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of <h1>Finance Bill 2024 amends Income-tax Act section 12A, affecting trust income rules and registration requirements. Effective October 2024.</h1> Clause 6 of the Finance (No. 2) Bill, 2024, proposes amendments to section 12A of the Income-tax Act, affecting the conditions for applicability of sections 11 and 12 regarding the income of trusts or institutions. The amendments expand the scope of registration and provisional registration requirements to include approvals under specific sub-clauses of section 10(23C). Additionally, a proviso is introduced allowing the Principal Commissioner or Commissioner to condone delays in filing applications if a reasonable cause is shown, deeming late applications as timely. These changes are set to take effect on October 1, 2024.
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