Amended proviso to sec. 2(15) is prospective; town development activities are general public utility

IT : The proviso to Section 2(15) as substituted by the Finance Act, 2015 is applicable with prospective effect. Thus, even post insertion of such proviso but prior to April 1, 2016 activities of trade, commerce, business, etc, are not excluded from scope of charitable purpose which are in the course of actual carrying out of advancement of any other object of general public if aggregate receipts from such activity do not exceed 20% of total receipt of trust