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of <h1>Finance Bill 2019 amends Section 12AA: New registration rules for trusts, compliance verification, potential cancellation for non-compliance.</h1> Clause 7 of the Finance (No. 2) Bill, 2019 amends section 12AA of the Income-tax Act, effective from September 1, 2019. It revises the procedure for the registration of trusts or institutions. The Principal Commissioner or Commissioner can now require documents to verify not only the genuineness of activities but also compliance with other applicable laws essential for fulfilling the trust's objectives. Additionally, registration can be canceled if the trust fails to comply with such laws, and this non-compliance is undisputed or finalized. These changes aim to ensure adherence to relevant legal requirements for tax-exempt status.
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