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of <h1>Amendment to Income-tax Act Section 12AA: Allows cancellation of trust registration for non-genuine activities or misaligned objectives.</h1> Clause 7 of the Finance Bill, 2010, amends section 12AA of the Income-tax Act concerning the registration procedure for trusts or institutions. The amendment to sub-section (3) allows for the cancellation of registration if the trust's activities are not genuine or do not align with its objectives. Additionally, it extends the provision to include trusts or institutions that obtained registration under section 12A before its amendment by the Finance (No. 2) Act, 1996. This change is effective from June 1, 2010, ensuring broader oversight and compliance for registered entities.
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