" shall be omitted; (2) for the words "to charitable or religious purposes", the words "for the purposes of 5[scientific research or research in social science or statistical research]" shall be substituted; (3) the reference to "Assessing Officer" in clause (a) thereof shall be construed as a reference to the "prescribed authority" referred to in clause (ii)[4] [or clause (iii)] of sub-section (1) of section 35; (ii) in sub-section (3), in clause (a), for the words "charitable or religious purposes", the words "the purposes of[5] [scientific research or research in social science or statistical research]" shall be substituted; and 6[(b) does not invest or deposit its funds, other than— (i) any assets held by the[3] [research association] where such assets form part of the corpus of the fund of the association as on the 1st day of June, 1973; (ii) any assets (being debentures issued by, or on behalf of, any company or corporation), acquired by the[3] [research association] before the 1st day of March, 1983; (iii) any accretion to the shares, forming part of the corpus of the fund mentioned in sub-clause (i), by way of bonus shares allotted to the[3] [research association]; (iv) voluntary contributions received and maintained in the form of jewellery, furniture or any other article as the Board may, by notification in the Official Gazette, specify, for any period during the previous year otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11:] 7[Provided further that the exemption under this clause shall not be denied in relation to voluntary contribution, other than voluntary contribution in cash or voluntary contribution of the nature referred 1. Clause (20A) omitted by Act 20 of 2002, s. 4 (w.e.f. 1-4-2003). 2. Subs. by Act 3 of 1989, s. 4, for clause (21) (w.e.f. 1-4-1990). Earlier Clause (21) amended by Act 11 of 1983, s. 5 (w.e.f. 1-4-1984) and then omitted by Act 4 of 1988, s. 6 and later restored by Act 3 of 1989, s. 95 (w.e.f. 1-4-1989). 3. Subs. by Act 14 of 2010, s. 5, for "scientific research association" (w.e.f. 1-4-2011). 4. Ins. by s. 5, ibid . (w.e.f. 1-4-2011). 5. Subs. by s. 5, ibid ., for "scientific research" (w.e.f. 1-4-2011). 6. Subs. by Act 18 of 1992, s. 4, for clause (b) (w.e.f. 1-4-1990). 7. Subs. by Act 49 of 1991, s. 5, for "Provided further" (w.e.f. 1-4-1990). to in clause (b) of the first proviso to this clause, subject to the condition that such voluntary contribution is not held by the[1] [research association], otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11, after the expiry of one year from the end of the previous year in which such asset is acquired or the 31st day of March, 1992, whichever is later: Provided also] that nothing contained in this clause shall apply in relation to any income of the 1[research association], bei ng profits and gains of business, unless the business is incidental to the attainment of its objectives and separate books of account are maintained by it in respect of such business:] 2[Provided also that where the 1[research association] is approved by the Central Government and subsequently that Government is satisfied that— (i) the[1] [research association] has not applied its income in accordance with the provisions contained in clause (a) of the first proviso; or (ii) the[1] [research association] has not invested or deposited its funds in accordance with the provisions contained in clause (b) of the first proviso; or (iii) the activities of the[1] [research association] are not genuine; or (iv) the activities of the[1] [research association] are not being carried out in accordance with all or any of the conditions subject to which such association was approved, it may, at any time after giving a reasonable opportunity of showing cause against the proposed withdrawal to the concerned association, by order, withdraw the approval and forward a copy of the order withdrawing the approval to such association and to the Assessing Officer;] 3* * * * * 4[(22B) any income of such news agency set up in India solely for collection and distribution of news as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that the news agency applies its income or accumulates it for application solely for collection and distribution of news and does not distribute its income in any manner to its members: Provided further that any notification issued by the Central Government under this clause shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years (including an assessment year or years commencing before the date on which such notification is issued) as may be specified in the notification:] 2[Provided also that where the news agency has been specified, by notification, by the Central Government and subsequently that Government is satisfied that such news agency has not applied or accumulated or distributed its income in accordance with the provisions contained in the first proviso, it may, at any time after giving a reasonable opportunity of showing cause, rescind the notification and forward a copy of the order rescinding the notification to such agency and to the Assessing Officer;] 5* * * * * 1. Subs. by Act 14 of 2010, s. 5, for "scientific research association" (w.e.f. 1-4-2011). 2. Ins. by Act 20 of 2002, s. 4 (w.e.f. 1-4-2003). 3. Clause (22) and (22A) omitted by Act 21 of 1998, s. 5 (w.e.f. 1-4-1999). 4. Ins. by Act 32 of 1994, s. 6 (w.e.f. 1-4-1994). 5. Clause (23) omitted by Act 20 of 2002, s. 4 (w.e.f. 1-4-2003). Earlier Clause (23) omitted by Act 4 of 1988, s. 6 (w.e.f. 1-4-1989) and then restored by Act 3 of 1989, s. 95 (w.e.f. 1-4-1989). 