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of <h1>Income-tax Act Section 12AB Updates: New Trust Registration Rules, Provisional Registration, and Specified Violation Definitions Effective 2023.</h1> Section 12AB of the Income-tax Act is amended to modify the procedure for fresh registration of trusts or institutions. Effective October 1, 2023, changes include inserting new provisions in clause (b) of sub-section (1) to address applications under item (B) of sub-clause (vi) of section 12A. If the Principal Commissioner or Commissioner is not satisfied with the trust's objectives or activities, they may reject the application and cancel its registration after a hearing. Clause (c) is updated to allow provisional registration for three years. Additionally, a new clause (g) in sub-section (4) defines 'specified violation' to include incomplete or incorrect applications, effective April 1, 2023.
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