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of <h1>Finance Act 2023 amends Section 12A of Income-tax Act, revising trust registration conditions effective October 1, 2023.</h1> Section 12A of the Income-tax Act has been amended by the Finance Act, 2023. Sub-section (1), clause (ac), sub-clause (vi) is revised to specify conditions for the registration of trusts or institutions, effective from October 1, 2023. It addresses scenarios where activities have not commenced or where income has not been excluded under certain provisions. Additionally, clause (ba) is updated to clarify the timing for compliance. Sub-section (2) sees the removal of the second, third, and fourth provisos. These changes impact the registration and tax treatment of trusts and institutions under the Income-tax Act.
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