1[(23A) any income (other than income chargeable under the head2*"Income from house property" or any income received for rendering any specific services or income by way of interest or dividends derived from its investments) of an association or institution established in India having as its object the control, supervision, regulation or encouragement of the profession of law, medicine, accountancy, engineering or architecture or such other profession as the Central Government may specify in this behalf, from time to time, by notification in the Official Gazette: Provided that— (i) the association or institution applies its income, or accumulates it for application, solely to the objects for which it is established; and (ii) the association or institution is for the time being approved for the purpose of this clause by the Central Government by general or special order:] 3[Provided further that where the association or institution has been approved by the Central Government and subsequently that Government is satisfied that— (i) such association or institution has not applied or accumulated its income in accordance with the provisions contained in the first proviso; or (ii) the activities of the association or institution are not being carried out in accordance with all or any of the conditions subject to which such association or institution was approved, it may, at any time after giving a reasonable opportunity of showing cause against the proposed withdrawal to the concerned association or institution, by order, withdraw the approval and forward a copy of the order withdrawing the approval to such association or institution and to the Assessing Officer;] 4[(23AA) any income received by any person on behalf of any Regimental Fund or Non-Public Fund established by the armed forces of the Union for the welfare of the past and present members of such forces or their dependants;] 5[(23AAA) any income received by any person on behalf of a fund established, for such purposes as may be notified by the Board in the Official Gazette, for the welfare of employees or their dependants and of which fund such employees are members if such fund fulfils the following conditions, namely:— (a) the fund— (i) applies its income or accumulates it for application, wholly and exclusively to the objects for which it is established; and (ii) invests its funds and contributions and other sums received by it in the forms or modes specified in sub-section (5) of section 11; (b) the fund is approved by the[6] [Principal Commissioner or Commissioner] in accordance with the rules made in this behalf: Provided that any such approval shall at any one time have effect for such assessment year or years not exceeding three assessment years as may be specified in the order of approval;] 1. Ins. by Act 15 of 1965, s. 3 (w.e.f. 1-4-1962). 2. The words "Interest on securities" or' omitted by Act 26 of 1988, s. 4 (w.e.f. 1-4-1989). 3. Ins. by Act 20 of 2002, s. 4 (w.e.f. 1-4-2003). 4. Ins. by Act 44 of 1980, s. 4 (w.e.f. 1-4-1962). 5. Ins. by Act 22 of 1995, s. 4 (w.e.f. 1-4-1996). 6. Subs. by Act 25 of 2014, s. 4, for "Commissioner" (w.e.f. 1-6-2013). 1[(23AAB) any income of a fund, by whatever name called, set up by the Life Insurance Corporation of India on or after the 1st day of August, 1996[2] [or any other insurer under a pension scheme],— (i) to which contribution is made by any person for the purpose of receiving pension from such fund; (ii) which is approved by the Controller of Insurance[3] [or the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999), as the case may be]. Explanation .—For the purposes of this clause, the expression "Controller of Insurance" shall have the meaning assigned to it in clause (5B) of section 2 of the Insurance Act, 1938 (4 of 1938);] [4] [(23B) any income of an institution constituted as a public charitable trust or registered under the Societies Registration Act, 1860 (21 of 1860), or under any law corresponding to that Act in force in any part of India, and existing solely for the development of khadi or village industries or both, and not for purposes of profit, to the extent such income is attributable to the business of production, sale, or marketing, of khadi or products of village industries: Provided that— (i) the institution applies its income, or accumulates it for application, solely for the development of khadi or village industries or both; and (ii) the institution is, for the time being, approved for the purpose of this clause by the Khadi and Village Industries Commission: Provided further that the Commission shall not, at any one time, grant such approval for more than three assessment years beginning with the assessment year next following the financial year in which it is granted: 5[Provided also that where the institution has been approved by the Khadi and Village Industries Commission and subsequently that Commission is satisfied that— (i) the institution has not applied or accumulated its income in accordance with the provisions contained in the first proviso; or (ii) the activities of the institution are not being carried out in accordance with all or any of the conditions subject to which such institution was approved, it may, at any time after giving a reasonable opportunity of showing cause against the proposed withdrawal to the concerned institution, by order, withdraw the approval and forward a copy of the order withdrawing the approval to such institution and to the Assessing Officer.] Explanation .—For the purposes of this clause,— (i) "Khadi and Village Industries Commission" means the Khadi and Village Industries Commission established under the Khadi and Village Industries Commission Act, 1956 (61 of 1956); (ii) "khadi" and "village industries" have the meanings respectively assigned to them in that Act;] 6[(23BB) any income of an authority (whether known as the Khadi and Village Industries Board or by any other name) established in a State by or under a State or Provincial Act for the development of khadi or village industries in the State. 