Deemed conversion on failure to apply triggers tax on accreted income and officer liability to pay within specified period. The amendment inserts a deeming clause that a trust or institution will be treated as converted to a non-eligible form if it fails to file the prescribed application for registration or approval within the specified application period; expands liability so the principal officer, trustee or specified person must pay tax on accreted income to the Central Government within fourteen days from the end of the previous year in such cases; and adds the last date for making the prescribed application to the definition of the date of conversion.
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Provisions expressly mentioned in the judgment/order text.
Deemed conversion on failure to apply triggers tax on accreted income and officer liability to pay within specified period.
The amendment inserts a deeming clause that a trust or institution will be treated as converted to a non-eligible form if it fails to file the prescribed application for registration or approval within the specified application period; expands liability so the principal officer, trustee or specified person must pay tax on accreted income to the Central Government within fourteen days from the end of the previous year in such cases; and adds the last date for making the prescribed application to the definition of the date of conversion.
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