Registration requirement for charitable trusts: statutory registration triggers income-exemption benefits from the subsequent assessment year. The amendment makes applicability of income-exemption provisions contingent on statutory registration: applicants must submit the prescribed form and manner to the Commissioner and be registered under the statutory registration provision; where application is made on or after the operative date, the exemption provisions apply from the assessment year immediately following the financial year in which the application is made.
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Provisions expressly mentioned in the judgment/order text.
Registration requirement for charitable trusts: statutory registration triggers income-exemption benefits from the subsequent assessment year.
The amendment makes applicability of income-exemption provisions contingent on statutory registration: applicants must submit the prescribed form and manner to the Commissioner and be registered under the statutory registration provision; where application is made on or after the operative date, the exemption provisions apply from the assessment year immediately following the financial year in which the application is made.
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