1. Ins. by Act 33 of 1996, s. 4 (w.e.f. 1-4-1997). 2. Subs. by Act 14 of 2001, s. 5, for "under a pension scheme" (w.e.f. 1-4-2002). 3. Ins. by s. 5, ibid . (w.e.f. 1-4-2002). 4. Ins. by Act 20 of 1974, s. 3 (w.e.f. 1-6-1974). 5. Ins. by Act 20 of 2002, s. 4 (w.e.f. 1-4-2003). 6. Ins. by Act 21 of 1979, s. 3 (w.e.f. 1-4-1962). Explanation .—For the purposes of this clause, "khadi" and "village industries" have the meanings respectively assigned to them in the Khadi and Village Industries Commission Act, 1956 (61 of 1956); (23BBA) any income of any body or authority (whether or not a body corporate or corporation sole) established, constituted or appointed by or under any Central, State or Provincial Act which provides for the administration of any one or more of the following, that is to say, public religious or charitable trusts or endowments (including maths, temples, gurdwaras, wakfs, churches, synagogues, agiaries or other places of public religious worship) or societies for religious or charitable purposes registered as such under the Societies Registration Act, 1860 (21 of 1860), or any other law for the time being in force: Provided that nothing in this clause shall be construed to exempt from tax the income of any trust, endowment or society referred to therein;] 1[(23BBB) any income of the European Economic Community derived in India by way of interest, dividends or capital gains from investments made out of its funds under such scheme as the Central Government may, by notification in the Official Gazette, specify in this behalf. Explanation .—For the purposes of this clause, "European Economic Community" means the European Economic Community established by the Treaty of Rome of 25th March, 1957;] 2[(23BBC) any income of the SAARC Fund for Regional Projects set up by Colombo Declaration issued on the 21st day of December, 1991 by the Heads of State or Government of the Member Countries of South Asian Association for Regional Cooperation established on the 8th day of December, 1985 by the Charter of the South Asian Association for Regional Cooperation;] 3[(23BBD) any income of the Secretariat of the Asian Organisation of the Supreme Audit Institutions registered as "ASOSAI-SECRETARIAT" under the Societies Registration Act, 1860 (21 of 1860) for[4] [ten previous years relevant to the assessment years beginning on the 1st day of April, 2001 and ending on the 31st day of March, 2011]; (23BBE) any income of the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);] 5[(23BBF) any income of the North-Eastern Development Finance Corporation Limited, being a company formed and registered under the Companies Act, 1956 (1 of 1956): Provided that in computing the total income of the North-Eastern Development Finance Corporation Limited, the amount to the extent of— (i) twenty per cent. of the total income for assessment year beginning on the 1st day of April, 2006; (ii) forty per cent. of the total income for assessment year beginning on the 1st day of April, 2007; (iii) sixty per cent. of the total income for assessment year beginning on the 1st day of April, 2008; (iv) eighty per cent. of the total income for assessment year beginning on the 1st day of April, 2009; (v) one hundred per cent. of the total income for assessment year beginning on the 1st day of April, 2010 and any subsequent assessment year or years, shall be included in such total income;] 1. Ins. by Act 38 of 1993, s. 3 (w.e.f. 1-4-1994). 2. Ins. by Act 33 of 1996, s. 4 (w.e.f. 1-4-1992). 3. Ins. by Act 14 of 2001, s. 5 (w.e.f. 1-4-2001). 4. Subs. by Act 22 of 2007, s. 6, for certain words, figures and letters (w.e.f. 1-4-2008). 5. Ins. by Act 29 of 2006, s. 3 (w.e.f. 1-4-2006). 1[(23BBG) any income of the Central Electricity Regulatory Commission constituted under sub-section (1) of section 76 of the Electricity Act, 2003 (36 of 2003);] 2[(23BBH) any income of the Prasar Bharati (Broadcasting Corporation of India) established under sub-section (1) of section 3 of the Prasar Bharati (Broadcasting Corporation of India) Act, 1990 (25 of 1990);] 3[(23C) any income received by any person on behalf of— - (i) the Prime Minister's National Relief Fund; or - (ii) the Prime Minister's Fund (Promotion of Folk Art); or - (iii) the Prime Minister's Aid to Students Fund; or 4[(iiia) the National Foundation for Communal Harmony; or] 5[(iiiaa) the Swachh Bharat Kosh, set up by the Central Government; or - (iiiaaa) the Clean Ganga Fund, set up by the Central Government; or] 6[(iiiaaaa) the Chief Minister's Relief Fund or the Lieutenant Governor's Relief Fund in respect of any State or Union territory as referred to in sub-clause (iiihf) of clause ( a sub-section (2) of section 80G; or respect of any State or Union territory as referred to in sub-clause (iiihf) of clause (a) of 7[(iiiab) any university or other educational institution existing solely for educational purposes and not for purposes of profit, and which is wholly or substantially financed by the Government; or (iiiac) any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, and which is wholly or substantially financed by the Government. 8[ Explanation .