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TMI BlogConditions for applicability of sections 11 & 12 - Section 12AX X X X Extracts X X X X X X X X Extracts X X X X ..... efore the expiry of a period of one year from the date of the creation of the trust or the establishment of the institution, whichever is later and such trust or institution is registered under section 12AA. where an application for registration of the trust or institution is made after the expiry of the period aforesaid, the provisions of sections 11 and 12 shall apply in relation to the income of such trust or institution,- ( i ) from the date of the creation of the trust or the establishment of the institution if the Principal Commissioner or Commissioner is, for reasons to be recorded in writing, satisfied that the person in receipt of the income was prevented from making the application before the expiry of the period aforesaid for suf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st is registered under under section 12AB On or after 01.04.2021. Validity of registration specified in the section 12AB(1). Time Limit for granting of registration specified under section12AB(3). Time limit for making application for registration [ Section 12A(1)(ac) Read with Section 12AB ( Refer this chapter ) First Second proviso of Section 10(23C) ( Refer this chapter ) ] The provisions of section 11 12 shall apply from the AY for which registration is granted under section 12AB. [ Section 12A(2) ] Where an application has been made on or after the 1st day of June, 2007, the provisions of sections 11 and 12 shall apply in relation to the income of such trust or institution from the assessment year immediately following the financial ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under clause (b) of the tenth proviso to section 10(23C); or (b) a trust or institution which is required to be furnished under sub-clause (ii) of section 12A(1)(b), shall be in- (a) Form No. 10B where- the total income of such fund or institution or trust or university or other educational institution or hospital or other medical institution, without giving effect to the provisions of the sub-clauses (iv), (v), (vi) and (via) of section 10(23C), exceeds ₹ 5 crores during the previous year ; or the total income of such trust or institution, without giving effect to the provisions of sections 11 and 12 of the Act, exceeds ₹ 5 crores during the previous year ; or such fund or institution or trust or university or other educatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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