Rationalisation of timelines for disposing applications made by trusts or funds or institutions, seeking registration for exemption under section 12AB or approval under section 80G (Rationalisation of the provisions of Charitable Trusts and Institutions) Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024 - Finance Bill

Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024 Applications seeking registration under section 12AB , filed by trusts or institutions, are required to be processed by the Principal Commissioner or Commissioner within a period of six months from the end of the month in which the application was received. 2. Similarly, the applications of funds or institutions referred to in sub-clause (iv) of clause (a) of sub-section (2) of section 80G , seeking approval are required to be processed by the Principal Commissioner or Commissioner within a period of six months from the end of the month in which the application was received. 3. For better administration and monitoring, it is proposed to rationalise timelines for disposing applications made by trusts or funds or institutions to six months from the end of the quarter in which the application was received. 4. Thus, where provisionally registered/ approved trusts or funds or institutions apply for registration/ approval or where registered/ approved trusts or funds or institutions apply for further registration/ approval under section 12AB or section 80G , as the case may be, the order granting registration/ rejecting application shall be passed before expiry of the period of six months from the end of the quarter in which the application was received. 5. These amendments will take effect from the 1st day of October, 2024. [Clauses 7 26] Full Text : Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024