—For the purposes of sub-clauses (iiiab) and (iiiac), any university or other educational institution, hospital or other institution referred therein, shall be considered as being substantially financed by the Government for any previous year, if the Government grant to such university or other educational institution, hospital or other institution exceeds such percentage of the total receipts including any voluntary contributions, as may be prescribed, of such university or other educational institution, hospital or other institution, as the case may be, during the relevant previous year;] or (iiiad) any university or other educational institution existing solely for educational purposes and not for purposes of profit if the aggregate annual receipts of such university or educational institution do not exceed the amount of annual receipts as may be prescribed; or (iiiae) any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, if the aggregate annual receipts of such hospital or institution do not exceed the amount of annual receipts as may be prescribed; or] 1. Ins. by Act 22 of 2007, s. 6 (w.e.f. 1-4-2008). 2. Ins. by Act 23 of 2012, s. 5 (w.e.f. 1-4-2013). 3. Ins. by Act 41 of 1975, s. 3 (w.e.f. 1-4-1976). 4. Ins. by Act 38 of 1993, s. 3 (w.e.f. 1-4-1993). 5. Ins. by Act 20 of 2015, s. 7 (w.e.f. 1-4-2015). 6. Ins. by Act 7 of 2017, s. 6 (w.e.f. 1-4-1998). 7. Ins. by Act 21 of 1998, s. 5 (w.e.f. 1-4-1999). 8. Ins. by Act 25 of 2014, s. 5 (w.e.f. 1-4-2015). 1[(iv) any other fund or institution established for charitable purposes 2[which may be approved by the prescribed authority], having regard to the objects of the fund or institution and its importance throughout India or throughout any State or States; or (v) any trust (including any other legal obligation) or institution wholly for public religious purposes or wholly for public religious and charitable purposes,[2] [which may be approved by the prescribed authority], having regard to the manner in which the affairs of the trust or institution are administered and supervised for ensuring that the income accruing thereto is properly applied for the objects thereof; 3[(vi) any university or other educational institution existing solely for educational purposes and not for purposes of profit, other than those mentioned in sub-clause ( iiiab sub-clause (iiiad) and which may be approved by the prescribed authority; or and not for purposes of profit, other than those mentioned in sub-clause (iiiab) or (via) any hospital or other institution for the reception and treatment of persons suffering from illness or mental defectiveness or for the reception and treatment of persons during convalescence or of persons requiring medical attention or rehabilitation, existing solely for philanthropic purposes and not for purposes of profit, other than those mentioned in sub-clause (iiiac) or sub-clause (iiiae) and which may be approved by the prescribed authority:] philanthropic purposes and not for purposes of profit, other than those mentioned in Provided that the fund or trust or institution[3] [or any university or other educational institution or any hospital or other medical institution] referred to in sub-clause (iv) or sub-clause (v)[[3]] sub-clause (vi) or sub-clause (via)] shall make an application in the prescribed form and manner to the prescribed authority for the purpose of grant of the exemption, or continuance thereof, under sub-clause (iv) or sub-clause (v)[3] [or sub-clause (vi) or sub-clause (via)]: any hospital or other medical institution] referred to in sub-clause (iv) or sub-clause (v)[[3]] [or prescribed authority for the purpose of grant of the exemption, or continuance thereof, under 4[Provided further that the prescribed authority, before approving any fund or trust or institution or any university or other educational institution or any hospital or other medical institution, under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), may call for such documents (including audited annual accounts) or information from the fund or trust or institution or any university or other educational institution or any hospital or other medical institution, as the case may be, as it thinks necessary in order to satisfy itself about the genuineness of the activities of such fund or trust or institution or any university or other educational institution or any hospital or other medical institution, as the case may be, and the prescribed authority may also make such inquiries as it deems necessary in this behalf:] Provided also that the fund or trust or institution[3] [or any university or other educational institution or any hospital or other medical institution] referred to in sub-clause (iv) or sub-clause (v) 3[or sub-clause (vi) or sub-clause (via)]— 5 [(a) applies its income, or accumulates it for application, wholly and exclusively to the objects for which it is established and in a case where more than fifteen per cent. of its income is accumulated on or after the 1st day of April, 2002, the period of the accumulation of the amount exceeding fifteen per cent. of its income shall in no case exceed five years; and] 1. Subs. by Act 3 of 1989, s. 4, for sub-clauses (iv) and (v) (w.e.f. 1-4-1990). 2. Subs. by Act 22 of 2007, s. 6, for "which may be notified by the Central Government in the Official Gazette." (w.e.f. 1-6-2007) 3. Ins. by Act 21 of 1998, s. 5 (w.e.f. 1-4-1999). 4. Subs. by Act 22 of 2007, s. 6, for the proviso (w.e.f. 1-6-2007). 