Clause 8 - Insertion of new section 12AC. - Finance (No. 2) Bill, 2024

Insertion of new section 12AC. 8. After section 12AB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April 2025, namely: Merger of charitable trusts or institutions in certain cases. 12AC. Where any trust or institution registered under section 12AB or approved under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, as the case may be, merges with another trust or institution, the provisions of Chapter XII-EB shall not apply if (a) the other trust or institution has same or similar objects; (b) the other trust or institution is registered under section 12AA or section 12AB or approved under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, as the case may be; and (c) the said merger fulfils such conditions as may be prescribed. .