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of <h1>Amendment to Section 12A of Income-tax Act: New Exemption Rules for Trusts with Section 12AA Registration.</h1> Clause 8 of the Finance (No. 2) Bill, 2014 amends section 12A of the Income-tax Act, affecting how trusts and institutions claim exemptions under sections 11 and 12. The amendment allows trusts or institutions with registration under section 12AA to apply exemptions to income from prior assessment years if assessment proceedings are pending and the trust's objectives remain unchanged. No action under section 147 will be initiated for prior years solely due to non-registration. However, these benefits are not available if registration was refused or canceled. These changes are effective from October 1, 2014.
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