5. Subs. by Act 20 of 2002, s. 4, for clause (a) (w.e.f. 1-4-2003). [1] [(b) does not invest or deposit its funds, other than— (i) any assets held by the fund, trust or institution[2] [or any university or other educational institution or any hospital or other medical institution] where such assets form part of the corpus of the fund, trust or institution[2] [or any university or other educational institution or any hospital or other medical institution] as on the 1st day of June, 1973; 3[(ia) any asset, being equity shares of a public company, held by any university or other educational institution or any hospital or other medical institution where such assets form part of the corpus of any university or other educational institution or any hospital or other medical institution as on the 1st day of June, 1998;] (ii) any assets (being debentures issued by, or on behalf of, any company or corporation), acquired by the fund, trust or institution[2] [or any university or other educational institution or any hospital or other medical institution] before the 1st day of March, 1983; (iii) any accretion to the shares, forming part of the corpus mentioned in sub-clause (i)[3] [and sub-clause (ia)], by way of bonus shares allotted to the fund, trust or institution[2] [or any university or other educational institution or any hospital or other medical institution]; (iv) voluntary contributions received and maintained in the form of jewellery, furniture or any other article as the Board may, by notification in the Official Gazette, specify, for any period during the previous year otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11:] Provided also that the exemption under sub-clause (iv) or sub-clause (v) shall not be denied in relation to any funds invested or deposited before the 1st day of April, 1989, otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 if such funds do not continue to remain so invested or deposited after the[4] [30th day of March,[5] [1993]]: 2[Provided also that the exemption under sub-clause (vi) or sub-clause (via) shall not be denied in relation to any funds invested or deposited before the 1st day of June, 1998, otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11 if such funds do not continue to remain so invested or deposited after the 30th day of March, 2001:] 6[Provided also that the exemption under sub-clause (iv) or sub-clause (v) 2[or sub-clause (vi) or sub-clause (via)] shall not be denied in relation to voluntary contribution, other than voluntary contribution in cash or voluntary contribution of the nature referred to in clause (b) of the third proviso to this sub-clause, subject to the condition that such voluntary contribution is not held by the trust or institution[2] [or any university or other educational institution or any hospital or other medical institution], otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11, after the expiry of one year from the end of the previous year in which such asset is acquired or the 31st day of March, 1992, whichever is later:] Provided also that nothing contained in sub-clause (iv) or sub-clause (v)[2] [or sub-clause (vi) or sub-clause (via)] shall apply in relation to any income of the fund or trust or institution[2] [or any university or other educational institution or any hospital or other medical institution], being profits and gains of business, unless the business is incidental to the attainment of its objectives and separate books of account are maintained by it in respect of such business: 1. Subs. by Act 18 of 1992, s. 4, for sub-clause (b) (w.e.f. 1-4-1990). 2. Ins. by Act 21 of 1998, s. 5 (w.e.f. 1-4-1999). 3. Ins. by Act 14 of 2001, s. 5 (w.e.f. 1-4-2001). 4. Subs. by Act 49 of 1991, s. 5, for "the 30th day of March, 1990" (w.e.f. 1-4-1990). 5. Subs. by Act 18 of 1992, s. 4, for "1992' (w.e.f. 1-4-1992). 6. Ins. by Act 49 of 1991, s. 5 (w.e.f. 1-4-1990). Provided also that any[1] [notification issued by the Central Government under sub-clause (iv) or sub-clause (v), before the date on which the Taxation Laws (Amendment) Bill, 2006 receives the assent of the President, shall, at any one time, have effect for such assessment year or years], not exceeding three assessment years (including an assessment year or years commencing before the date on which such notification is issued) as may be specified in the notification:] 2[Provided also that where an application under the first proviso is made on or after the date on which the Taxation Laws (Amendment) Bill, 2006 receives the assent of the President, every notification under sub-clause (iv) or sub-clause (v) shall be issued or approval under[3] [sub-clause (iv) or sub-clause (v) or] sub-clause (vi) or sub-clause (via) shall be granted or an order rejecting the application shall be passed within the period of twelve months from the end of the month in which such application was received: Provided also that where the total income, of the fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), without giving effect to the provisions of the said sub-clauses, exceeds the maximum amount which is not chargeable to tax in any previous year, such trust or institution or any university or other educational institution or any hospital or other medical institution shall get its accounts audited in respect of that year by an accountant as defined in the Explanation below sub-section (2) of section 288 and furnish along with the return of income for the relevant assessment year, the report of such audit in the prescribed form duly signed and verified by such accountant and setting forth such particulars as may be prescribed:] 4[Provided also that any amount of donation received by the fund or institution in terms of clause (d) of sub-section (2) of section 80G[5] [in respect of which accounts of income and expenditure have not been rendered to the authority prescribed under clause (v) of sub-section (5C) of that section, in the manner specified in that clause, or] which has been utilised for purposes other than providing relief to the victims of earthquake in Gujarat or which remains unutilised in terms of sub-section (5C) of section 80G and not transferred to the Prime Minister's National Relief Fund on or before the 31st day of March,[6] [2004] shall be deemed to be the income of the previous year and shall accordingly be charged to tax:] 7[Provided also that any amount credited or paid out of income of any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via), to any trust or institution registered under section 12AA, being voluntary contribution made with a specific direction that they shall form part of the corpus of the trust or institution, shall not be treated as application of income to the objects for which such fund or trust or institution or university or educational institution or hospital or other medical institution, as the case may be, is established:] 8 [Provided also that for the purposes of determining the amount of application under item (a) of the third proviso, the provisions of sub-clause (ia) of clause (a) of section 40 and sub-sections (3) and (3A) of section 40A, shall, mutatis mutandis , apply as they apply in computing the income chargeable under the head "Profits and gains of business or profession.] 