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of <h1>Finance Bill 2012 amends Income-tax Act: New rules for return processing and trust exemptions under sections 143 and 10.</h1> Clause 58 of the Finance Bill, 2012, amends section 143 of the Income-tax Act. A new sub-section (1D) is introduced, effective July 1, 2012, stating that processing a return is unnecessary if a notice is issued under sub-section (2). Additionally, a proviso is added to sub-section (3), effective retrospectively from April 1, 2009, stating that the Assessing Officer shall not apply clause (23C) of section 10 for trusts or institutions if the first proviso to clause (15) of section 2 applies, regardless of the status of approval or notification for such entities.
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