Condonation of delay in filing application for registration by trusts or institutions (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 A trust or institution desirous of seeking registration under section 12AB is inter alia required to apply within timelines specified in clause (ac) of sub-section (1) of section 12A . 2. It has been noted that at times trusts or institutions are unable to file application within specified timelines. In case a trust or institution is unable to apply within time specified, it may become liable to tax on accreted income as per provisions of Chapter XII-EB of the Act . A situation of permanent exit of trust or institution from the exemption regime may also arise. 3. It is proposed that the Principal Commissioner/ Commissioner may be enabled to condone the delay in filing application and treat such application as filed within time. The delay may be condoned if he considers that there is a reasonable cause for the same. 4. These amendments will take effect from the 1st day of October, 2024. [Clause 6] Full Text : Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024