9* * * * * 1. Subs. by Act 29 of 2006, s. 3, for certain words, brackets, figures and letters (w.e.f. 1-4-2006). 2. Ins. by s. 3, ibid. (w.e.f. 1-4-2006). 3. Subs. by Act 22 of 2007, s. 6, for certain words, brackets, figures and letters (w.e.f. 1-6-2007). 4. Ins. by Act 4 of 2001, s. 4 (w.e.f. 3-2-2001). 5. Ins. by Act 20 of 2002, s. 4 (w.e.f. 3-2-2001). 6. Subs. by Act 32 of 2003, s. 6, for "2003" (w.e.f. 3-2-2001). 7. Ins. by Act 7 of 2017, s. 6 (w.e.f. 1-4-2018). 8. Ins. by Act 13 of 2018, s. 5 (w.e.f. 1-4-2018). 9. The proviso omitted by Act 20 of 2002, s. 4 (w.e.f. 1-4-2002). 1[Provided also that where the fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) does not apply its income during the year of receipt and accumulates it, any payment or credit out of such accumulation to any trust or institution registered under section 12AA or to any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) shall not be treated as application of income to the objects for which such fund or trust or institution or university or educational institution or hospital or other medical institution, as the case may be, is established: Provided also that where the fund or institution referred to in sub-clause (iv) or trust or institution referred to in sub-clause (v) is notified by the Central Government[2] [or is approved by the prescribed authority, as the case may be,] or any university or other educational institution referred to in subclause (vi) or any hospital or other medical institution referred to in sub-clause (via), is approved by the prescribed authority and subsequently that Government or the prescribed authority is satisfied that— (i) such fund or institution or trust or any university or other educational institution or any hospital or other medical institution has not— (A) applied its income in accordance with the provisions contained in clause (a) of the third proviso; or (B) invested or deposited its funds in accordance with the provisions contained in clause (b) of the third proviso; or (ii) the activities of such fund or institution or trust or any university or other educational institution or any hospital or other medical institution— (A) are not genuine; or (B) are not being carried out in accordance with all or any of the conditions subject to which it was notified or approved, it may, at any time after giving a reasonable opportunity of showing cause against the proposed action to the concerned fund or institution or trust or any university or other educational institution or any hospital or other medical institution, rescind the notification or, by order, withdraw the approval, as the case may be, and forward a copy of the order rescinding the notification or withdrawing the approval to such fund or institution or trust or any university or other educational institution or any hospital or other medical institution and to the Assessing Officer:] 3[Provided also that in case the fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to in the first proviso makes an application on or after the 1st day of June, 2006 for the purposes of grant of exemption or continuance thereof, such application shall be[4] [made on or before the 30th day of September of the relevant assessment year] from which the exemption is sought:] 5[Provided also that any anonymous donation referred to in section 115BBC on which tax is payable in accordance with the provisions of the said section shall be included in the total income:] 2[Provided also that all pending applications, on which no notification has been issued under subclause (iv) or sub-clause (v) before the 1st day of June, 2007, shall stand transferred on that day to the prescribed authority and the prescribed authority may proceed with such applications under those subclauses from the stage at which they were on that day:] 1. Ins. by Act 20 of 2002, s. 4 (w.e.f. 1-4-2003). 2. Ins. by Act 22 of 2007, s. 6 (w.e.f. 1-6-2007). 3. Ins. by Act 21 of 2006, s. 4 (w.e.f. 1-6-2006). 4. Subs. by Act 33 of 2009, s. 4 for "made at any time during the financial year immediately preceding the year" (w.e.f. 1-4-2009). 5. Ins. by Act 21 of 2006, s. 4 (w.e.f. 1-4-2007). 1[Provided also that the income of a trust or institution referred to in sub-clause (iv) or sub-clause (v) shall be included in its total income of the previous year if the provisions of the first proviso to clause (15) of section 2 become applicable to such trust or institution in the said previous year, whether or not any approval granted or notification issued in respect of such trust or institution has been withdrawn or rescinded:] 2[Provided also that where the fund or institution referred to in sub-clause (iv) or the trust or institution referred to in sub-clause (v) has been notified by the Central Government or approved by the prescribed authority, as the case may be, or any university or other educational institution referred to in sub-clause (vi) or any hospital or other medical institution referred to in sub-clause (via), has been approved by the prescribed authority, and the notification or the approval is in force for any previous year, then, nothing contained in any other provision of this section [other than clause (1) thereof] shall operate to exclude any income received on behalf of such fund or trust or institution or university or other educational institution or hospital or other medical institution, as the case may be, from the total income of the person in receipt thereof for that previous year. Explanation .