9911796707
TMI BlogTax on accreted incomeX X X X Extracts X X X X X X X X Extracts X X X X ..... imilar to it and 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; or (c) failed to transfer upon dissolution all its assets to any other specified person within a period of twelve months from the end of the month in which the dissolution takes place, then, in addition to the income-tax chargeable in respect of the total income of such specified person, the accreted income of the specified person as on the specified date shall be charged to tax and such specified person shall be liable to pay additional income-tax (herein referred to as tax on accreted income) at the maximum marginal rate on the accreted income. (2) The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the specified person in respect of any previous year or years beginning prior to the date from which the registration under section 12AA or section 12AB or approval under clause (23C) of section 10 is effective, then, for the purposes of clause (ii) of the first proviso, the registration or approval shall be deemed to have become effective from the first day of the earliest previous year: Provided also that while computing the accreted income in respect of a case referred to in clause (c) of sub-section (1), assets and liabilities, if any, related to such asset, which have been transferred to any other specified person within the period specified in the said clause, shall be ignored. (3) For the purposes of sub-section (1), a specified p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vious year.] (4) Notwithstanding that no income-tax is payable by a 6[specified person] on its total income computed in accordance with the provisions of this Act, the tax on the accreted income under sub-section (1) shall be payable by such 6[specified person]. (5) The principal officer or the trustee of the 6[specified person], as the case may be, and the 6[specified person] shall also be liable to pay the tax on accreted income to the credit of the Central Government within fourteen days from,- (i) the date on which,- (a) the period for filing appeal under section 253 against the order cancelling the registration expires and no appeal has been filed by the 6[specified person]; or (b) the order in any appeal, confirming the cancel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2AA or 7[section 12AB, or approval under sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10]], in a case referred to in clause (i) of sub-section (3); or (b) the date of adoption or modification of any object, in a case referred to in clause (ii) of sub-section (3); 12[or] 13[(c) the last date for making an application for registration under sub-clause (i) or sub-clause (ii) or sub-clause (iii) of clause (ac) of sub-section (1) of section 12A or for making an application for approval under clause (i) or clause (ii) or clause (iii) of the first proviso to clause (23C) of section 10, as the case may be, in a case referred to in clause (iii) of sub-section (3);] (ii) "specified date" me ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tuted vide Finance Act, 2022 w.e.f. 01-04-2023 before it was read as "(1) Notwithstanding anything contained in this Act, where in any previous year, a trust or institution registered 4[under section 12AA or section 12AB] has- (a) converted into any form which is not eligible for grant of registration 4[under section 12AA or section 12AB]; (b) merged with any entity other than an entity which is a trust or institution having objects similar to it and registered 4[under section 12AA or section 12AB]; or (c) failed to transfer upon dissolution all its assets to any other trust or institution registered 4[under section 12AA or section 12AB] or to any fund or institution or trust or any university or other educational institution or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the date from which the registration 4[under section 12AA or section 12AB] became efective, if the trust or institution had not been allowed any benefit of sections 11 and 12 during the said period: Provided further that where due to the first proviso to sub-section (2) of section 12A, the benefit of sections 11 and 12 have been allowed to the trust or the institution in respect of any previous year or years beginning prior to the date from which the registration 4[under section 12AA or section 12AB] is effective, then, for the purposes of clause (ii) of the first proviso, the registration shall be deemed to have become effective from the first day of the earliest previous year: Provided also that while computing the accreted income in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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