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of <h1>Finance Bill 2022 amends section 115TD for additional tax on accreted income for certain entities effective April 1, 2023.</h1> Clause 31 of the Finance Bill, 2022, amends section 115TD of the Income-tax Act, effective April 1, 2023. It addresses tax on accreted income for entities like trusts or institutions registered under sections 12AA or 12AB. If such entities convert to an ineligible form, merge with non-similar entities, or fail to transfer assets upon dissolution within a year, they face additional tax at the maximum marginal rate on accreted income. The amendment extends these provisions to include funds, universities, educational, and medical institutions under section 10(23C) sub-clauses (iv)-(via).
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