—In this clause, where any income is required to be applied or accumulated, then, for such purpose 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 clause in the same or any other previous year;] 3[(23D) 4[5[ 6* 7[subject to the provisions of Chapter XII-E, any income of]—] (i) a Mutual Fund registered under the Securities and Exchange Board of India Act, 1992 (15 of 1992) or regulations made thereunder; (ii) such other Mutual Fund set up by a public sector bank or a public financial institution or authorised by the Reserve Bank of India and subject to such conditions as the Central Government may, by notification in the Official Gazette, specify in this behalf.] Explanation .—For the purposes of this clause,— (a) the expression "public sector bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955), a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959 (38 of 1959), a corresponding new Bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Under-takings) Act, 1970 (5 of 1970), or under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980)[8] [and a bank included in the category "other public sector banks" by the Reserve Bank of India;] (b) the expression "public financial institution" shall have the meaning assigned to it in section 4A of the Companies Act, 1956 (1 of 1956);] 9 [(c) the expression "Securities and Exchange Board of India" shall have the meaning assigned to it in clause (a) of sub-section (1) of section 2 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);] 1. Ins. by Act 23 of 2012, s. 5 (w.e.f. 1-4-2009). 2. Ins. by Act 25 of 2014, s. 5 (w.e.f. 1-4-2015). 3. Ins. by Act 4 of 1988, s. 6 (w.e.f. 1-4-1988). 4. Subs. by Act 22 of 1995, s. 4, for certain words (w.e.f. 1-7-1995). 5. Subs. by Act 27 of 1999, s. 6, for "any income of—" (w.e.f. 1-4-2000). 6. The words figures and letter "subject to the provisions of Chapter XII-E," omitted by Act 20 of 2002, s. 4 (w.e.f. 1-4-2003). 7. Subs. by Act 32 of 2003, s. 6, for "any income of " (w.e.f. 1-4-2004). 8. Ins. by Act 33 of 2009, s. 4 (w.e.f. 1-4-2010). 9. Ins. by Act 18 of 1992, S. 4 (w.e.f. 1-4-1993). 1[(23DA) any income of a securitisation trust from the activity of securitisation. Explanation .—For the purposes of this clause,— (a) "securitisation" shall have the same meaning as assigned to it,— (i) in clause (r) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Public Offer and Listing of Securitised Debt Instruments) Regulations, 2008 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956); or 2[(ia) in clause (z) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); or] (ii) under the guidelines on securitisation of standard assets issued by the Reserve Bank of India; (b) "securitisation trust" shall have the meaning assigned to it in the Explanation below[3] [section 115TCA];] 4* * * * * 5[(23EA) 6[any income, by way of contributions received from recognised stock exchanges and the members thereof,] of such Investor Protection Fund set up by recognised stock exchanges in India, either jointly or separately, as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that where any amount standing to the credit of the Fund and not charged to income-tax during any previous year is shared, either wholly or in part, with a recognised stock exchange, the whole of the amount so shared shall be deemed to be the income of the previous year in which such amount is so shared and shall accordingly be chargeable to income-tax;] 7[(23EB) any income of the 8[Credit Guarantee Fund Trust for Small Industries], being a trust created by the Government of India and the Small Industries Development Bank of India established under sub-section (1) of section 3 of the Small Industries Development Bank of India Act, 1989 (39 of 1989), for five previous years relevant to the assessment years beginning on the 1st day of April, 2002 and ending on the 31st day of March, 2007;] 9[(23EC) any income, by way of contributions received from commodity exchanges and the members thereof, of such Investor Protection Fund set up by commodity exchanges in India, either jointly or separately, as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that where any amount standing to the credit of the said Fund and not charged to income-tax during any previous year is shared, either wholly or in part, with a commodity exchange, the whole of the amount so shared shall be deemed to be the income of the previous year in which such amount is so shared and shall accordingly be chargeable to income-tax. 1. Ins. by Act 17 of 2013, s. 5 (w.e.f. 1-4-2014). 2. Ins. by Act 28 of 2016, s. 7 (w.e.f. 1-4-2017). 3. Subs. by s. 7, ibid ., for "section 115TC" (w.e.f. 1-4-2017). 4. Clause (23E) omitted by Act 20 of 2002, s. 4 (w.e.f. 1-4-2003). 5. Ins. by Act 10 of 2000, s. 5 (w.e.f. 1-4-2001). 6. Subs. by Act 21 of 2006, s. 4, for "any income" (w.e.f. 1-4-2007). 7. Ins. by Act 20 of 2002, s. 4 (w.e.f. 1-4-2002). 8. Subs. by Act 32 of 2003, s. 6, for "Credit Guarantee Fund Trust for Small Scale Industries" (w.e.f. 1-4-2002). 9. Ins. by Act 22 of 2007, s. 6 (w.e.f. 1-4-2008). Explanation .—For the purposes of this clause, "commodity exchange" shall mean a "registered association" as defined in clause (jj) of section 2 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952);] association" as defined in clause (jj) of section 2 of the Forward Contracts (Regulation) 1[(23ED) any income, by way of contributions received from a depository, of such Investor Protection Fund set up in accordance with the regulations by a depository as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that where any amount standing to the credit of the Fund and not charged to income-tax during any previous year is shared, either wholly or in part with a depository, the whole of the amount so shared shall be deemed to be the income of the previous year in which such amount is so shared and shall, accordingly, be chargeable to income-tax. Explanation .—For the purposes of this clause,— (i) "depository" shall have the same meaning as assigned to it in clause (e) of sub-section (1) of section 2 of the Depositories Act, 1996 (22 of 1996); (ii) "regulations" means the regulations made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Depositories Act, 1996 (22 of 1996);] 2[(23EE) any specified income of such Core Settlement Guarantee Fund, set up by a recognised clearing corporation in accordance with the regulations, as the Central Government may, by notification in the Official Gazette, specify in this behalf: Provided that where any amount standing to the credit of the Fund and not charged to income-tax during any previous year is shared, either wholly or in part with the specified person, the whole of the amount so shared shall be deemed to be the income of the previous year in which such amount is so shared and shall, accordingly, be chargeable to income-tax. Explanation .—For the purposes of this clause,— (i) "recognised clearing corporation" shall have the same meaning as assigned to it in clause (o) of sub-regulation (1) of regulation 2 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956); Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) (ii) "regulations" means the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) and the Securities Contracts (Regulation) Act, 1956 (42 of 1956); Corporations) Regulations, 2012 made under the Securities and Exchange Board of India - (iii) "specified income" shall mean,— (a) the income by way of contribution received from specified persons; (b) the income by way of penalties imposed by the recognised clearing corporation and credited to the Core Settlement Guarantee Fund; or (c) the income from investment made by the Fund; (iv) "specified person" shall mean,— (a) any recognised clearing corporation which establishes and maintains the Core Settlement Guarantee Fund; (b) any recognised stock exchange, being a shareholder in such recognised clearing corporation, or a contributor to the Core Settlement Guarantee Fund; and 1. Ins. by Act 17 of 2013, s. 5 (w.e.f. 1-4-2014). 2. Ins. by Act 20 of 2015, s. 7 (w.e.f. 1-4-2016). (c) any clearing member contributing to the Core Settlement Guarantee Fund;] 1[(23F) any income by way of dividends or long-term capital gains of a venture capital fund or a venture capital company from investments made by way of equity shares in a venture capital undertaking: Provided that such venture capital fund or venture capital company is approved for the purposes of this clause by the prescribed authority in accordance with the rules made in this behalf and satisfies the prescribed conditions : Provided further that any approval by the prescribed authority shall, at any one time, have effect for such assessment year or years, not exceeding three assessment years, as may be specified in the order of approval: 2[Provided also that nothing contained in this clause shall apply in respect of any investment made after the 31st day of March, 1999.] 3* * * * * Explanation .—For the purposes of this clause,— (a) "venture capital fund" means such fund, operating under a trust deed registered under the provisions of the Registration Act, 1908 (16 of 1908), established to raise monies by the trustees for investments mainly by way of acquiring equity shares of a venture capital undertaking in accordance with the prescribed guidelines; (b) "venture capital company" means such company as has made investments by way of acquiring equity shares of venture capital undertakings in accordance with the prescribed guidelines; 4 [(c) "venture capital undertaking" means such domestic company whose shares are not listed in a recognised stock exchange in India and which is engaged in the business of generation or generation and distribution of electricity or any other form of power or engaged in the business of providing telecommunication services or in the business of developing, maintaining and operating any infrastructure facility or engaged in the manufacture or production of such articles or things (including computer software) as may be notified by the Central Government in this behalf;and (d) "infrastructure facility" means a road, highway, bridge, airport, port, rail system, a water supply project, irrigation project, sanitation and sewerage system or any other public facility of a similar nature as may be notified by the Board in this behalf in the Official Gazette and which fulfils the conditions specified in sub-section (4A) of section 80-IA;]] 2[(23FA) any income by way of 5[dividends, other than dividends referred to in section 115-O], or long-term capital gains of a venture capital fund or a venture capital company from investments made by way of equity shares in a venture capital undertaking: Provided that such venture capital fund or venture capital company is approved, for the purposes of this clause, by the Central Government on an application made to it in accordance with the rules made in this behalf and which satisfies the prescribed conditions: 1. Ins. by Act 22 of 1995, s. 4 (w.e.f. 1-4-1996). 2. Ins. by Act 27 of 1999, s. 6 (w.e.f. 1-4-2000).